MetLife Extends Record $12.1B in Real Estate Loans
MetLife lent a record $12.1B on commercial properties last year as America's biggest life insurance company targeted high-yield investments. Rock bottom interest rates contributed to the surge in building loans, which jumped 5% in 2014 from the previous year, according to a MetLife statement released today.
"Pricing for core properties continued to get more competitive as the year went on,” said Robert Merck, MetLife's global head of real estate investments. “The amount of capital flowing in, especially from overseas was very strong and picked up during the year.” Mortgage loans constituted roughly 11% of MetLife's $507.6B investement portfolio as of September 30.
Norway's real estate-mad sovereign wealth fund is among MetLife's most frequent partners on CRE bets.
