Wednesday, June 27, 2007

GE Real Estate Enters Romanian Warehouse Market Through Joint Venture

NEW YORK (AP) -- GE Real Estate Central & Eastern Europe and Helios Phoenix said Tuesday they created a joint venture for 175 million euros ($235.6 million) to build warehouses in Romania.

The deal, GE Real Estate's first entry into the Romanian real estate market, will initially result in the development of seven logistics and distribution warehouses in the country's largest cities.

Phoenix Real Estate has been active in Romania since 2001.

Shares of Norwalk, Conn.-based General Electric Co. dipped 16 cents in aftermarket trading to $37.86. In the regular session the stock declined 19 cents to $38.02.

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