MetLife and Partners Commit to Approximately
$1.4 Billion in Equity Real Estate in 2016
MetLife, Inc. (NYSE:MET) announced today that it originated a
record $15 billion globally in commercial real estate loans in
2016, a five percent increase over the approximately $14.3 billion
it originated in the previous year.
“MetLife continued to be a major investor in real estate in
2016, 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 the leader in
commercial mortgage lending, based on annual production volume,
both domestically and internationally. We also continued to create
attractive opportunities for institutional investors through
MetLife Investment Management (“MIM”) and we believe that 2017 will
bring even greater expansion and growth for our asset management
platform.”
MIM, which just celebrated its fourth year in business, also had
a strong year, originating $940 million in commercial real estate
equity and mortgage loan investments for institutional clients.
MetLife’s real estate platform includes origination and asset
management offices across seven regional offices in the United
States, as well as in London, Mexico City, Tokyo and Santiago.
Strong Commercial Mortgage Lending
MetLife originated a number of commercial real estate loan
transactions of $150 million and above in 2016, including the
following:
- $563 million first mortgage on a
portfolio of Class A industrial properties in CA
- $415 million first loan collateralized
by a portfolio of 12 commercial mortgages across the United
States
- Lead lender with a $275 million
co-lender position in a $550 million leasehold mortgage loan on
Cherry Creek Shopping Center, a super-regional mall in Denver,
CO
- $245 million first mortgage on 321
North Clark, a Class A office tower in Chicago, IL
- $199 million first mortgage on Chase
Tower Dallas, a Class A office tower in Dallas, TX
- $185 million first mortgage on a
super-regional shopping center in Temecula, CA
- $165 million first mortgage on 1180
Peachtree, a Class A office building in Atlanta, GA
- $157 million first mortgage
participation in a $361 million senior loan secured by 21 hotels in
the United Kingdom
- $150 million first mortgage on The
Modern, a Class A high-rise apartment community located in Fort
Lee, NJ
Within its international portfolio, MetLife expanded its lending
activities in 2016, originating commercial real estate loans in
Australia of approximately 725 million Australian dollars, in Japan
of approximately 33 billion yen, and in additional investments in
the United Kingdom, Mexico, Korea and Chile.
Equity Real Estate Investments
MetLife’s equity real estate portfolio includes investments in
office, apartment, retail, industrial and hotel properties.
“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 think the market in 2017 will offer ample opportunities
for equity deals for institutional investors.”
MetLife continued to provide attractive opportunities to its
equity real estate clients and execute its long-term strategy of
developing core assets in markets with strong fundamentals. MetLife
and its partners committed to invest $1.4 billion, including
development and real estate joint ventures, among others, during
the year ended December 31, 2016. Of particular note
internationally, is the acquisition of Value Plaza Ageo, a shopping
center located in Ageo, Japan. Of particular note domestically, is
the development of Constitution Square, an 842,000 square foot
office property in Washington D.C., and Wilshire Crescent Heights,
a 150 unit apartment property in Los Angeles, CA.
MetLife also closed on $1.5 billion in commercial real estate
sales in 2016.
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.
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"),
any 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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version on businesswire.com: http://www.businesswire.com/news/home/20170208005192/en/
Media:MetLifeJohn Calagna, 212-578-6252
MetLife (NYSE:MET)
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