GE forms JV with United.GE Real Estate and United Trust Fund Limited Partnership announced a strategic joint venture to acquire single-tenant net lease facilities nationwide, and the closing of their first acquisition. The venture was formed by Business Property, a division of GE Real Estate, and is part of Business Property's growth strategy for its equity and sale-leaseback platform. GE Real Estate and United Trust Fund are actively seeking additional investment opportunities throughout the US and Canada. Business Property provides financing and equity investments for single tenant and owner-occupied commercial real estate in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada. United Trust Fund is a Miami, FL-based real estate investment firm specializing in sale-leasebacks, corporate build-to-suit development and the purchase of net leased corporate real estate assets throughout the U.S. The partnership's first deal, valued in excess of $50 million, is a sale-leaseback of the corporate headquarters offices of Belk Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. located in Charlotte, NC. Belk is the largest private department store company in the U.S. A 15-year lease was established with Belk on an absolute triple net basis. "We've identified a growing need for long-term financing Long-term financing Liabilities repayable in more than one year plus equity. and sale-leaseback transactions of single tenant business properties," said Bruce Nelson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , GE Real Estate Business Property. "There's synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. in launching a joint venture that combines two companies with transaction expertise and a focus on customer centricity Customer centricity refers to the orientation of a company to the needs and behaviours of its customers, rather than internal drivers (such as the quest for short term profit). ." |
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