Wells Fargo in San Francisco and a unit of Blackstone Group have agreed to buy commercial real estate loans held by GE Capital in transactions valued at $23 billion.

The $1.7 trillion-asset Wells Fargo agreed to buy $9 billion of performing first mortgage commercial real estate loans for properties located in the United State, United Kingdom and Canada. The acquisition is part of General Electric's larger plan to dismantle its banking business.

"The portfolio of performing loans we've purchased is a strong addition to our commercial real estate platform," said Mark Myers, Wells Fargo's head of commercial real estate, said in a press release Friday.

Wells Fargo also agreed to help Blackstone finance its purchase of a $4.6 billion commercial mortgage loan portfolio. Wells Fargo will provide Blackstone with $4 billion in acquisition funding, including $3.8 billion at closing. Three Blackstone funds also have agreed to buy real estate assets from GE Capital, including $3.3 billion in U.S. equity assets, around $2 billion in European equity real estate assets and $4.2 billion in performing first mortgage loans in Mexico and Australia.

The deals' initial closings will occur in the second and third quarters.

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