US life insurer MetLife has unveiled a €131m ($146m) real estate deal in Ireland involving real estate investment company Kennedy Wilson.
MetLife has loaned the money to Kennedy Wilson in the form of five-year floating and 10-year fixed rate commercial mortgages. The deal is for four properties already owned by Kennedy Wilson, comprising three residential multi-family properties and a multi-tenant office property, all located in the Dublin area.
The loans, placed via MetLife Real Estate Investors, are the first commercial mortgage loans for MetLife in Ireland.
In 2014, MetLife Real Estate Investors originated more than $2.1bn in commercial mortgage loans in the UK. MetLife has a commercial mortgage portfolio of approximately $3.5bn in the UK and Ireland.
Globally in 2014, MetLife originated approximately $12.1bn in commercial mortgage loans in 2014, a 5% increase over the $11.5bn originated in the previous year.