Insurance giant MetLife just announced a real estate investment venture with the New York State Common Retirement Fund, the nation's third-largest public pension fund.
The new venture's initial investment portfolio comprises seven undisclosed properties, valued at $1.4B. The office-heavy portfolio totals around 3.7M SF in major US markets, a news release says.
MetLife, which is seeking to expand in asset management, sold a 49.9% stake in the portfolio to the pension fund, and will manage the seven properties through its institutional client investment business, MetLife Investment Management (MIM).
Launched in October 2012, MIM has approximately $20B of commitments from third-party investors across various asset classes, including real estate equity, real estate debt and private placements.
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