METLIFE FINANCES FOUR PROPERTIES IN IRELAND FOR KENNEDY WILSON
131 Million Euros in Loans are First for MetLife in Ireland
New York, March 17, 2015
MetLife, Inc. (NYSE: MET) announced today that it has loaned a total of 131 million euros ($146 million) to the global real estate investment and services company Kennedy Wilson to finance four properties in Ireland. The loans, through MetLife Real Estate Investors, are the first commercial mortgage loans for the company in Ireland.
The loans include both five-year floating and 10-year fixed rate structures. The properties include three Class A residential multi-family properties and a multi-tenant office property, all located in the Dublin area. The Alliance, Sandford Lodge and Clancy Quay properties provide 751 high-end residential units in popular Dublin neighbourhoods.
“We are very pleased to be able to enter a new market with a strong, experienced international player like Kennedy Wilson,” said Paul Wilson, managing director and head of MetLife Real Estate Investors’ office in London. “These loans are the first for us in Ireland and we look forward to growing our portfolio in that market.”
Real estate investments, including commercial mortgage loans, are an important part of MetLife’s asset-liability matching program. These long-term investments are designed to provide a good match for the long-term liabilities the company writes.
In 2014, MetLife Real Estate Investors originated more than $2.1 billion in commercial mortgage loans in the United Kingdom. MetLife has an established commercial mortgage portfolio of approximately $3.5 billion (2.25 billion pound sterling) in the United Kingdom and Ireland.
Globally in 2014, MetLife originated approximately $12.1 billion in commercial mortgage loans in 2014, a five percent increase over the $11.5 billion originated in the previous year.
Kennedy Wilson is a global real estate investment and services company headquartered in Beverly Hills, Calif.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
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