GE Capital names head of real estate

GE Capital has appointed a new head of real estate, as one of three new shifts in department heads at the Fairfield, Connecticut-based company.

Alec Burger, currently the North America leader for GE Capital Real Estate, has been promoted to president and chief executive of GE Capital Real Estate. He succeeds Mark Begor, who will now serve as president and chief executive of GE Energy Management. Begor, meanwhile, is himself replacing Dan Janki, who now will lead GE’s Treasury operations following the retirement of Kathy Cassidy. The chief executive appointments are effective immediately, while the Treasury leadership change will be effective by the end of the month.

As global real estate head, Burger will be responsible for overseeing GE’s $38 billion portfolio and a team of 1,200 employees in 12 countries. Meanwhile, he also will remain North America leader for GE Capital Real Estate for the time being, and direct the firm’s lending and investing activities throughout the US, Canada and Mexico.

“Alec is the right leader to take over GE Capital Real Estate as we continue to increase lending volume in this valuable real estate debt franchise and shrink its equity book,” said Jeff Immelt, GE’s chairman and chief executive.

Burger joined the company’s corporate business development division in 1991. He held a number of leadership roles both in the US and UK for GE Capital’s equipment leasing business before becoming vice president of business development. In that post, he led a number of major real estate acquisitions in the US, including Heller Financial, Debis and Security Capital.

Burger went on to serve as head of GE Capital Real Estate’s UK division from 2002 to 2006, where he helped to grow that business through asset and portfolio transactions, including the public company acquisitions of Benchmark and Haslemere. He assumed the North America real estate leader position in 2006.