New York Life Real Estate Investors Forms Joint Venture With Ilmarinen Mutual Pension Insurance Company
NEW YORK, October 6, 2017 – New York Life Real Estate Investors announced today a programmatic joint venture with Ilmarinen Mutual Pension Insurance Company, Finland’s oldest pension fund, targeting core and core-plus office investments in major U.S. markets.
New York Life seeded the venture with a portfolio of initial investments, all of which are in primary markets including Boston, Washington D.C., Los Angeles, San Francisco, Orange County, and Charlotte. New York Life sold a 49% interest to Ilmarinen and will retain a 51% interest in the venture.
The venture will continue to acquire additional office properties with the goal of building a $1.2 billion portfolio. New York Life Real Estate Investors will manage the joint venture.
Mark Talgo, head of New York Life Real Estate Investors, said: “This exciting venture with Ilmarinen complements New York Life’s focused real estate strategy of acquiring institutional-quality assets that enjoy a long-term competitive advantage and offer stable and attractive risk adjusted returns. It allows New York Life to cast a wider net within the office sector, and provides further diversification to the company portfolio.”
"Ilmarinen's investment philosophy and process are closely aligned with ours and we look forward to a long and very successful relationship,” said Paul Behar, head of Business Development, New York Life Real Estate Investors. “We are looking for a select group of like-minded investment partners who take the same long-term view New York Life does—so we can continue to achieve our investment objectives within the real estate sector."
The strategic importance of the relationship was echoed by Mikko Antilla, Ilmarinen’s portfolio manager in charge of International Real Estate Investments: "The strategic partnership with a traditional and respected institutional investor offers us a strong foundation to expand our investments in US real estate markets. The partnership offers us deep insight into local commercial property markets."
About Ilmarinen Mutual Pension Insurance Company
Established in 1962, Ilmarinen is Finland's oldest pension insurance company and has approximately €38B in assets under management including €4.4B of real estate investments. It specializes in providing pension coverage to employees and self-employed persons. Ilmarinen holds about one third of the pension market in Finland and is responsible for the pensions of 1,000,000 policy holders.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, and commercial mortgage backed securities, and unsecured REIT bonds. With over $51 billion in assets under management as of June 30, 2017, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/12/17. For methodology, please see http://fortune.com/fortune500/
**Individual independent rating agency commentary as of 8/1/17
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
New York Life Insurance Company