MetLife Investment Management Completed $10.7 Billion in Commercial Real Estate Debt and Equity Investments in 2020
MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced that it completed $10.7 billion in new commercial real estate debt and equity transactions in 2020, taking MIM’s global gross market value of commercial real estate assets under management (AUM) to $106.7 billion1 as of December 31, 2020. As of December 31, 2020, gross market value of total commercial mortgage loan AUM climbed to $74.0 billion2 and the gross market value of total real estate equity AUM reached $32.7 billion3.
“Our markets faced unprecedented challenges in 2020. I am proud of how our real estate team came together and addressed the crisis, leveraging our decades of experience across multiple market cycles,” said Robert Merck, global head of Real Estate and Agriculture for MetLife Investment Management. “The strength and stability of our platform along with our culture of risk management allowed us to continue supporting communities with real estate financing and investment initiatives that provide space for people to work, shop and live.”
MIM’s commercial real estate platform comprises debt and equity origination and asset management capabilities across 13 offices in the U.S. and international markets, including the U.K., Japan, Korea, Chile and Mexico.
Despite the pandemic, MIM remained a source of debt capital for the commercial real estate market. MIM originated 137 commercial mortgage loans totaling $8.5 billion during the year, providing support for our borrowers even as market liquidity diminished during the early months of the pandemic. This origination and institutional investor activity helped increase the gross market value of total commercial mortgage loan AUM to $74.0 billion as of December 31, 2020.
On the equity side, MIM acquired $2.2 billion of properties in 2020, and the gross market value of total real estate equity AUM reached $32.7 billion. In the past several years, MIM has increased exposure to property types such as last-mile distribution centers and suburban apartments, while at the same time underweighting asset classes such as lower quality regional malls. MIM believes its strategic and diversified approach has allowed its real estate equity portfolio to weather the recent stress, and leaves the platform well positioned to seek new opportunities in 2021.
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