Borrower Electra Real Estate Has Closed $200 Million in Debt Financing
with GE Canada
MONTREAL, April 18 /CNW/ -- GE Real Estate announced that it provided a
$30 million on-book loan to the real estate investment firm Electra Real
Estate for the acquisition of Complexe Metro Longueuil, a three-office
building complex on the south shore of Montreal. The 306,000 square-foot,
Class A property is located along Highway 132 and the Jacques Cartier Bridge,
adjacent to the only south shore metro line and the University of Sherbrooke's
new campus now under construction.
The offices were built in phases beginning in the late 1970s and are now
86 percent leased. The loan proceeds will also be used to acquire land from
the city since the property is currently on land lease. Major tenants in the
complex include Emergis, Mediagrif, and the Quebec Government.
This was the seventh transaction between GE Real Estate Canada and
Electra Real Estate, which has obtained more than $200 million in debt
financing from GE during the last several years. The transaction sponsor was a
JV with Electra, a real estate investment firm headquartered in Israel with
offices in Montreal.
"The GE deal team worked closely and seamlessly with us throughout the
due diligence and underwriting process and enabled us to close the deal within
our tight time constraints," said Joe Berger, Secretary. "It also was very
advantageous to be able to leverage GE's considerable local market expertise
and we look forward to doing more deals with its stellar Canadian team."
"Electra Real Estate knew it could count on us to bring the necessary
resources together to satisfy its needs while providing certainty of
execution," said Nektar Diamantopoulos, Director, Eastern Canada for GE Real
Estate Canada. "We are committed to strengthening and growing this solid
relationship as we capitalize on other investment opportunities throughout the
GE Real Estate's North America Lending division offers financing for
retail, industrial, self-storage, multifamily, office, student housing,
regional malls and outlet centers, and has been active in Canada since 1989.
North America Lending is also a provider of financing solutions for niche
asset classes including affordable housing, golf, hospitality, vacation
ownership, manufactured home communities and RV resorts.
Notes to editors:
About GE Real Estate
GE Real Estate (http://www.gerealestate.com) is one of the world's
premier commercial real estate companies with USD54 billion in assets and a
presence in 24 countries throughout North America, Europe, Asia, and
Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a
comprehensive range of capital and investment solutions including equity
capital for acquisition or development, as well as fixed and floating rate
mortgages for new acquisitions or re-capitalizations of commercial real
estate. With a 28% compound annual growth rate since 1993, GE Real Estate is
one of the world's fastest growing and most profitable real estate
enterprises. This extraordinary record of success grows out of a reputation
for collaboration and partnership; a depth of knowledge and experience and a
history of building relationships, finding opportunities and opening doors for
more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (http://www.gecommercialfinance.com) offers
businesses around the globe an extensive array of financial products and
services. With over US$233 billion in assets and expertise in the
middle-market, GE Commercial Finance provides loans, operating leases,
financing programs and innovative structured capital to help customers grow.
Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned
subsidiary of the General Electric Company (NYSE: GE), a diversified services,
technology and manufacturing company with operations worldwide.
For further information:
For further information: Brent Feigenbaum of GE, +1-203-585-0810,
email@example.com; Pamela Flores of HLB Communications, Inc.,
+1-312-649-0371, firstname.lastname@example.org, for GE Real Estate Web Site: