Toronto based Sun Life Financial has announced the completion of its acquisition of real estate investment firm BentallGreenOak.
The financial services company said the acquisition meant that BentallGreenOak would become the real estate pillar of its new institutional asset management business, SLC Management.
"We're excited about the completion of the BentallGreenOak acquisition and increasing our global real estate investment footprint," said Dean Connor, President & CEO of Sun Life. "This acquisition adds organizational depth and a full spectrum of solutions including equity and debt real estate strategies, while adding to the capabilities of our alternatives manager, SLC Management."
As previously announced in December, the deal involved the merger of Bentall Kennedy, a Sun Life subsidiary, with GreenOak Real Estate, before Sun Life acquired a majority stake in the new organization. GreenOak Shareholders were to receive $146mn for a 56% interest in the combined business.
"Our focus remains on delivering exceptional service and performance for investors in the alternative asset management space, leveraging the depth and breadth of experience Sun Life has utilized to manage its own assets for over 150 years," said Steve Peacher, President, SLC Management. "We're confident that SLC Management is uniquely positioned to offer like-minded investors, such as pension funds, insurance companies and endowments, solutions to meet their needs."
Sun Life is listed on the TSX and NYSE under the symbol “SLF”.