MetLife Investment Management Reaches Record $22.4 Billion in Total Agricultural Mortgage Loan Assets Under Management
March 25 2021 - 3:31PM
Business Wire
MIM originated $4.7 billion in global
agricultural mortgage loans in 2020 across more than 700
transactions
MetLife Investment Management (MIM), the institutional asset
management business of MetLife, Inc. (NYSE: MET), announced today
that it reached $22.4 billion1 in total agricultural mortgage loan
assets under management (AUM) as of December 31, 2020. The
agricultural mortgage group succeeded in achieving 10%
year-over-year growth despite a tumultuous global backdrop. This
growth pushed total agricultural mortgage loan AUM to a record
level for MIM, reinforcing its position as the largest,
non-government sponsored source of agricultural mortgage capital
for the sector.2
“During these exceptional and difficult times, I am proud of the
way that we have supported our clients and communities as a
long-term partner and a stable source of capital,” said Robert
Merck, global head of Real Estate and Agriculture at MetLife
Investment Management. “As the sector faced unprecedented
challenges, we were reminded of the critical role that the
agriculture sector plays in our day-to-day lives here in the U.S.
and in markets all over the world. Our commitment to supporting our
clients through these challenging times has never been more
important in creating a sustainable and confident future.”
In 2020, MIM provided $4.7 billion in capital in the form of
global agricultural mortgage loans across more than 700
transactions. The number of transactions completed in 2020 jumped
by 35% compared to 2019.
Greg Gallaway, head of MIM’s Agricultural Finance group, noted:
“Against the odds, MIM had a strong year working with our
borrowers. As the pandemic brought additional volatility to the
agricultural markets, our strong relationships enabled us to
continue supporting our clients with capital and helping them rise
to meet the many challenges posed by the pandemic.”
Highlights of MIM’s agricultural lending transactions for 2020
include:
Acadian Timber
- $90 million transaction consisting of five tranches – four
totaling $80 million of senior secured fixed rate financing with
terms ranging from five to 10 years, and a five-year $10 million
revolving line of credit
- Secured by over 1 million acres of timberland across Maine and
New Brunswick
- Collateral consists of a diverse set of commercial hardwood and
softwood timber species with a combination of pulpwood and
sawtimber varieties
Bridge H-21 Cold
- $58 million senior secured variable rate financing transaction
with a 10-year term
- Funds will be used in the construction of a state-of-the-art
cold storage facility with over 300,000 square feet located in
Miami-Dade County, Florida
- The facility includes 50-foot clear heights maximizing storage
space as well as high tech systems which will offer broad
temperature flexibility
About MetLife Investment
Management
MetLife Investment Management, the institutional asset
management business of MetLife, Inc. (NYSE: MET), is a global
public fixed income, private capital and real estate investment
manager providing tailored investment solutions to institutional
investors worldwide. MetLife Investment Management provides public
and private pension plans, insurance companies, endowments, funds
and other institutional clients with a range of bespoke investment
and financing solutions that seek to meet a range of long-term
investment objectives and risk-adjusted returns over time. MetLife
Investment Management has over 150 years of investment experience
and, as of December 31, 2020, had $659.6 billion in total assets
under management.3
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (MetLife), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 markets globally and
holds leading positions in the United States, Japan, Latin America,
Asia, Europe and the Middle East. For more information, visit
www.metlife.com.
Forward-Looking Statements
The forward-looking statements in this news release, such as
“commitment,” “continue,” “future,” “sustainable,” and “will,” are
based on assumptions and expectations that involve risks and
uncertainties, including the “Risk Factors” MetLife, Inc. describes
in its U.S. Securities and Exchange Commission filings. MetLife’s
future results could differ, and it has no obligation to correct or
update any of these statements.
Endnotes
1 Total agricultural mortgage loan AUM represents the value of
all agricultural mortgage loans managed by MIM, at estimated fair
value, presented on the basis of net asset value (net of
encumbering debt).
2 Based on publicly available data as of December 31, 2020, that
includes publicly disclosed financial reports from lenders, in
addition to American Bankers Association data
3 Total AUM is comprised of all MetLife general account and
separate account assets and unaffiliated/third party assets, at
estimated fair value, managed by MIM.
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James Murphy +1 917-225-6303 james.p.murphy@metlife.com
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