MIM deepens support of the social housing sector in the U.K. to address affordable housing shortage
MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced that it has arranged GBP 122.5 million in loan notes for Triple Point Social Housing REIT plc (Triple Point) (LSE: SOHO) to refinance existing debt and support the future growth of the company. The financing is part of Triple Point’s GBP 195 million private placement program that is linked to sustainability targets.
Triple Point seeks to address the ongoing housing crisis by investing in the U.K. social housing sector, providing sustainable high-quality homes which have been adapted for vulnerable adults with long-term care and support needs including mental health issues, learning disabilities, or physical and sensory impairment.
Annette Bannister, head of European Infrastructure and Project Finance at MetLife Investment Management, said: “We are delighted to have entered into our second debt funding with Triple Point. We value their continued effort to invest in social housing in the U.K., with a particular focus on specialized housing for vulnerable people with care and support needs. This financing shows how we at MetLife Investment Management live our purpose and commit to sustainability in communities all over the world.”
Ralph Weichelt, head of Debt Capital Markets at Triple Point Investment Management, commented: “We are very pleased to have secured a second debt funding with MetLife Investment Management for the Triple Point Social Housing REIT plc. This demonstrates the continued support of MetLife Investment Management to the Triple Point Social Housing REIT plc and is reflective of the operational and financial resilience of the portfolio.”
MIM’s Private Capital group has been an active participant in the social housing sector for six years, reinforcing MIM’s focus on responsible investing. The group comprises private placements, infrastructure and structured credit investment management, and is active across a wide range of industry sectors, including social housing, general industrial, healthcare, professional services, retail, utilities, electric transmission and renewable power, among others. As of June 30, 2021, MIM had $131.9 billion in private capital assets under management1 and $666.7 billion in total assets under management. 2
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 June 30, 2021 had $666.7 billion in total assets under management.2
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.
The forward-looking statements in this news release, such as “growth,” “ongoing,” “sustainable,” “continued,” and “commit” 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.
1 At estimated fair value. Private capital assets under management is comprised of private corporates, private infrastructure, residential mortgage loans, alternatives, middle market private capital and private structured credit.
2 Total assets under management 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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