GE in $30bn property sell-off as it returns to roots

General Electric plans to sell the bulk of its $30bn (€28.2bn) property portfolio over the next two years as it returns to its industrial roots, and has set a share buyback plan of up to $50bn — the second-largest ever.

GE said there was potential to return over $90bn to investors through 2018. Blackstone Group and Wells Fargo & Co are buying most of the assets of GE Capital Real Estate in a deal valued at about $23bn.

GE said it had letters of intent to sell an additional $4bn of commercial real estate to other buyers that it did not identify. The total deal is the biggest in the commercial property market since Blackstone’s acquisition of office landlord Equity Office Properties Trust in 2007 for $39bn, including debt.