GE buys €642m Euro loans

The US firm has made its third sizeable acquisition of loans in Europe since November last year.

GE Real Estate has acquired a portfolio of 10 loans for €642 million ($1 billion) from Credit Suisse bank backed by assets in Germany, Switzerland, Spain and Britain.

It is the third time the US firm has acquired significant loan portfolios in Europe since November when it agreed to buy £2 billion of performing loans from Bradford and Bingley building society in the UK. It followed that up in April this year, acquiring a €1.3 billion ($2.1 billion) package of 39 loans from Capmark Europe.

In a statement on the most recent purchase, GE said the loans had attractive loan-to-value ratios.

GE, which is reportedly making a move into private equity real estate by launching a succession of funds, first started in real estate by investing in debt.