Deals
MetLife Forms $1.4 Billion Property Venture With N.Y. Fund
- Insurer sells 49.9% stake in a portfolio to pension fund
- Portfolio includes seven properties, mostly office space
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MetLife Inc., the largest U.S. life insurer, formed a real estate venture with the New York State Common Retirement Fund, including an initial investment portfolio valued at more than $1.4 billion.
The insurer, which is seeking to expand in asset management, sold a 49.9 percent stake in the properties to the pension fund, the New York-based company said Tuesday in a statement. The portfolio, which will be overseen by MetLife’s asset manager, includes seven properties and represents about 3.7 million square feet (340,000 square meters), primarily office space in major U.S. markets.