NEW YORK--(BUSINESS WIRE)--MetLife, Inc. (NYSE:MET) announced today that it has provided a $150 million agricultural mortgage loan to the Amaggi Group, a family-owned agricultural conglomerate that is one of largest domestic producers and traders of farm commodities in Brazil.
The loan has a floating rate and a term of 12 years. The debt is secured by a qualified real estate mortgage on developed farmland in the state of Mato Grosso, Brazil.
“This agricultural loan in Brazil is consistent with our strategy to invest in mortgages secured by high quality real estate in major markets,” said Robert Merck, senior managing director and global head of real estate for MetLife. “The Amaggi Group is one of the premier agricultural companies in Brazil, and we look forward to working with them to help them grow their business.”
Founded in 1977, the Amaggi Group has $4 billion in sales and owns $1.5 billion in farmland in Brazil. The company also has well-developed grain storage and transportation facilities.
MetLife opened its agricultural investments office in Brazil in April 2012. Currently, the company has an agricultural loan portfolio in Brazil of approximately $700 million.
Globally, MetLife’s agricultural portfolio is approximately $13 billion.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.