GE selling US$26.5b of real estate as restructuring speeds up

New York

GENERAL Electric plans to exit the bulk of its lending business, including a US$26.5 billion sale of most of its real estate, as chief executive officer Jeffrey Immelt refocuses the company on its industrial roots.

In the broadest restructuring since the GE Capital unit destabilised GE during the 2008-09 financial crisis, the company said it will keep only those operations that support its manufacturing arms and dispose of its middle-market lending business and all consumer platforms.