Sacred Heart University pays $31.5M for former GE campus

Markets Associated Press

Sacred Heart University has purchased General Electric Co.'s former world headquarters campus in Connecticut for $31.5 million.

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John Petillo, the president of the Roman Catholic university in Fairfield, says the school is growing rapidly and the 66-acre property was too good to pass up.

GE is moving its corporate headquarters to Boston.

Sacred Heart says it plans on turning the GE property into an "innovation campus," by moving its School of Computing to the site and developing programs in the health and life sciences and technology fields. The university's education school and business office will also move to the site by early next year.

Elements of the Jack Welch College of Business, named after the former GE chief executive, will also move to the property.

Long-term plans include performing arts and athletic facilities.