GE Real Estate Taps Parsons for New Global Investment Business
- Mar 19, 2008
GE Real Estate has established a new investment business and now the firm has selected one of its own to head up the new endeavor. Joe Parsons, formerly president of GE Real Estate’s North America equity division, will serve as president & CEO of the company’s new global investment management division. As per a report today by the Wall Street Journal, the global investment management division will be the vehicle for GE Real Estate’s first foray into the world of investing in properties with money from outside entities. The company plans to obtain from $1 billion to $3 billion from various companies and institutions for its first two funds, the article noted, and will target office properties in major U.S. metropolitan areas for its first acquisition activities. Retail and multi-family assets in parts of Europe will also be considered. Parsons has a six-year history with GE Real Estate, during which time he spearheaded a team that elevated the value of the company’s U.S. portfolio from $2.4 billion to $15 billion, and expanded it to Canada. Additionally, he played a key role in the company’s $4.8 billion acquisition of Arden Realty three years ago. He has also held the position of president & CEO of GE Equity. A division of Norwalk, Conn.-based GE Commercial Finance, GE Real Estate is a leading global real estate concern, boasting assets valued at over $79 billion in 32 countries across North America, Europe, Asia, Australia and New Zealand. The company’s list of client services includes capital and investment solutions ranging from equity capital for property purchases to mortgages for acquisitions and recapitalizations.