Sun Life Financial has completed the purchase of real estate investment company Bentall Kennedy for $560 million.
“This transaction continues to expand and diversify Sun Life Financial’s asset management pillar as part of our growth strategy, and further extends and strengthens our offering to institutional investors seeking alternative asset classes,” says Steve Peacher, president, Sun Life Investment Management, and chief investment officer, Sun Life Financial.
Read: Sun Life to buy Bentall Kennedy
Bentall Kennedy will continue to be managed by its current team, led by Gary Whitelaw, who joins the Sun Life Investment Management leadership team.
The company will retain its brand name and operate as a unit of Sun Life Investment Management. The two firms will combine their real estate and commercial mortgage investment management teams to have approximately $48 billion in assets under management, serving over 550 institutional clients and investors in these asset classes.
Bentall Kennedy’s former institutional shareholders, the British Columbia Investment Management Corporation (bcIMC) and the California Public Employees’ Retirement System (CalPERS) will continue as key clients under Sun Life’s ownership.
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