NEW YORK CITY—MetLife Inc. said Tuesday evening it had formed a real estate investment venture with New York State Common Retirement Fund, the nation’s third largest public pension fund. The venture’s initial investment portfolio comprises seven properties valued at more than $1.4 billion.

MetLife sold a 49.9% stake in the portfolio to the pension fund. The portfolio properties total approximately 3.7 million square feet, primarily office space, and are located in major US markets; the insurer did not identify the locations of the properties.

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