MetLife, Inc. announced this week that it had formed a joint real estate venture with New York State Common Retirement Fund, including an initial investment portfolio of seven properties valued at more than $1.4 billion. The portfolio, which MetLife sold a 49.9% stake in to the public pension fund, will be managed by MetLife Investment Management (MIM). The initial portfolio's properties are the PNC Centre in Chicago, Wells Fargo Center in Miami and other properties in San Diego, Atlanta, Arlington, VA, Dallas and San Jose, CA, according to a Pensions & Investments article.
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, in a press release. "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." The insurer, which is seeking to expand in asset management, expanded its real estate joint venture in 2014 with Norway's sovereign wealth fund, investing in properties in San Francisco and Washington, according to a Bloomberg report. The announcement of the fund also comes a week after MetLife said it plans to separate a big portion of its U.S. retail business as it fights federal regulators over its "systemically important financial institution" (SIFI) designation.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment