“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.”
MetLife’s $12 billion equity real estate portfolio includes investments in office, apartment, retail, industrial and hotel properties. MetLife’s 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 company’s investment in such properties was $1.7 billion during that same period. MetLife’s main focus has been on high quality core assets, with select opportunistic investments.
One of the more noteworthy transactions involved MetLife’s 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, Georgia’s 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.