MetLife Forms $1.4 Bln Property Venture With N.Y. State Common Retirement Fund

(RTTNews) - MetLife Inc. (MET) said that it has formed a real estate investment venture with New York State Common Retirement Fund, the third largest public pension fund in the U.S. The venture's initial investment portfolio, which will be managed by MetLife Investment Management or MIM, comprises seven properties valued at more than $1.4 billion.

MetLife sold a 49.9 percent stake in the portfolio to the New York State Common Retirement Fund. The portfolio properties total approximately 3.7 million square feet of primarily office space and are located in major U.S. markets. MetLife continues as the majority owner of the portfolio and administrator of the venture.