
METLIFE AND PARTNERS ACQUIRE OVER $3 BILLION IN EQUITY REAL ESTATE IN 2014 NEW YORK, Jan. 29, 2015 - MetLife, Inc. (NYSE: MET) announced today that it originated, through MetLife Real Estate Investors, approximately $12.1 billion globally in commercial real estate loans in 2014, a five percent increase over the $11.5 billion originated in the previous year.
The company also committed to invest approximately $1.7 billion in real estate equity in 2014, either through direct acquisition or as part of joint venture partnerships.
Within its international portfolio, MetLife expanded its lending activities in 2014, originating commercial real estate loans of more than $2.1 billion in the United Kingdom and more than $600 million in Mexico. MetLife also lent the following amounts in its local currency accounts: more than 40 billion Japanese yen; more than 16 million Australian dollars; and 90 billion South Korean won.
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 third party asset management business also had a strong year of operation, originating more than $800 million in commercial mortgage loans for institutional clients.
MetLife remained a very active real estate investor in 2014 across a number of sectors, including commercial mortgages, real etate equity, and investments on behalf of our institutional clients, said Robert Merck, senior managing director and global head of real estate investments for MetLife. We strengthened our position as a leader in commercial mortgage lending both domestically and internationally. In addition, we expanded our activity in the asset management space and anticipate continuing to create attractive opportunities for institutional investors in 2015.
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 $200 million and above. The 10 largest transactions in 2014 were:
$508 million senior loan on the Forest Portfolio, collateralized by three Class A central London office properties;
$500 million direct warehouse revolving line of credit, secured by a pool of loans in the United States;
$410 million term loan facility, secured by a pool of first mortgage loans in the United Kingdom and continental Europe;
$350 million first mortgage on The Shops at La Cantera, a super-regional open-air center in San Antonio;
$350 million direct warehouse revolving line of credit, secured by a pool of loans in the United States;
$324 million senior loan on 125 Old Broad Street, a Class A office building located in London;
$315 million first mortgage on Galleria Dallas and Westin Galleria Hotel, a regional mall and full-service hotel located in Dallas;
$300 million loan on Market Square, two Class A office buildings in San Francisco;
$290 million first mortgage on Wells Fargo Tower, a Class A office building in Denver; and
$267 million first mortgage on 1801 K Street, a Class A office building in Washington, D.C.
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 think the market in 2015 will offer ample opportunities for equity deals for institutional investors.
The five largest equity real estate transactions in 2014 were:
One Beacon Street, an office building in Boston for approximately $561 million (in a joint venture with Norges Bank Investment Management);
Normandale Lake Office Park, a 1,680,000 square foot office park located in Bloomington, Minnesota for $369 million (in a joint venture with Allstate);
Mililani Town Center, a 450,000 square foot retail center in Mililani, Hawaii for $227 million (in a joint venture with M&J Wilkow);
The Fairmont Hotel, a 415-room luxury hotel located in Washington, D.C. for $180 million;
655 West Broadway, a 390,000 square foot office building located in San Diego for $157 million.
Additionally, MetLife formed a new joint venture with Panattoni Development Company of Newport Beach, Calif., to develop an initial portfolio of nine state-of-the-art industrial facilities in four states totaling nearly 6.5 million square feet on 378 acres. In 2014, the joint venture announced the construction of the Lambert Farms Distribution Center, a three million square foot facility outside Atlanta, and three facilities with a total of 900,000 square feet of high-quality warehouse space near Seattle, Washington.
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.
This press 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
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