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New York

New MetLife division to raise funds for RE projects

Robert Merck
Robert Merck

Life insurance giant MetLife is reorganizing its real estate and private placement groups to make way for the creation of a third-party asset-management business focused on real estate equity, commercial mortgages and debt private placement, Reuters reported.

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The newly formed MetLife Real Estate Investors, will be headed by Robert Merck, MetLife’s currentglobal head of real estate investments. The group is set to take charge of $43 billion in commercial mortgages and $10 billion in direct real estate investments.

“Asset management is a capital-efficient business with attractive returns on equity,” Steven Goulart, chief investment officer at MetLife, said in a statement. “The strong demand for high-quality private assets among institutional investors makes this an attractive time for market entry.” [Reuters via Crain’s] – Katherine Clarke

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