Sun Life Financial Services announced on Mar. 31 that it has acquired the remaining stake in Miami Beach-based BGO for $1.2 billion, taking full ownership of the real estate investment firm.
The move marks a significant expansion for Sun Life as it prepares to merge BGO with Bell Partners, a real estate investment company based in Greensboro, North Carolina. According to the South Florida Business Journal, Bell Partners manages $10 billion in assets and oversees a portfolio of more than 70,000 apartments nationwide.
In addition to acquiring BGO, Sun Life is purchasing all outstanding shares of Bell Partners for $350 million. The company said this decision was influenced by the ongoing housing crisis across the United States and growth opportunities within the multifamily housing sector. With these transactions, Sun Life’s total expenditure on the merger will reach at least $1.6 billion.
Prior to this deal, Sun Life held a majority 56 percent stake in BGO since its formation in 2019 following a merger between Bentall Kennedy and GreenOak Real Estate. The latest purchase covers the remaining 44 percent interest. Led by co-CEOs Sonny Kalsi and John Carrafiell—who previously co-founded GreenOak—BGO currently manages $90.4 billion in assets with operations spanning across America, Europe, and Asia.
The acquisition of Bell Partners is expected to close during the second half of this year. Steve Bell founded Bell Partners in 1976; his son Jon Bell now serves as chairman.
Additionally, Sun Life revealed it will acquire the remaining 49 percent stake in Crescent Capital Group for $608 million. Crescent Capital is an alternative investment manager based in Los Angeles led by Mark Attanasio and Jean-Marc Chapus.
These moves signal further consolidation within Sun Life’s asset management business as it seeks growth through strategic acquisitions.
