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MetLife Investment Management Provides Financing for $625 Million Timberland Transaction
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MetLife Investment Management has announced the placement of long-term, first mortgage loans secured by approximately 832,000 acres of timberland in the Southeastern US. This financing supports Tamarack Timberlands LLC in completing a $625 million redemption transaction and gaining direct ownership of its timberland. The transaction aligns with sustainable forestry standards, offering both financial returns and positive ESG outcomes. The Agricultural Strategies Group at MetLife emphasizes investing in sustainable, economically viable assets.
Positive
Secured long-term financing of $625 million for Tamarack Timberlands LLC.
Aligns with sustainable forestry standards, boosting ESG outcomes.
Strengthens MetLife's commitment to sustainable investments.
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None.
Sustainably Managed Forests Provide Timber for Growing Housing Construction Market
GERMANTOWN, Tenn.--(BUSINESS WIRE)--
MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), announced today that it has placed long-term, first mortgage loans secured by approximately 832,000 acres of timberland and timber across the Southeastern United States. The financing allows Tamarack Timberlands LLC, which is owned by Ontario Teachers’ Pension Plan and whose assets are managed by Resource Management Service, LLC, to complete a $625 million redemption transaction and assume direct ownership of its timberland assets in the U.S. South.
“This milestone transaction is the result of working closely with the borrower to align long-term operational goals with long-term financing needs,” said Robert Merck, Global Head of Real Estate and Agriculture at MetLife Investment Management. “The deal highlights MetLife Investment Management’s commitment to financing borrowers who sustainably provide lumber and agricultural products.”
All forest assets in the transaction are third-party certified to the Sustainable Forestry Initiative’s (SFI) forest management standards. As a result, the financial returns are complementary to Environmental, Social, and Corporate Governance (ESG) outcomes. The approach supports the protection of biodiversity, water and soil resources while contributing to climate change mitigation.
MIM’s Agricultural Strategies Group includes a team of loan officers with an average of 16 years’ experience in agricultural, agribusiness and timberland financing. The unit has regional offices in Germantown, Tenn., Overland Park, Kan. and Fresno, Calif.
“This transaction reflects MetLife Investment Management’s commitment to investing in assets that produce sustainable returns – both environmentally and economically,” said Greg Gallaway, Managing Director and head of the Agricultural Strategies group at MetLife Investment Management.
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 December 31, 2021, had $669 billion in total assets under management.1
About MetLife
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 individual and institutional customers build a more confident future. 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.
1Total AUM is comprised of all MetLife general account and separate account assets and unaffiliated/third party assets, at estimated fair value, managed by MIM.
What is the recent financing announcement by MetLife (NYSE: MET)?
MetLife Investment Management announced it secured long-term mortgage loans for Tamarack Timberlands LLC, aiding a $625 million redemption transaction.
How much timberland is involved in MetLife's recent financing deal?
Approximately 832,000 acres of timberland in the Southeastern US are secured by the mortgage loans.
What are the sustainability aspects of MetLife's timberland financing?
The timberland assets are certified to the Sustainable Forestry Initiative’s standards, supporting ESG outcomes.
What is the role of MetLife's Agricultural Strategies Group in this financing?
The Agricultural Strategies Group facilitated the financing, showcasing MetLife's expertise in sustainable timberland financing.
