MetLife, Inc. (NYSE: MET) and SunTrust Banks, Inc. (NYSE: STI) announced
today that SunTrust will finance commercial real estate mortgages
originated and managed by MetLife Real Estate Investors. This agreement
for MetLife's newly created investment management platform is structured
over three years with a possible overall investment from SunTrust up to
$5 billion, subject to approval of each loan, and reinforces SunTrust’s
commitment to commercial real estate.
“We welcome SunTrust as a client and partner as it brings strong
regional and national expertise that complements our long-standing real
estate investment heritage,” said Steven J. Goulart, executive vice
president and chief investment officer of MetLife, Inc. “This unique
partnership supports our larger strategy to provide innovative and
reliable investment vehicles to our clients.”
MetLife recently launched an institutional asset management business to
leverage its capabilities to invest on behalf of institutional clients.
The new platform builds upon the company’s expertise and success in
originating both commercial mortgages and private placement debt as well
as investing in real estate equities.
Since its inception, the new division has been tapping into its local
market knowledge and long-standing industry relationships to uncover
top-quality investments, including the strategic partnership with
SunTrust, that offer attractive risk-adjusted returns.
“As the commercial real estate market continues to regain its footing,
we are actively seeking opportunities that make sense for our clients,
SunTrust and our investors,” said Walt Mercer, executive vice president
and head of Commercial Real Estate at SunTrust. “This agreement with
MetLife, a proven and well-respected real estate investment leader,
satisfied all of our criteria and we look forward to its potential.”
With more than 100 years experience of real estate investing, MetLife is
one of the largest portfolio lenders in the industry with $43.1 billion
in commercial mortgages outstanding at the end of 2012, and with more
than $9.6 billion in commercial mortgage loan originations in 2012.
“Our goal is to be one of the top five institutional real estate
investment managers, and with this mandate from SunTrust, we are
confident the company is headed in the right direction,” said Robert
Merck, global head of MetLife Real Estate Investors. “We will continue
to offer institutional investors our market-leading origination
platform, underwriting expertise and superior customer service to earn
and retain their business.”
About MetLife
MetLife, Inc. is a leading global provider of insurance, annuities and
employee benefit programs, serving 90 million customers. Through its
subsidiaries and affiliates, MetLife holds leading market positions in
the United States, Japan, Latin America, Asia, Europe and the Middle
East. For more information, visit www.metlife.com
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's
largest banking organizations, serving a broad range of consumer,
commercial, corporate and institutional clients. As of June 30, 2013,
SunTrust had total assets of $171.5 billion and total deposits of $127.6
billion. Through its flagship subsidiary, SunTrust Bank, the Company
operates an extensive branch and ATM network throughout the high-growth
Southeast and Mid-Atlantic states and a full array of technology-based,
24-hour delivery channels. The Company also serves clients in selected
markets nationally. Its primary businesses include deposit, credit,
trust and investment services. Through its various subsidiaries, the
Company provides mortgage banking, asset management, securities
brokerage, and capital market services. SunTrust's Internet address is
suntrust.com.
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