READING, UK—Continuing its global wind-down of GE Capital, GE on Wednesday said it had sold a portfolio of UK residential mortgages worth approximately US$3.7 billion to Kensington Mortgage Co. Ltd., a company jointly owned by the Blackstone Group and TPG Capital. GE has also closed on the sale of its European Sponsor Finance business, representing aggregate ending net investment of approximately US$2.1 billion, to Sumitomo Mitsui Banking Corp. Europe.

“With the closing of our third loan portfolio sale this year, we have reduced the size of our UK home lending business by nearly 50% to less than US$7 billion,” says Keith Sherin, GE Capital chairman and CEO. The sales to Kensington and Sumitomo represent “important milestones as we continue to execute on our plan to sell most of the assets of GE Capital.”

Since announcing in April that it would largely exit the financial services business, GE has closed about US$30 billion of real estate sales. All told, GE Capital has divested approximately US$90 billion of assets since this past spring.

Blackstone Tactical Opportunities and TPG Special Situations Partners acquired Kensington from owner Investec Plc in September 2014, in an all-cash deal valued at about US$290 million. “We will invest in growing the business in the mortgage space as well as extending the range of its activities in specialty finance,” David Blitzer, head of Blackstone Tactical Opportunities, said when the acquisition was announced.