MetLife Completes Reynolds Plantation Purchase

MetLife Completes Reynolds Plantation Purchase

Residential News » North America Residential News Edition | By Scott Kauffman | August 7, 2012 8:30 AM ET

Three months after announcing it would acquire Reynolds Plantation, MetLife has officially completed the deal.

MetLife, which oversees more than $60 billion in diversified real estate assets, made the deal official Aug. 7 when it announced the giant insurance company completed its purchase of Reynolds Plantation, one of the country's finest golf and resort communities located on Lake Oconee. The acquisition includes The Ritz-Carlton Lodge, six championship golf courses, four full-service marinas and nearly 5,000 acres of undeveloped golf and waterfront property.

"We are extremely proud to own Reynolds Plantation, a premier community with world-class amenities," said Robert Merck, senior managing director and global head of real estate investments for MetLife. "Reynolds Plantation is an exceptional addition to our real estate portfolio and we look forward to investing in Reynolds Plantation's future to ensure it continues to be recognized for the extraordinary lifestyle it offers."

As previously announced, Daniel Corporation will oversee the day-to-day operations at Reynolds Plantation. The Daniel team will work in cooperation with MetLife's Atlanta Regional Office, led by regional director Tom Coakley. The Atlanta office manages the company's real estate investments in the southeastern United States.

"Since announcing the acquisition in May, we have been working closely with members and the staff to ensure we fully understand the opportunities and priorities at Reynolds," Coakley said. "As a result, and with the input and guidance from several stakeholders, we successfully established a new club, which has been well received by members and helps lay a strong foundation for future growth.

Reynolds Plantation represents the latest addition to MetLife's portfolio of real estate investments in Atlanta and the southeastern United States. Other properties include Georgia Pacific Center, Georgia 400 Center, Rocca Apartments and 12th & Midtown.

"Over the past few months, we have had the opportunity to learn more about the great people and amenities that make Reynolds Plantation a wonderful community," said Charlie Tickle, chairman and CEO of Daniel Corporation. "We are looking forward to this opportunity to ensure that members continue to enjoy an outstanding quality of life at Reynolds while also enhancing the economic viability and sustainability of this great community."

Reynolds Plantation, located between Atlanta and Augusta, Ga., is situated along more than 374 miles of Lake Oconee shoreline and features six championship golf courses, dining, swimming pools, pedestrian trails, marinas, a tennis center and a wellness campus.

Reynolds Plantation is also home to The Ritz-Carlton Lodge, a 251-room lakefront resort and spa, which was named as a 2012 AAA Five Diamond Lodging and 2011 Forbes Four-Star resort.

Metropolitan Life Insurance Company (MetLife) is a subsidiary of MetLife, Inc., a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its real estate investments department, MetLife oversees a well-diversified real estate portfolio of more than $60 billion, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages. MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets.

Daniel Corporation is a nationally acclaimed developer based in the Southeast for nearly 50 years. Headquartered in Birmingham, Daniel's Atlanta-based office has led the re-emergence of Midtown with MetLife & Daniel's joint venture - 12th & Midtown.

Daniel also has a 20-plus-year history with high-end golf and resort communities. The company's newest community of Ross Bridge is home to the four-star Renaissance Resort and Spa and the championship Robert Trent Jones golf course.

It was as Best Community in America by the National Home Builders Association. Daniel also has development and management experience at Greystone Golf & Country Club in Birmingham and Colony at the Grand: Lakewood Golf Club in Fairhope, Ala.

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