MetLife Commits to Invest Approximately $1
Billion in Equity Real Estate in 2015
MetLife, Inc. (NYSE:MET) announced today that it originated,
through its real estate investment group, approximately $14.3
billion globally in commercial real estate loans in 2015, an 18
percent increase over the $12.1 billion originated in the previous
year. MetLife is one of the largest commercial mortgage lenders
among life insurers.
MetLife also committed to invest approximately $1 billion in
real estate equity in 2015, either through direct acquisition or as
part of joint venture partnerships.
Within its international portfolio, MetLife expanded its lending
activities in 2015, originating commercial real estate loans of
more than $1.6 billion in the United Kingdom and more than $200
million in Mexico. MetLife also lent the following amounts in its
local currency accounts: more than 1.2 billion Mexico pesos;
approximately 45 billion Japanese yen; approximately 400 million
Australian dollars; 20 billion South Korean won; and more than 4
million Chilean Unidad de Fomento (UF).
Real estate investments are an important part of MetLife’s
asset-liability matching program. The long-term nature of these
investments makes them a good match for the long-term liabilities
the company writes.
MetLife’s institutional asset management business, MetLife
Investment Management (MIM), also had a strong year. Celebrating
its third year in operation in 2015, MIM originated approximately
$1.1 billion in commercial mortgage loans for institutional
clients.
“MetLife continued to be a major investor in real estate in
2015, focusing on a number of key sectors, including commercial
mortgages, real estate equity, and investments on behalf of our
institutional clients,” said Robert Merck, senior managing director
and global head of real estate investments for MetLife. “Following
our strategy of investing in major markets with strong
fundamentals, MetLife strengthened its position as a leader in
commercial mortgage lending both domestically and internationally.
We also continued to create attractive opportunities for
institutional investors through MetLife Investment Management, and
we believe that 2016 will bring more success in asset
management.”
MetLife’s real estate platform includes origination and asset
management offices across eleven regional offices in the United
States, London, Mexico City, Tokyo and Santiago, Chile.
Strong Commercial Mortgage Lending
MetLife originated a number of commercial real estate loan
transactions of $150 million and above in 2015, including the
following:
- $505 million first mortgage on the
Loews Universal Orlando Hotel Portfolio, collateralized by three
AAA four diamond resorts in Orlando, Fla.
- $400 million first mortgage on Columbia
Center, a Class A office tower in Seattle, Wash.
- Lead lender and $333 million
participation in a $1 billion mortgage loan on Mall at Short Hills,
a super-regional mall in Short Hills, N.J.
- $276 million first mortgage on Oak Park
Mall, a leading upscale regional mall in Overland Park, Kan.
- $261 million investment in a $691
million term loan facility secured by a pool of loans in the United
Kingdom
- $255 million first leasehold mortgage
on 1675 Broadway, a Class A office building in New York, N.Y.
- $228 million first mortgage on 123/151
Buckingham Palace Road, two office properties located in London’s
West End
- $215 million participation in a $430
million first mortgage on Park Place, an office and retail campus
in Irvine, Calif.
- $210 million first mortgage on Towers
at Williams Square, four Class A+ office buildings in Irving,
Texas
- $175 million first mortgage on Eastown
Apartments, a Class A mid-rise apartment community in Hollywood,
Calif.
Equity Real Estate Investments
“MetLife and its partners had a strong year adding high-quality
assets to our real estate portfolio in a variety of markets,” Merck
added. “We believe that the market in 2016 will offer ample
opportunities for equity deals for institutional investors.”
MetLife’s five largest equity real estate transactions in 2015
were:
- Park Tower, a 737,000 square foot
office development in San Francisco, Calif., for $340 million
- Shinjuku 3-chrome Building, a 67,000
square foot retail property in Tokyo, Japan, for $170 million
- Park District/2101 Pearl, a 815,500
square foot mixed-use development in Dallas, Texas, for $98
million
- Osaka Marubeni Building, a 245,000
square foot office property in Osaka, Japan, for $88 million
- Vu New River, a 209-unit apartment
development in Fort Lauderdale, Fla., for $52.5 million
About MetLife, Inc.
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, Inc. provides investment management services to
affiliates and unaffiliated investors through various subsidiaries.
MetLife Investment Management (“MIM”), MetLife, Inc.’s
institutional investment management business, has more than 800
investment professionals located around the globe. Subsidiaries of
MetLife, Inc. that provide investment management services include
Metropolitan Life Insurance Company, MetLife Investment Advisors,
LLC, MetLife Investment Management Limited, MetLife Investments
Limited, MetLife Investments Asia Limited, MetLife Latin America
Asesorias e Inversiones Limitada and MetLife Japan Asset Management
Company.
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”)
and 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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