Multifamily platform joins global real estate arm as insurer expands alternatives push
Sun Life Financial has completed its purchase of Bell Partners, taking full ownership of the US multifamily real estate investment manager and property management business for US$350 million.
Sun Life confirmed on Thursday that it now holds a 100% stake in the firm, with roughly 80% of the purchase price paid in Sun Life common shares. Bell Partners will keep operating as a standalone business inside BGO, Sun Life's global real estate arm, and will take charge of the wider group's US multifamily holdings.
Bell Partners will retain its existing leadership team, branding, office network, investment vehicles and client relationships, according to the announcement.
Bell Partners oversees around 65,000 apartment homes across a dozen US regions, spanning markets including Seattle, San Francisco, Southern California, Denver, Dallas/Fort Worth, Austin, Atlanta, central and southeast Florida, Charlotte/Raleigh, Washington DC and Boston. The company runs nine offices with close to 1,800 staff, and its senior leadership team carries an average of 27 years in the industry. Since 2002 it has completed close to US$12 billion of realized apartment transactions.
Founded in 1976, Bell Partners now becomes part of BGO's push to build out vertically integrated property management alongside acquisitions, construction, financing, accounting and risk management services.
The purchase caps a wider consolidation drive at Sun Life's alternatives platform. Earlier this year the insurer also finalized full ownership of BGO and Crescent Capital Group, paying C$1.59 billion for the remaining 44% stake in BGO and C$829 million for the outstanding 49% of Crescent. Sun Life first took a majority position in BGO in 2019 and a controlling stake in Crescent in 2021.
Sun Life president and CEO Kevin Strain said at the time of the BGO and Crescent buyouts: "BGO and Crescent are industry leading businesses and integral to our strategy for Sun Life Asset Management. Both companies create enduring value for our Clients and stakeholders. Together, they bring decades of real estate and credit expertise and deliver high-quality solutions for Clients globally."
Sun Life's asset management arm, SLC Management, held US$308 billion in assets under management as of March 31, while Sun Life's total assets under management stood at US$1.58 trillion.
