VANCOUVER, British Columbia, Feb. 12 /CNW/ -- GE Real Estate announced
today it was the lead partner for a $50 million refinancing of Vancouver Film
Studios, a state-of-the art film and television studio complex.
"GE Real Estate was able to provide us with a simple but flexible
solution that enhanced our ability to service our existing customers and
attract more productions to Vancouver," said Jason McLean, President and Chief
Operating Officer of The McLean Group, Vancouver Film Studio's parent company.
"This was a transformative deal that positions us for the next stage of our
development," added McLean, "and the highly professional GE team really took
the time to master the complexities of our business and they demonstrated
throughout the process that we made the right choice for a long term financial
With a portfolio that includes 11 buildings totaling more than 268,000
square feet and a significant equipment rental inventory through its wholly
owned subsidiary Pacific Backlot Services, Vancouver Film Studios is a premier
production facility. Situated on nearly two city blocks just fifteen minutes
from downtown Vancouver, it offers state-of-the-art stages, office complexes,
mill space, construction shops, parking, gym, helipad and other production
buildings on a fully secured lot. Home to award-winning film productions &
television series, Vancouver Film Studios is also Canada's first carbon
neutral production facility.
"GE Real Estate is proud to be a financial partner with Vancouver Film
Studios," commented Alexandre Sieber, Vice President & General Manager of GE
Real Estate's Business Property division. "We were able to quickly execute
this transaction despite its complexity, and Vancouver Film Studios is
well-positioned to capitalize on growing market demand."
Added Sieber, "This investment supports our strategy to further
strengthen GE's presence throughout the rapidly growing region of British
Columbia and Western Canada."
GE Real Estate is a leading global resource for commercial real estate
capital. Their Business Property division provides single-tenant and
owner-occupied financing solutions to commercial real estate owners,
investors, developers and mortgage brokers. Additionally, it serves a wide
range of industries, including retail, office, grocery, manufacturing, and
distribution/warehousing. Offered throughout the U.S. and Canada, Business
Property's single-tenant financing products include conventional mortgages,
construction to permanent financing, sale-leasebacks and other structured
facilities. The Canadian division expanded its financing programs last year to
include small businesses and investors who have small businesses as tenants.
The division also expanded its coverage in Canada, doubling the number of
account executives to better serve clients and referral sources.
About GE Real Estate
GE Real Estate (http://www.gerealestate.com) is one of the world's
premier commercial real estate companies with more than US$79 billion in
assets and a presence in 32 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 more than US$310 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 GE (NYSE: GE), a diversified services, technology and
manufacturing company with operations worldwide.
For further information:
For further information: Brent Feigenbaum of GE, +1-212-716-8929,
firstname.lastname@example.org; or Pamela Flores of HLB Communications, Inc.,
+1-312-649-0371, email@example.com, for GE Real Estate Web Site: