MetLife Investment Management, an institutional asset management platform for MetLife and State Street Corp. inked a multi-year agreement which will allow MetLife Investment Management and its affiliates to originate and service up to $2 billion in commercial mortgage loans for State Street and its affiliates.
“This MetLife-State Street partnership offers customers access to two highly respected, leading financial institutions,” MetLife Investment Management Senior Managing Director and Global Head of Real Estate and Agriculture Robert Merck said in a statement.
“This is an important step in growing our real estate platform, and we look forward to partnering with State Street to provide a wider range of real estate financing options to our borrowers,” he added.
According to MetLife, partnership with State Street is part of its expansion into new fixed income strategies and markets, one of a handful of moves the company has been making to push its growth initiatives forward.
Last year, MetLife acquired Loan Circle Partners, specialists in traditional fixed income strategies, and earlier this year, MetLife received an asset management license from the Securities and Futures Commission in Hong Kong.
“We are pleased to partner with MetLife to source new investment opportunities, as well as add commercial real estate mortgages to our broad suite of lending options, and we plan to lend in concert with our many asset management clients,” Head of Global Credit finance for State Street Global Markets Paul Selian said in a statement. “This agreement is a testament to the relationship State Street has with MetLife.”