Sun Life Gains Full Ownership of BGO, Crescent Capital; Acquiring Bell Partners
Sun Life announced a series of multi-billion-dollar commercial real estate moves Monday, that will impact businesses and properties on both sides of the Canada-U.S. border
Toronto-based Sun Life announced that it has acquired 100% ownership of BGO for $1.59 billion (US$1.16 billion) and Crescent Capital Group for $829M (US $608 million.) BGO is a Miami-based company with Canadian roots. This deal also involves a management-equity plan and stock repurchase.
In addition, Sun Life has agreed to acquire Bell Partners, a leading U.S. multi-family real estate manager that has 70,000 apartments across the U.S. for US$350 million.
Consequently, BGO and Bell Partners have agreed to merge and will represent more than US$100 billion of properties under management. Upon closing, Bell Partners will continue to operate as a distinct, vertically integrated business under BGO.
Pictured: Boston apartment property owned by Bell Partners:
Photo: Bell Partners
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