MANILA – Sun Life Financial Inc. on Wednesday said it will acquire real estate investment manager Bentall Kennedy for $560 million.
Sun Life said the acquisition is part of its strategy to broaden its asset management pillar by expanding and diversifying the capabilities of Sun Life Investment Management, which provides investment services to third parties and manages Sun Life’s general account.
Bentall Kennedy is a real estate investment manager operating in Canada and the US, and provides specialized real estate investment management and real estate services, including property management and leasing.
“[The acquisition] expands and diversifies our asset management pillar, with one of the most respected names in real estate,” said Dean Connor, chief executive officer at Sun Life Financial.
As of March 31, 2015, Bentall Kennedy had assets under management of $27 billion and provided real estate services across 91 million square feet of properties.
Sun Life and Bentall Kennedy will combine their real estate investment management teams and Bentall Kennedy will be a unit of Sun Life Investment Management.
Bentall Kennedy, which will retain its brand name, will be Sun Life’s exclusive real estate investment management platform.
The deal is expected to close in the third quarter of 2015, subject to customary closing conditions, including regulatory approvals.