Press Release: GE Capital
May 17, 2002
STAMFORD, CT -- GE Capital, through its Real Estate business, announced Tuesday that it has completed its acquisition
of Security Capital Group Incorporated (NYSE: SCZ), an international real estate operating company.
"We are very enthusiastic about this acquisition and the opportunities that it offers us for growth,"
said Michael Pralle, President and CEO of GE Capital Real Estate. "From the start, we recognized Security
Capital's strengths. It is a well-run business with excellent talent and solid positions in self-storage, grocery-anchored
retail and parking, which are some of the most stable asset classes in real estate. It would have been time-consuming
and difficult for us to build these businesses from the ground up. Our depth of experience and capital will now
allow us to further develop them."
This acquisition provides GE Capital with ownership positions in Storage USA, an owner, operator and developer
of self-storage facilities throughout the United States; Regency Centers (NYSE: REG), an owner, operator and developer
of grocery-anchored neighborhood retail centers in the United States and InterPark, a manager and owner of parking
facilities throughout the United States.
GE Capital also acquired BelmontCorp, a leading owner, operator and developer of senior assisted living facilities;
Security Capital Research & Management, a real estate investment advisor; and an interest in Security Capital
European Realty, a holding company that owns and operates public car park facilities, self-storage facilities and
offices for multi-national companies in Europe.
About GE Capital Real Estate:
GE Capital Real Estate, (www.gecapitalrealestate.com), headquartered
in Stamford, CT, is one of the industry's most diverse global resources for commercial real estate capital, with
a portfolio of over $24 billion, through its structured finance, equity and capital markets products.
GE Capital, with assets of more than $425 billion, is a global, diversified financial services company grouped
into six key operating segments comprised of 25 businesses. A wholly owned subsidiary of General Electric Company,
GE Capital, based in Stamford, Conn., provides a variety of consumer services, such as credit cards and life and
auto insurance; mid-market financing; specialized financing; specialty insurance; equipment management, and specialized
services, to businesses and individuals in 47 countries around the world. GE is a diversified services, technology
and manufacturing company with operations worldwide.
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Contact:
GE Capital, Stamford
Marissa Moretti, 203/961-2290