METLIFE AND NEW YORK STATE COMMON RETIREMENT FUND FORM REAL ESTATE INVESTMENT VENTURE
INITIAL PORTFOLIO VALUED AT MORE THAN $1.4 BILLION
NEW YORK, January 19, 2016
MetLife, Inc. (NYSE: MET) announced today 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.
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.
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.
Forward-Looking Statements
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"), 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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