Stamford, Conn. and LOS ANGELES – The building of the United States In the western region for its growth ambitions, GE Real Estate (New York City Stock Exchange: GE's) has announced the completion of the acquisition of Arden Realty Korea (NYSE: ARI), the largest publicly – in Southern California The landlord's office said. Purchase price of approximately 48 billion home and $ 160, including 1 billion refinancing of outstanding debt of Aden. This transaction With respect to Trizec Properties Inc. (NYSE: TRZ) 13 Arden, approximately 1.6 billion U.S. dollars Property was acquired. As the rest of the Arden portfolio Arden real estate operation, and maintenance continues.
GE's leadership and strong relationship with the presence of up to Henin-Hardenne takes advantage of Area quickly and strategically plan for the company's core asset To implement market expansion. GE is also quite different, Calif. Market, Washington, Arizona, used the platform to grow Arden Will.
GE's leadership team members and one of four members Arden Arden has been appointed director:
– Joaquin de Monet, Managing Director Director of GE Real Estate has been named president and CEO, Arden Realty in said.
– Robert Peddicord, former vice president, leasing and operating real estate in Arden Assume the role of chief operating officer.
– Andres Gavinet, previously First Vice President and Chief Accounting Officer, Chief Financial Has been appointed as director.
– Howard Stern, David Swartz, senior vice president and chief investment officer and senior vice president of South President and general counsel, respectively.
"We have equity in there Both are excellent opportunities for growth, investment portfolio Size. This transaction is a significant one, we Is the strongest market in the United States, "said Joe Parsons, President, I commented that the North American market, we expand the footprint of GE Capital's real estate. "We have a chance of quality assets, the acquisition of Southern California Assessment, on Robert's leadership, we look forward to Joaquin Help expand the presence in the western region of Aden. "
"GE and Arden is one of the country with the most powerful market forces are dynamic, "Peddicord said. "GE's solid financial support to regional markets and global resources of Aden Significant expertise and performance history of the United States capable of Aden Growth in the western region will improve the combined "
Trizec Properties purchased 13 properties in part by the approximately 40,000 square feet of Are included.
Team color, Trizec's President and CEO, Commented, "Through this transaction, we are well on the market, we To stay strong in the economy with large, high-quality portfolio Acquisition, positive employment trends and growing rental rates. "Callaghan Sea, "Our partnership with the execution of the transaction, GE neunyi are pleased "He said.
GE's real estate as a financial advisor, Merrill Lynch, King & Spalding LLP is acting as legal counsel was provided. Lehman Brothers Inc. Security Capital and Wachovia Securities LLC in a deal neunyi Arden Financial Served as consultant. Wachovia Securities and Houlihan Lokey Howard and Zukin also Arden Render a fair opinion of the board. Latham & Watkins LLP Kiya Venable LLP provided legal advice to the company. Hogan & Hartson LLP for legal advice of Trizec Has provided.
About GE Real Estate: GE Real Estate Real Estate It is the capital of the world's leading companies. Founded in 1972 than companies $ 35 for the core assets 1,000,000,034 offices in North America, Europe, Asia, Australia Australia / New Zealand is situated across. GE's real estate The parent company's AAA rating is supported by the assessment, providing a wide range of Finance, stocks a range of service solutions including: intermediate and long-term housing Mortgage financing, restructuring and acquisition capital, niche equity investment / joint venture Investment, Capital Markets and Securitization placement and claims management. GE's Commercial 1 As the fastest growing units within the financial and real estate for Growth of 10% over the past 10 consecutive years and has experience.
Commercial GE's financial services and banking companies a wide range of products around the world Provides an array. Approximately 217 billion U.S. dollars of assets held and In the mid-market expertise, GE's commercial finance, loan programs and Customers to help the growth of innovative funding structures operating lease To provide loans. Is a group of GE Commercial Finance and General Electric Company (New York City Stock Exchange: GE's), a variety of services, operations, technology and the world Owned subsidiary of the manufacturer.
About Arden Real Estate Inc. : Aden Real Estate, Inc. One of the largest office in Southern California One is holding. After close to a deal with GE Real Estate, Arden Is composed of 14.8 million square feet in San Diego, Ventura County Ranging from 103 properties and 175 buildings. Arden also energy conservation and Efficiency is a nationally recognized leader. 3 consecutive years Environmental Protection Agency, "the commercial real estate owner, an innovative energy Business for the year to "quote a single portfolio of Aden Most energy-efficient buildings and the country's own.
I Survived Real Estate 2008 – Part 2