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GE Real Estate looks to debt

The real estate arm of the US conglomerate has created a new role for veteran Skip Wells – as fund manager for senior secured debt investments. Wells was previously managing director of originations with the real estate team, part of GE Capital.

GE Real Estate is expected to focus its property funds on senior debt opportunities after appointing Skip Wells to lead its expansion into the sector.

Wells was previously managing director of originations within the real estate group’s strategy capital unit. He will now become a part of GE Real Estate’s global investment management team, led by president and chief executive officer Joseph Parsons.

The role was specially created for Wells, who will have responsibly for implementing investment strategies and supervising GE Real Estate funds.

In March last year, Parsons told the Wall Street Journal the group was in the process of launching two private equity real estate funds, targeting between $1 billion to $3 billion. The unit has traditionally been a direct institutional investor in real estate.

Wells first joined GE in 1989, before moving to GE Real Estate, part of the GE Capital arm of the US conglomerate, as a finance operations analyst. He has also held asset manager, underwriter and relationship manager positions within the real estate unit. GE Capital Real Estate is led overall by Ronald Pressman.