The Sun Life Financial logo is seen at One York Street in Toronto in 2019.Chris Helgren/Reuters
The asset management division of Canada’s second largest insurer, Sun Life Financial Inc. SLF-T, is shelling out nearly $3-billion to acquire the remaining stakes of its private credit and real estate management businesses, while adding a new U.S. multifamily real estate and property manager to its roster.
SLC Management announced Monday it is set to pay $2.4-billion to purchase the remaining equity interests in BGO, the insurers’ global real estate investor and provider of real estate services, and in its private credit provider Crescent Capital Group.
In a separate transaction, the insurer will spend another $350-million to acquire 100 per cent of Bell Partners, a U.S.-based multifamily real estate investment and property management business that will operate under BGO. At least 75 per cent of the Bell purchase will be payable in Sun Life shares.
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Sun Life chief executive Kevin Strain said BGO and Crescent are “integral” to the overall growth strategy for Sun Life Asset Management, which manages about $260-billion of assets for more than 1,400 institutional clients globally and another $165-billion of Sun Life’s general account assets.
“Together, they bring decades of real estate and credit expertise and deliver high‑quality solutions for clients globally,” Mr. Strain said in a statement.
Over the past decade, SLC has spent about $2-billion to snap up a series of well-known alternative asset names, such as real estate investors Bentall Kennedy and GreenOak, which merged under the BGO name in 2018 when the insurer purchased a 56-per-cent stake. In January, 2021, Sun Life acquired a 51-per-cent stake in loan provider Crescent for $450-million.
Today, the SLC business offers investment capabilities across real estate, private credit, private fixed income and infrastructure.
Now, Sun Life will pay $1.59-billion for the remaining 44-per-cent stake in BGO and $829-million for the remaining 49-per-cent stake in Crescent. Between 2021 and 2025, BGO and Crescent saw their assets under management climb to $165-billion, up from $115-billion, generating a combined $4.2-billion in fee-related revenue.
In a separate deal, SLC is set to acquire Bell Partners and create a U.S. multifamily operating platform for Sun Life. The deal, which still requires regulatory approval, is expected to close in the second half of 2026.
Housing remains a priority for governments across the United States, Sun Life said in a statement, adding that experienced, long-term investors and operators play an essential role in building high-quality, multi-family rental communities.
Founded in 1976, Bell manages about 70,000 apartment homes in 12 regions across the U.S. With expertise in investment and property management, acquisitions, and construction, Bell has completed approximately US$11.9-billion of realized apartment transactions since 2002, including more than US$1.3-billion in acquisitions in 2025.
Upon closing, Bell Partners will continue to operate under its current leadership and will retain its branding and office locations.