Nov 01, 2024 10:28 AM IST
MetLife Inc. Chief Financial Officer John McCallion sees a positive outlook for commercial real estate in 2025 amid improving returns from related funds
(Bloomberg) — MetLife Inc. Chief Financial Officer John McCallion sees a positive outlook for commercial real estate in 2025 amid improving returns from related funds as well as supportive economic conditions.
The combination of healthy economic growth, potentially declining interest rates and stronger transaction activity indicates that the real estate sector, excluding office, has hit its trough, McCallion said in a call with analysts on October 31. MetLife sold five properties in the third quarter, reaping gains of $120 million to $150 million, he said.
โOverall there is a positive backdrop thatโs starting to emerge,โ McCallion said. โWeโre not going to see kind of a V-shaped recovery per se, but itโs certainly setting up for a more positive 2025 environment.โ
Real estate and other fundsโ returns improved in the third quarter, Chief Executive Officer Michel Khalaf said on the same call. Still, the insurerโs private equity investments provided lower-than-anticipated returns, weighing on its variable investment income for the period.ย
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