Sun Life Financial Services has acquired full ownership of Miami Beach-based BGO for $1.2 billion, according to a March 31 announcement.
The move marks the first step in Sun Life’s plan to merge BGO with Bell Partners, a real estate investment firm based in Greensboro, North Carolina. The merger is part of Sun Life’s strategy to expand its presence in the multifamily housing sector and address the nationwide housing crisis.
Sun Life is purchasing a 100 percent ownership stake in Bell Partners for $350 million. This brings the total cost of the merger process to at least $1.6 billion. Bell Partners manages more than $10 billion in assets and oversees a portfolio of over 70,000 apartments across the country.
Previously, Sun Life held a 56 percent majority stake in BGO after it was formed through the merger of Bentall Kennedy and GreenOak Real Estate in 2019. The current deal covers the remaining 44 percent interest for $1.2 billion. BGO operates globally with $90.4 billion in assets under management, employing about 1,400 people across offices in the Americas, Europe, and Asia under co-CEOs Sonny Kalsi and John Carrafiell.
Bell Partners was founded by Steve Bell and is currently led by his son Jon Bell as chairman. The acquisition is expected to close during the second half of this year.
In addition to these transactions, Sun Life also announced it will acquire the remaining 49 percent stake 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.
