Overview
- Sun Life’s asset arm SLC Management said Monday it will purchase the remaining stakes in real estate manager BGO and private credit firm Crescent for about $2.4 billion and will buy Bell Partners for $350 million, with at least 75% of the Bell price paid in Sun Life shares.
- BGO and Bell Partners agreed to combine their businesses, a move that would create a real estate platform with more than $100 billion in assets under management once approvals are secured.
- The transactions require regulatory and Toronto Stock Exchange approvals and are expected to close in the second half of 2026 under customary closing conditions.
- Bell Partners will operate as a distinct, vertically integrated unit under BGO, keep its leadership and brand, and oversee U.S. multifamily assets across roughly 70,000 apartments in 12 regions with about 1,800 employees.
- Sun Life executives cast the moves as core to SLC Management’s growth plan as investors seek institutional multifamily exposure in a market with tight supply, and some coverage notes the insurer used prior debt financing and anticipates one-time accounting impacts tied to closing.