2008 CPN Goldbook - (Page 14) GIANTS MetLife Real Estate Investments M etLife Real Estate Investments has been involved in the real estate business since 1875 as a mortgage lender, developer or owner. Since 1917, it has been a consistent agricultural mortgage lender. The firm makes these investments through eight regional field offices in the United States and three international field offices in London, Mexico City and Toronto. An additional seven field offices handle agricultural investments in the United States and Canada. MetLife maintains a portfolio of ROBERT MERCK more than $44 billion worth of real Senior Managing Director estate equities and commercial & Head MetLife Real mortgages. Its investment focuses Estate Investments include office, industrial, multifamily, retail, hotel and seniors housing properties, as well as portfolio and structured transactions. Its existing mortgage portfolio is worth over $34 billion, and its annual commercial mortgage production exceeds $10 billion. The company’s real estate lending programs include revolving lines of credit, acquisition lines and subscription lines. It also makes selective B-note and mezzanine investments in structured transactions. These programs—which provide competitively priced floating- and fixed-rate capital to opportunity funds, pension funds and REITs—accounted for more than $2 worth billion of volume in 2007. MetLife also provides fixed-rate construction and permanent loans on a selective basis. MetLife’s existing real estate equity portfolio totals $10 billion in investments held directly, in joint ventures or through private real estate funds. During 2007, the company maintained an active portfolio-management strategy that included strategic sales, multi-tier acquisitions and a development/redevelopment program that targeted apartment, seniors housing, student housing, industrial, retail, hotel and office opportunities in major markets. Its portfolio strategy remains focused on expanding jointventure programs across property types and increasing jointventure development and redevelopment programs, particularly in non-U.S. markets. MetLife currently maintains more than 20 domestic and international joint-venture development/redevelopment partners worldwide. Morgan Stanley Real Estate S ince 1991, Morgan Stanley Real Estate has acquired more than $158 billion worth of real estate assets; it manages $88 billion on behalf of its clients. The company operates three major global businesses: investing, banking and lending. Investment banking services for real estate clients include advice on strategy, mergers, acquisitions and restructurings, as well as underwriting public and private debt and equity financings. As a global force in real estate lending, Morgan Stanley has offered almost JOHN CARRAFIELL $200 billion in CMBS through the Managing Director & Global Co-Head capital markets since 1997, includMorgan Stanley ing $36 billion through the third Real Estate Investing quarter of 2007. In June 2007, the company completed fundraising for Morgan Stanley Real Estate Fund VI International with $8 billion in equity commitments from institutional and retail investors. Morgan Stanley Real Estate Fund V U.S. closed in September 2006 with $1.8 billion. To date, the series has collectively acquired worldwide assets totaling more than $83 billion. The funds currently manage more than $31 billion worth of assets. Morgan Stanley Real Estate completed its acquisition of Crescent Real Estate Equities Co. in August 2007, adding to its portfolio 54 office buildings totaling 23 million square feet in select U.S. markets. Also in August, Morgan Stanley established a joint venture with Sunrise Senior Living Inc. to acquire and operate assisted-living commuSONNY KALSI nities in the United Kingdom. This Managing Director & Global Co-Head is the firm’s first investment in the Morgan Stanley U.K. assisted-living market and proReal Estate Investing vides a platform for the company to expand its holdings in the asset class elsewhere in Europe. 14 Commercial Property News 2008 Goldbook
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