GE Real Estate invests in Canadian property and REIT

GE Real Estate is to buy a CDN$2.4bn (£1.1bn) portfolio from Canadian investment trust Dundee REIT. The portfolio comprises assets located principally in the eastern Canadian states of Ontario, Quebec and Newfoundland. As part of the deal, GE Real Estate will also purchase CDN$174m (£82.3m) of units of Dundee REIT, equivalent to an 18% stake. Dundee REIT will continue to own $1.6bn (£0.8bn) of property assets in Western Canada.