Sun Life Financial Services announced on Mar. 31 that it has acquired the remaining stake in Miami Beach-based BGO for $1.2 billion, making it the sole owner of the real estate investment firm.
The move is part of Sun Life’s broader strategy to merge BGO with Bell Partners, a real estate investment company headquartered in Greensboro, North Carolina, which manages $10 billion in assets including more than 70,000 apartments. The acquisition aims to address challenges posed by the nationwide housing crisis and capitalize on growth opportunities in the multifamily sector.
To facilitate this plan, Sun Life is also purchasing a complete ownership stake in Bell Partners for $350 million. With these transactions combined, Sun Life’s total expenditure related to the merger will exceed $1.6 billion.
Previously, Sun Life held a majority 56 percent stake in BGO since its formation through a merger between Bentall Kennedy and GreenOak Real Estate in 2019. The latest purchase covers the remaining 44 percent of BGO’s shares. BGO currently oversees $90.4 billion in assets under management and operates globally with offices across the Americas, Europe, and Asia under co-CEOs Sonny Kalsi and John Carrafiell.
Bell Partners was founded by Steve Bell and is now chaired by his son Jon Bell. The transaction involving Bell is expected to close later this year according to Sun Life’s release.
In addition to these deals, Sun Life announced it will acquire the remaining 49 percent interest in Crescent Capital Group for $608 million. Crescent Capital Group is an alternative investment manager based in Los Angeles led by Mark Attanasio and Jean-Marc Chapus.
