GE Going into Medical Office Market

GE Commercial Finance and Health Care Property Investors have formed a $600 million joint venture, HCP Medical Office Portfolio, to acquire medical office buildings nationwide.The venture will be funded by both the companies, Stamford, Conn.-based GE Commercial Finance, a General Electric company, reports. The venture hopes to capitalize on the need for hospitals and health care systems to free up the money they have in real estate holdings. Mike Neal, president and CEO, GE Commercial Finance, said, "We saw an opportunity to expand our offerings in the growing healthcare arena. The combination of the nation's top healthcare real estate investment trust and our comprehensive financing abilities will be a strong one." And the Newport Beach, Calif.-based HCPI sees the joint venture as an opportunity to provide "a superior financial alternative for our healthcare customers."