Summary
MetLife, Inc. (MET) has filed an 8-K report detailing a significant real estate transaction. On October 17, 2006, a wholly-owned subsidiary, Metropolitan Tower Life Insurance Company, entered into purchase and sale agreements to sell the Stuyvesant Town and Peter Cooper Village properties in New York City to a joint venture formed by Tishman Speyer Development Corp., Merrill Lynch, BlackRock Realty Advisors, Inc., and Wachovia Corporation. This transaction represents a substantial divestiture, with the total purchase price for both properties amounting to $5.4 billion ($4.05 billion for Stuyvesant Town and $1.35 billion for Peter Cooper Village). The sale is expected to close in the fourth quarter of 2006, subject to customary closing conditions. The filing also notes ongoing business relationships and cooperation agreements with some of the entities involved in the joint venture.
Key Highlights
- 1MetLife, Inc. is selling Stuyvesant Town and Peter Cooper Village for a combined $5.4 billion.
- 2The sale is being conducted through its subsidiary, Metropolitan Tower Life Insurance Company.
- 3The buyer is a joint venture involving Tishman Speyer Development Corp., Merrill Lynch, BlackRock Realty Advisors, and Wachovia Corporation.
- 4The total purchase price is $4.05 billion for Stuyvesant Town and $1.35 billion for Peter Cooper Village.
- 5The transaction is anticipated to close in the fourth quarter of 2006.
- 6The divestiture is subject to standard closing conditions.