G.E. seen close to selling its real estate portfolio

General Electric

General ElectricBy David Gelles | New York Times

General Electric is poised to sell its enormous real estate portfolio in a sale that could fetch about $30 billion, according to people with knowledge of the matter who spoke on the condition of anonymity.

The move would be the biggest move yet for G.E.’s chief executive, Jeffrey R. Immelt, as he tries to refocus the company on its core industrial businesses and reduce its exposure to financial services.

Two financial institutions — Blackstone and Wells Fargo — are preparing to buy most of the portfolio, which includes office and apartment buildings as well as substantial loans, these people said. A deal could be announced as early as Friday.

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