GE inks deal with Japanese development firm

The firm has partnered with Meiho Enterprise to launch the “Ecomagination” environmentally-friendly condo development business.

GE Real Estate, the real estate business of General Electric, is to launch a new business developing environmentally friendly condominiums in Japan.

The project, which will be done in partnership with development group Meiho Enterprise, is to be called “Ecomagination.” At the end of this month, GE will receive a third-party share allocation from Meiho, giving the company a 4.8 percent holding in outstanding shares of Meiho. The agreement includes further development of Meiho's “Shellze” building complexes, as well as sales of completed condominiums. The two companies with collaborate on land purchases, construction orders and sales of environmentally friendly condos. GE will also offer its expertise in financial arrangement, making it easier for the Japanese company to secure enterprise funding.

The partnership is part of a push by GE to promote the Japan For-Sale Residential Development Program. GE has been promoting the “Ecomagination” initiative since May 2005, and it has been in cooperation with the Clinton Climate Change Initiative since November, as part of the larger push.