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GM Sells Property Financing Arm For $1.5 Billion

General Motors Corp. announced March 23 the sale of a majority stake in its real estate financing arm for $1.5 billion. GM said the 78% holding in GMAC Commercial Holding Corp. had been sold to an investment group led by Kohlberg Kravis Roberts, Five Mile Capital Partners and Goldman Sachs Capital Partners.

GMAC Commercial, which is to be renamed Capmark Financial Group Inc. in the second quarter of this year, has more than 100 operations in North America, Asia and Europe.

Copyright Agence France-Presse, 2006

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