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LONDON-In a transaction that dramatically ramps up its presencein Europe's debt market, GE Real Estate has acquired a major swathof performing commercial property loans. Backed by a diverse mix ofassets located throughout the United Kingdom, the package purchasedfrom UK-based Bradford & Bingley plc is valued in excess of$4.1 billion.

"We are very pleased to have had the opportunity to work withBradford & Bingley's professional management team and to havebeen given the opportunity to acquire this high-quality portfolio,"Michael Rowan, managing director of GE Real Estate UK, says inannouncing the agreement. While the company has "a long history ofdebt transactions," Rowan accedes that the latest purchase is asuper-sized offering by any measure, putting GE's total investmentin European real estate at more than $20 billion. Despite suchheft, Rowan insists GE is equipped to handle the added volume.