GE Capital to Provide Blackstone Group a $800 Million Loan to Finance Real Estate Acquisitions
GE Capital, the finance arm of industrial conglomerate General Electric (NYSE:GE) announced on Friday that it has entered into an agreement with Blackstone Group (NYSE:BX) to lend Blackstone $800 million as part of a $1.08 billion fund that Blackstone plans to use to acquire suburban office parks across the United States. Blackstone is buying a number of the properties from Duke Realty Corp. (NYSE:DRE).
Following is some information about these companies’ stock price performance.
- General Electric (NYSE:GE): The shares closed at $16.31, down $0.32, or 1.92%, on the day. The shares have traded in a 52-week range of $14.02 to $21.65 and its market capitalization is $172.89 billion. About the company: General Electric Company is a diversified technology, media, and financial services company. The Company offers products and services ranging from aircraft engines, power generation, and water processing technology to medical imaging, business and consumer financing, media content and industrial products. General Electric conducts operations globally.
- Blackstone Group (NYSE:BLX): The shares closed at $16.36, up $0.14, or 0.86%, on the day. The shares have traded in a 52-weel range of $14.81 to $19.05 and its market capitalization is $600.41 million. About the company: The Blackstone Group LP is a global alternative asset manager and provider of financial advisory services. The firm’s asset management businesses include the management of corporate private equity funds, real estate funds, mezzanine funds, proprietary hedge funds and closed-end mutual funds. Blackstone provides M&A and reorganization advisory, as well as private placement services.
- Duke Realty Corp. (NYSE:DRE): The shares closed at $11.28, up $0.60, or 5.62%, on the day. The shares have traded in a 52-week range of $9.29 to $15.63 and its market capitalization is $2.85 billion. About the company: Duke Realty Corporation owns interests in industrial, office, and retail properties across the Midwestern and Southeastern United States. The Company provides leasing, property and asset management, acquisition, development, construction, build-to-suit, and other related services.
(Note: Selected financial data are sourced from Google Finance. All data are assumed to be accurate.)
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