Alec Burger has been promoted to succeed Mark Begor as president and CEO of GE Capital Real Estate as part of a string of senior leadership changes sparked by the retirement of Kathy Cassidy from GE’s treasury division.
A 23-year GE veteran, Burger is currently responsible for commercial real estate lending and investing throughout the US, Mexico and Canada. Prior to joining GE’s Corporate Business Development division in 1991, Alec worked for Bain & Company.
Jeff Immelt, chairman and CEO of GE, said in a prepared statement: “Alec is the right leader to take over GE Capital Real Estate as we continue to increase lending volume in this valuable Real Estate debt franchise and shrink its equity book.”
During his tenure leading the UK platform, Burger ran a business with annual revenues near $800m. He grew the UK business through asset and portfolio acquisitions including of Benchmark and Haslemere.
Burger takes over the reins from Begor who is succeeding Dan Janki as president and CEO of GE Energy Management who, in turn, is succeeding the retiring Cassidy after 35 years as head of GE’s Treasury operations.
The CEO appointments are effective immediately and the formal Treasury transition will be effective by the end of April.
Begor, 56, is a 33-year GE veteran and has been president & CEO of GE Capital Real Estate since 2011. Commenting on the Begor’s track record in the role he now vacates, Immelt added: “Mark has led a terrific turnaround at GE Real Estate, returning the business to profitability ahead of plan and growing its lending volume.”
Three weeks ago, GE Capital announced the promotion of Ellen Brunsberg topresident and CEO for GE Capital Real Estate Europe replacing Lennart Sten who is retiring.
In Europe, GE Capital Real Estate is a structured finance lender with in excess of $6bn of loans held and manages a $6bn equity portfolio with 600 properties at 80% occupancy.
Its European equity business remains active in UK, France, Germany, Italy and Spain, where it continues its strategy of the past few years of improving their buildings to serve tenants better, and investing for value creation.
Operating its debt business in the UK, France and Germany, GE Capital Real Estate is experienced in providing senior debt financing for the acquisition or refinance of stabilised and transitional class A and B properties whether single assets or portfolios as well as a range of debt-on debt financing.