INITIAL PORTFOLIO VALUED AT MORE THAN $1.4 BILLION
MetLife, Inc. (NYSE: MET) announced Jan. 19, 2016 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.
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.