MetLife set to purchase Reynolds Plantation
Monday, May 14, 2012
MetLife, a major provider of insurance, annuities and employee benefit programs, has reached an agreement to acquire Reynolds Plantation, a golf and resort community – featuring six courses and the Ritz-Carlton Lodge – near Atlanta.
The company’s real estate investments department oversees a portfolio of approximately $60 billion and includes real estate equities as well as commercial and agricultural mortgages.
Terms of the Reynolds acquisition were not disclosed; the deal is expected to close this summer.
MetLife is retaining Birmingham, Ala.-based developer Daniel Corp. to oversee operations at Reynolds, which, in addition to the Ritz-Carlton and golf courses, features four marinas and roughly 5,000 acres of undeveloped golf and waterfront property. The partnership is nothing new: MetLife and Daniel have a 25-year history, which includes joint ownership of development along Atlanta’s famed Peachtree Street.
Citing Reynolds’ amenities, Robert Merck, MetLife’s senior managing director and head of real estate investments, said: “MetLife has been a real estate investor for over a century, and this transaction represents an outstanding investment opportunity for us.”
Ritz-Carlton is expected to continue managing the hotel under its long-term agreement.