COF Capital One Financial Corporation

General Electric Co. said it has reached an agreement to sell $8.5 billion of health-care related loans and its health-care financial services lending business to Capital One Financial Corp. for about $9 billion.

Capital One expects to complete the deal in the fourth quarter.

Separately, GE said it has signed an agreement with another buyer to sell about $600 million of real estate equity investments.

The news comes as GE works to sell off the bulk of its finance arm and refocus on its industrial business. The decision to exit finance is the most momentous shift of Jeff Immelt's multiyear realignment of the company he inherited almost 14 years ago.

GE previously said it has signed $68 billion worth of sales for the lending business and is on track to meet its goal of selling $100 billion in assets by the end of the year.

Write to Lauren Pollock at lauren.pollock@wsj.com

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