
NEW YORK - March 13, 2013 - MetLife, Inc. (NYSE: MET) announced today that it originated, through its real estate investments department, over $9.6 billion in commercial mortgage loans in 2012. MetLife continues to be the largest portfolio lender in the insurance industry with $43.1 billion in commercial mortgages outstanding at year end 2012.
MetLife was a very active lender domestically and internationally in 2012, as we continued to focus on top quality properties in major markets, said Robert Merck, global head of MetLife Real Estate Investors. Our strategy for growth is based on prudent risk management and a long-term approach that enables us to execute quickly, process large transactions and provide our customers with world-class service.
MetLife participated in a number of high-quality commercial mortgage transactions with loan sizes of $175 million and above during 2012. Some noteworthy transactions included:
$362 million loan on Waterside Plaza, a 1,471-unit apartment complex built over the East River in Manhattan;
$264 million loan on Broadgate West, a Class A, top quality office complex in London;
$258 million loan on The Westin in Times Square, a hotel located in Manhattan;
$253 million loan on 101 California, a Class A, top quality office tower located in San Francisco;
$200 million loan on a portfolio of retail properties in the U.K.; and
$183 million loan collateralized by a portfolio of 39 industrial properties diversified in 10 Mexican markets.
Within its international portfolio, MetLife successfully grew its commercial mortgage lending activities in 2012, originating over $1 billion in the U.K., $191 million in Mexico and more than 33.6 billion yen for its Japanese local account.
In October 2012, MetLife reorganized its real estate arm to better manage its investments and the investments for its institutional investors and launched a third party asset management business within the real estate investments department. This enables the company to use its extensive experience in real estate to create investment opportunities that generate attractive, long-term returns for institutional investors.
We have more than a century of experience in real estate investing and a world-class track record of managing over $480 billion in general account assets to generate strong returns for both our policyholders and shareholders, said Steven J. Goulart, executive vice president and chief investment officer of MetLife, Inc. We are now bringing these strengths to bear for third-party institutional investors, who have demonstrated an increased demand for these private asset sectors where MetLife has proven capabilities.
MetLifes $12 billion equity real estate portfolio includes investments in office, apartment, retail, industrial and hotel properties. MetLifes real estate platform includes regional origination and asset management offices across eight cities in the U.S., as well as London, Mexico City, Tokyo and Santiago.
MetLife committed to acquire real estate and real estate joint ventures with property values of $2.9 billion during the year ended December 31, 2012. The companys investment in such properties was $1.7 billion during that same period. MetLifes main focus has been on high quality core assets, with select opportunistic investments.
One of the more noteworthy transactions involved MetLifes purchase of Constitution Center, the largest privately-owned office building in Washington, D.C. MetLife purchased this iconic property in a real estate joint venture with a U.S.-based institutional investor. The trophy property recently underwent an extensive renovation, converting it to a green building and establishing it as one of the most desirable privately-owned buildings in the market.
We were pleased to acquire an asset of this quality, which is positioned to provide attractive returns over a long-term investment horizon, added Merck. This acquisition is the culmination of an intense effort by our Washington, D.C.-based team, and demonstrates our ability to source some of the best core investments in the country.
In a wholly-owned venture, MetLife acquired Reynolds Plantation, Georgias premier golf and resort community located on Lake Oconee. The acquisition included The Ritz-Carlton Lodge, six championship golf courses, four full-service marinas and nearly 5,000 acres of undeveloped golf and waterfront property.
Building our real estate equity portfolio is at the heart of our recently unveiled third party asset management initiative, which will target opportunities to leverage our existing organizational expertise and scale to create long-term value for our investors, said Merck.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife 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 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 o
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