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GE CAPITAL TO ACQUIRE $500 MILLION OF REAL ESTATE ASSETS FROM FIRST CHICAGO CORPORATION

 STAMFORD, Conn., Feb. 25 /PRNewswire/ -- General Electric Capital Corporation today announced the acquisition of a portfolio of real estate assets from First Chicago Corporation (NYSE: FNB) for approximately $500 million.
 Denis J. Nayden, executive vice president of GE Capital, said, "We are pleased to have had the opportunity to work with First Chicago and achieve what we believe is a win-win' solution for both companies. We firmly believe our
business is helping our customers succeed. Working closely with First Chicago, we were quickly able to evaluate the portfolio and reach agreements on asset values and contractual terms. This transaction is an example of how parties committed to finding a mutually beneficial solution can work together."
 Under terms of the agreement, GE Capital will acquire a diverse portfolio -- both geographically and by collateral type. The assets have an original book value of approximately $1 billion. Total payments will depend on the final composition of the asset pool sold. Final due diligence is near completion and sales will occur over the first two quarters of 1993 with the majority of asset sales to be closed by March 31, 1993.
 GE Capital, headquartered in Stamford, a wholly owned subsidiary of General Electric Company (NYSE: GE), is a diversified financial services company with assets exceeding $92 billion. GE Capital's financing activities include specialty insurance, consumer services, specialized financing, equipment management and mid-market financing. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 2/25/93
 /CONTACT: Thomas F. Lamb, Jr. of GE Capital, 203-357-4346, or (home) 203-452-9889/
 (GE)


CO: General Electric Capital Corporation; First Chicago Corporation ST: Connecticut, Illinois IN: FIN SU:

GK-TS -- NY009 -- 0259 02/25/93 09:05 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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