METLIFE BUYS WASHINGTON HOTEL FOR $180 MILLION FROM IVANHOE

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Date:​ Thu-12-December-2014

MetLife Inc. (MET) bought Washington’s Fairmont Hotel from Ivanhoe Cambridge as the largest U.S. life insurer expands its commercial real estate portfolio.


MetLife agreed to pay $180 million for the luxury property, which has 415 rooms and conference space, the New York-based insurer said today in a statement.


Insurers have been investing in real estate to bolster profits and guard against inflation as returns from bonds are pressured by low interest rates. MetLife has an equity real estate portfolio of almost $16 billion, and the insurer also extends commercial mortgages.


“This was a great opportunity to acquire a luxury asset in a top tier market,” Robert Merck, MetLife’s global head of real estate, said in the statement. The property will “generate the kind of steady cash flows we need to meet our long-term policyholder obligations.”


MetLife has also been investing in office buildings in a joint venture with Norway’s sovereign wealth fund. That’s part of a business the insurer is building to manage assets for clients.

Source From: BONNA REALTY GROUP ( 12-12-2014 )

 

 

 

 

 

 

 

 

 

 

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