Gross market value of commercial mortgage loan AUM climbs to $. billion while gross market value of real estate equity AUM reaches $. billion.
WHIPNY, N.J., April , –BUSINESS WIRE–MetLife Investment Management MIM, the institutional asset management business of MetLife, . NYSE: MET, today announced that it completed $. billion in new commercial real estate debt and equity transactions in , advancing its leadership position as one of the largest U.S. and global real estate investors. MIM’s gross market value of commercial real estate assets under management AUM grew to $. billion as of December , , a reported record for MIM. As of December , , gross market value of total commercial mortgage loan AUM climbed to $. billion while gross market value of total real estate equity AUM reached $. billion.
MIM’s commercial real estate platform comprises debt and equity origination and asset management capabilities across offices in the U.S. and international markets, including the U.K., Japan, Korea, Chile and Mexico.
Our real estate platform achieved record investment activity in , creating value for our clients and partners despite continued challenges associated with the pandemic. This outstanding performance is a testament to the strength of our platform, the experience and agility of our team, and our commitment to performance through cycles, said Robert Merck, global head of Real Estate for MetLife Investment Management. We look forward to building on this momentum in as we continue to seek to deliver strong results for our stakeholders.
MIM’s commercial mortgage team originated transactions in , a record for MIM, totaling more than $. billion in capital provided in support of institutional real estate investors globally. These transactions involved traditional, as well as alternative property types such as life science, self-storage, student housing, and manufactured housing. Additionally, the team successfully launched a closed-end hotel debt fund, taking advantage of favorable market conditions and capitalizing on sector expertise.
In equity real estate investing, MIM acquired $. billion of properties in , a % increase over its investment activity from the prior year. MIM continued to pursue assets to enhance the expanding portfolios of its investment management clients, such as the $ million acquisition of One Memorial Drive, a LEED Certified office property with proximity to Cambridge Massachusetts’ cluster of technology firms. Over the past year, the equity team also made strategic investments in alternative sectors including workforce housing, manufactured housing, and life science. Our equity team also remained active in traditional sectors, such as office, taking advantage of capital market dislocation stemming from continued uncertainty around the pandemic.
MIM also continued to expand its investments outside of the U.S. in , increasing commercial real estate AUM in several key global markets. In Asia, MIM produced the equivalent of $ million in new equity acquisitions and mortgage originations MIM also continued to grow its presence in the U.K. and Latin America, with the equivalent of $ million and $ million, respectively, of commercial mortgage originations in .
MIM originated a number of significant commercial mortgage loan transactions in , including the following:
Palisades Village Pacific Palisades, CA – $ million mixed-use retail property first mortgage
HeitmanLife Storage National Self-Storage Portfolio Various, U.S. – $ million self-storage portfolio first mortgage
One Memorial Drive Cambridge, MA – Acquisition of a Class A office property with , square feet sf
& Binney Street Cambridge, MA – Joint venture recapitalization of a fully leased Class A life science building totaling , sf
Cobblestone Manufactured Housing Various, U.S. – Joint venture recapitalization of manufactured housing communities with , sites across Florida, Arizona, Nevada, and California
MetLife Investment Management, the institutional asset management business of MetLife, . NYSE: MET, is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over years of investment experience and, as of December , , had $. billion in total assets under management.
MetLife, . NYSE: MET, through its subsidiaries and affiliates MetLife, is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in , MetLife has operations in more than markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit lifem.
The forward-looking statements in this news release, such as continue, look forward and seek, are based on assumptions and expectations that involve risks and uncertainties, including the Risk Factors MetLife, . describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.
Gross market value of commercial real estate AUM represents the value of all commercial mortgage loans and real estate equity managed by MIM, at estimated fair value, presented on the basis of gross market value inclusive of encumbering debt.
Gross market value of total commercial mortgage loan AUM represents the value of all commercial mortgage loans managed by MIM, at estimated fair value, including commercial mortgage loans included within certain real estate joint ventures owned by MetLife’s general account, presented on the basis of gross market value inclusive of encumbering debt.
Gross market value of total real estate equity AUM represents the value of all real estate equity managed by MIM, at estimated fair value, excluding commercial mortgage loans included within certain real estate joint ventures owned by MetLife’s general account, presented on the basis of gross market value inclusive of encumbering debt.
Key transactions are meant to provide representative examples in these strategies for and have not been selected to highlight past specific profitable recommendations made by MIM.
Total AUM is comprised of all MetLife general account and separate account assets and unaffiliatedthird party assets, at estimated fair value, managed by MIM.
