In June 2015, GE Capital Corporation completed the sale of the Canadian component of its global real estate equity assets and commercial real estate loans to subsidiaries of The Blackstone Group and Wells Fargo Bank, N.A. for around US$26 billion.
Blackstone units will acquire GE’s US holdings for $3.3 billion, along with a $4.6 billion portfolio of commercial mortgages. The firm also agreed to buy European assets for 1.9 billion euros ($2 billion) and commercial mortgages in Mexico and Australia for $4.2 billion. Wells Fargo will buy performing mortgages on commercial real estate valued at $9 billion in the US, UK and Canada.
GE Capital Corporation was represented in Canada by McCarthy Tétrault LLP with a team comprising Barry Ryan (financial services), Tzen-Yi Goh, Jamie Orzech, Charlene Schafer, Pauline Reichel, Annie Gagnon-Larocque (real estate), Oliver Borgers (competition), David Woollcombe (corporate), Sunil Kapur (labour and employment), Joanna Rosengarten (environmental) and Gabrielle Richards (tax).
Torys LLP acted for Wells Fargo in Canada with a team led by Rose Bailey and Sabrina Gherbaz, and comprising Noreen Bhanji, Richard Missaghie and Bill Lamoureux (real property), Omar Wakil (competition), Mitch Frazer (employment), Blair Keefe (bank regulatory) and Peter Aziz (securities regulatory).
Davies Ward Phillips & Vineberg LLP acted for Blackstone in Canada represented by Derek Vesey, Will Buchner, Jennifer Prieto, Dan Wolfensohn, Fanming Meng and Véronique Gaumond-Carignan (corporate), Frank Arnone (real estate) and Adam Fanaki (competition).