NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE:MET) and Norges Bank Investment Management (NBIM) announced today a joint venture among their affiliates to invest collectively in Class A office properties in key U.S. markets over an extended period. The companies also announced the initial investment through the joint venture: One Financial Center in Boston, Mass.
One Financial Center in Boston is a 46-story, Class A office building totaling 1.3 million square feet in the city’s financial district. The property is located at 10 Dewey Square, near Boston’s South Station. NBIM purchased its 47.5 percent share of the asset from Beacon Capital, while MetLife increased the current share by 2.5 percentage points.
“MetLife is pleased to be working with NBIM, an institution whose size and investment philosophy aligns well with our own,” said Steven J. Goulart, executive vice president and chief investment officer of MetLife. “This venture speaks to our strong capabilities in the asset management space, where we are targeting opportunities to leverage our scale to create long-term value for our investors.”
“This partnership supports our larger strategy to provide innovative and reliable investment opportunities to our partners,” continued Goulart. “We are looking forward to working closely with NBIM to continue to grow this partnership.”
With more than 100 years of real estate investment experience, MetLife is one of the largest investors in the industry with $55.1 billion in real estate invested assets, including $43.1 billion in commercial mortgages and $12.0 billion in equity investments at the end of 2012.
About MetLife, Inc.
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 NBIM
Norges Bank Investment Management safeguards and builds financial wealth for future generations as the manager of the Norwegian Government Pension Fund Global. The fund is invested globally in equity, fixed-income and real estate markets. It held assets worth 4,714 billion kroner, or about $810 billion, at the end of third quarter 2013.
