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GE Real Estate Sells Toronto Property Portfolio to Slate

May 17 (Bloomberg) -- GE Capital Real Estate, a unit of General Electric Co., sold 79 factories and office buildings in Toronto, encompassing all of its real estate in the city, to closely held Slate Properties Inc.

“The sale is consistent with our strategy to optimize our equity portfolio and to sell into strong markets,” Nancy Nyikes, a spokeswoman for GE Capital Real Estate, said in a telephone interview from St. Louis. She declined to disclose the sale price. The purchase by Slate, a Toronto-based real estate investor, was completed on May 15, she said.

GE Capital Real Estate, based in Norwalk, Connecticut, is expanding its debt business and reducing the size of its equity holdings, Nyikes said. The unit has a $2 billion mortgage portfolio and plans to originate $1 billion in Canada this year, she said. This month, it sold seven Australian office properties to Sydney-based Mirvac Group.

The Toronto buildings have 6.2 million square feet (576,000 square meters) of space. GE Capital Real Estate has 22 buildings remaining in Canada, according to Nyikes.

GE Capital’s real estate holdings contributed $1.66 billion to its first-quarter revenue, up 98 percent from a year earlier, General Electric said last month.

To contact the reporter on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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