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Sun Life has unveiled a series of multi-billion-dollar commercial real estate transactions that reshape its North American investment management platform and expand its exposure to the U.S. multifamily sector. The Toronto-based firm announced that it will acquire full ownership of BGO and Crescent Capital Group, while also moving to purchase Bell Partners, a major U.S. multifamily manager.
According to Sun Life, the company has agreed to acquire the remaining stake in BGO for $1.59 billion, equivalent to approximately US$1.16 billion. BGO is headquartered in Miami and maintains Canadian roots, reflecting the cross-border nature of Sun Life’s real estate and alternatives footprint. The BGO transaction also includes a management-equity plan and a stock repurchase component, aligning leadership interests with the firm under Sun Life’s full ownership.
In a parallel move, Sun Life will also acquire Crescent Capital Group for $829 million, or about US$608 million. By taking 100% ownership of Crescent, Sun Life further consolidates its alternatives platform and deepens its capabilities in strategies adjacent to real estate. Both the BGO and Crescent transactions reinforce Sun Life’s emphasis on scaled, institutional investment platforms serving clients across Canada and the United States.
Sun Life has additionally reached an agreement to purchase Bell Partners, described as a leading U.S. multifamily real estate manager. Bell Partners oversees a portfolio of approximately 70,000 apartments across the United States, giving Sun Life a significantly larger footprint in the rental housing sector upon closing. The acquisition consideration for Bell Partners is cited at US$350 million.
Following completion of these deals, BGO and Bell Partners have agreed to combine and will together oversee more than US$100 billion of properties under management. The combined platform is expected to operate with Bell Partners continuing as a distinct, vertically integrated business within BGO, maintaining its established multifamily operating capabilities under the broader BGO umbrella.
Commenting on the strategy, Amy Price, co-president of BGO, said the partnership demonstrates a strong conviction in the U.S. multifamily market and a commitment to building expertise in sectors that present long-term opportunity. She noted that Bell Partners has developed an “exceptional platform” over roughly five decades in the multifamily space and that its culture and capabilities complement BGO’s existing strengths in U.S. commercial and logistics properties, supported by global resources.
Together, these transactions mark a significant expansion of Sun Life’s real estate and alternatives platform across North America, centered on multifamily housing and complementary commercial sectors, while preserving Bell Partners’ operating identity within the BGO organization.
The post Sun Life Buys BGO, Crescent Capital and Bell Partners in Multibillion-Dollar Real Estate Deal appeared first on CRE Market Beat.
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