Join Date: Nov 2012
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Just when you thought WF couldn't get no bigger
Blackstone Group LP and Wells Fargo & Co. are nearing a deal to buy a real estate portfolio from General Electric Co. worth as much as $30 billion, according to a person with knowledge of the matter.
An agreement may be announced as soon as tomorrow, said the person, who requested anonymity because discussions were continuing. Representatives for GE, Wells Fargo and Blackstone declined to comment.
GE is taking advantage of robust demand for commercial real estate as prices surge past the prior boom in 2007, which was symbolized by Blackstone’s buyout of Equity Office Properties Trust for $39 billion. U.S. commercial values have since reached records as investors from around the globe seek places to put money at a time of near-zero interest rates.
So blackStone wants the Commercial Division and WF wants residential properties and some commercial.
As of now, before the GE buyout WF under rights 60% of all home loans in the U.S.