MetLife and New York State Common Retirement Fund Form Real Estate Investment Venture
January 19 2016 - 6:00PM
Business Wire
Initial Portfolio Valued at More Than $1.4
Billion
MetLife, Inc. (NYSE:MET) announced today that it has formed a
real estate investment venture with New York State Common
Retirement Fund, the third largest public pension fund in the U.S.
The venture’s initial investment portfolio, which will be managed
by MetLife Investment Management (MIM), comprises seven properties
valued at more than $1.4 billion.
MetLife sold a 49.9 percent stake in the portfolio to the New
York State Common Retirement Fund. The portfolio properties total
approximately 3.7 million square feet of primarily office space and
are located in major U.S. markets. MetLife continues as the
majority owner of the portfolio and administrator of the
venture.
“We are very pleased to partner with the New York State Common
Retirement Fund on investing in this portfolio of high quality real
estate properties,” said Robert Merck, senior managing director and
head of global real estate for MetLife. “We share a strategy of
investing for the long term, and we look forward to growing this
equity real estate portfolio with them for many years to come.”
MIM is the company’s institutional client investment business.
Now in its fourth year of operation, MIM currently has
approximately $20 billion of total commitments from unaffiliated
third-party investors across various asset classes including real
estate equity, real estate debt and private placements.
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and
affiliates (“MetLife”), is one of the largest life insurance
companies in the world. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 countries and holds leading market
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information, visit
www.metlife.com.
About MetLife Investment Management
(MIM)
MetLife Investment Management (“MIM”), MetLife, Inc.’s
investment management business, has more than 800 investment
professionals located around the globe. MIM is responsible for
investments in real estate and in corporate private placements,
index investing, infrastructure debt and other private transaction
activities.
About the New York State Common Retirement
Fund
The New York State Common Retirement Fund is the third largest
public pension fund in the United States, overseen by New York
State Comptroller Thomas P. DiNapoli. The Fund holds and invests
the assets of the New York State and Local Retirement System on
behalf of more than one million state and local government
employees and retirees and their beneficiaries. The Fund has
consistently been ranked as one of the best managed and best funded
plans in the nation. Its fiscal year ends March 31, 2016.
Forward-Looking Statements
This news release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They use words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe” and other words and terms of
similar meaning, or are tied to future periods, in connection with
a discussion of future operating or financial performance. In
particular, these include statements relating to future actions,
prospective services or products, future performance or results of
current and anticipated services or products, sales efforts,
expenses, the outcome of contingencies such as legal proceedings,
trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong.
They can be affected by inaccurate assumptions or by known or
unknown risks and uncertainties. Many such factors will be
important in determining the actual future results of MetLife,
Inc., its subsidiaries and affiliates. These statements are based
on current expectations and the current economic environment. They
involve a number of risks and uncertainties that are difficult to
predict. These statements are not guarantees of future performance.
Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties,
and other factors that might cause such differences include the
risks, uncertainties and other factors identified in MetLife,
Inc.'s most recent Annual Report on Form 10-K (the "Annual Report")
filed with the U.S. Securities and Exchange Commission (the "SEC"),
Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC
after the date of the Annual Report under the captions "Note
Regarding Forward-Looking Statements" and "Risk Factors," and other
filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not
undertake any obligation to publicly correct or update any
forward-looking statement if MetLife, Inc. later becomes aware that
such statement is not likely to be achieved. Please consult any
further disclosures MetLife, Inc. makes on related subjects in
reports to the SEC.
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MetLife, Inc.Fred Pieretti,
347-265-8515fpieretti@metlife.com
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