(Bloomberg) -- MetLife Inc., the largest U.S. lifeinsurer, formed a real estate venture with the New York StateCommon Retirement Fund, including an initial investment portfoliovalued at more than $1.4 billion.
The insurer, which is seeking to expand in asset management,sold a 49.9 percent stake in the properties to the pension fund, the New York-basedcompany said Tuesday in a statement.
The portfolio, which will be overseen by MetLife’s assetmanager, includes seven properties and represents about 3.7 millionsquare feet (340,000 square meters), primarily office space inmajor U.S. markets.
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