MetLife Investment Management Supports Prince George’s County Public Schools With $203.5 Million in Public-Private Partners...
February 22 2021 - 11:28AM
Business Wire
The 30-year loan provides financing for
construction of six new schools for approximately 8,000 students in
Maryland
MetLife Investment Management (MIM), the institutional asset
management business of MetLife, Inc. (NYSE: MET), today announced
it has completed a Public-Private Partnership (PPP) transaction
that will provide $203.5 million in funding for Maryland’s Prince
George’s County Public Schools, the second largest public school
system in the state and a top 20 public school district in the
United States1.
Led by MIM’s Private Capital team, this unique PPP transaction
is believed to be one of the first of its kind involving a public
school system in the U.S. The $203.5 million transaction was
managed by Fengate Capital Management and Gilbane Development
Company and was part of a broader $478.5 million financing package
for the district. The $203.5 million loan was split approximately
evenly between MetLife’s general account and MIM’s institutional
clients.
The $203.5 million loan supports the future education needs of
Prince George’s County Public Schools, which was seeking financing
partners to replace aging school buildings. The design-build
project, which is expected to take three years, will involve the
demolition of four aging schools and the simultaneous construction
of six new schools (five middle schools and one K-8 school), which
will provide a modern learning environment for approximately 8,000
students.
The project requires at least 30% of the contract value to be
allocated to local and minority-owned businesses and will employ
approximately 4,100 people.
“We’re very proud to be partnering with Prince George’s County
Public Schools on this critical initiative to build new schools for
8,000 Maryland students,” said Steven J. Goulart, president of
MetLife Investment Management and chief investment officer of
MetLife, Inc. ”When we talk about how we can help build a stronger,
more sustainable future for all, an initiative aimed at enhancing
the educational environment for our children is certainly core to
that purpose.”
This transaction further underscores MetLife’s focus on
long-term sustainability and its commitment to serving clients and
communities in states across the U.S. and countries all over the
world. In Maryland, MetLife had invested more than $500 million as
of year-end 2019 in commercial real estate, agriculture,
infrastructure, municipal bonds and affordable housing, among other
sectors. The company also paid out more than $730 million in claims
during 2019, supporting financial security and wellness, jobs,
economic growth and ultimately stronger, more sustainable
communities.
MIM’s Private Capital group comprises private placements,
infrastructure and structured credit investment management, and is
active across a wide range of industry sectors, including general
industrial, healthcare, professional services, retail, utilities,
electric transmission, renewable power and social housing, among
others. As of December 31, 2020, MIM had $130.9 billion in private
capital assets under management and $659.6 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 December 31, 2020 has $659.6 billion in total assets
under management.2
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 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.
Forward-Looking Statements
The forward-looking statements in this news release, such as
“will,”, “future”, “requires” and “expected” 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 Source: Prince George’s County Public Schools
https://www.pgcps.org/facts-and-figures/
2 At estimated fair value. Includes MetLife general account and
separate account assets and unaffiliated / third party assets.
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version on businesswire.com: https://www.businesswire.com/news/home/20210222005666/en/
For Media: James Murphy +1 917-225-6303
james.p.murphy@metlife.com
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