GMAC Commercial Mortgage is to change its name to Capmark Financial Group, as part of the sale of the company to private equity group KKR.
Last week, holding company General Motors Acceptance Corporation sold 78% of the company for $9bn, as part of General Motors’ wider rescue package.
This was followed up this week by the sale of 51% of GMAC to a consortium of investors led by Cerberus Capital Management for $14bn.
The sale of GMAC Commercial Mortgage to KKR includes a 4% management stake.
The company’s European and UK operations write about £1bn per year in the UK, while the European business is targeted to complete €1.5bn per year by 2007.
The sale of GMAC Commercial Mortgage and its separation from General Motors also means that the company has been assigned investment grade credit rating from all three main rating agencies.
