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PRAGUE-A partnership that includes GE Capital Real Estate hasacquired three residential portfolios in the Czech Republic fromICKM Real Estate for a price estimated at $138 million. GE isteaming with Czech developer Crestyl, which separately is buyingICKM, a builder of multifamily and other residential projects thathas been active in its homeland since 1996.

"This is an excellent opportunity to broaden our exposure to theCzech residential market," says Karim Habra, managing director forGE Real Estate Central & Eastern Europe, the division ofStamford, CT-based GE Capital orchestrating the Czech deal. GECapital already has more than $1.4 billion invested in Central andEastern Europe CRE, notes Habra, including a diverse Czech Republicportfolio encompassing industrial, office, residential and retail.The link with Crestyl makes GE's position there even stronger, saysHabra, whose group is also chasing CRE opportunities in Bulgaria,Hungary, Poland, Romania and Slovakia. GE made its first realestate investment in Turkey last year, another market where itplans to pursue future initiatives, says Habra.