Sun Life Financial has announced the acquisition of Bell Partners for $350 million, expanding the capabilities of its real estate investment arm BGO and strengthening its presence in the U.S. multifamily sector. The transaction is part of a broader strategic move that also includes Sun Life completing the buyout of remaining equity stakes in BGO and Crescent Capital.
Bell Partners, a vertically integrated multifamily investment manager with approximately 70,000 units across the United States and around $10 billion in assets under management, will become the core U.S. multifamily operating platform under BGO. The deal is expected to close in the second half of 2026, with Bell Partners continuing to operate independently while benefiting from BGO’s global scale and capital base.
The acquisition aligns with Sun Life’s strategy to expand its alternatives platform through SLC Management, leveraging real estate and credit capabilities to deliver long-term value for institutional investors. BGO, formed in 2019 through the merger of Bentall Kennedy and GreenOak, has grown significantly under Sun Life’s ownership and plays a central role in the firm’s real estate investment strategy.
Alongside the Bell Partners acquisition, Sun Life completed the purchase of the remaining equity stakes in BGO and Crescent Capital, paying approximately C$1.59 billion for the remaining 44 percent of BGO and C$829 million for the remaining 49 percent of Crescent. These transactions consolidate Sun Life’s ownership of both platforms and are intended to enhance integration and operational alignment across its asset management business.
Between 2021 and 2025, BGO and Crescent generated strong financial performance, including significant growth in assets under management and fee-related earnings. Sun Life also introduced a management equity plan allowing employees to own up to 25 percent of the business, aimed at aligning incentives and supporting long-term growth.
The addition of Bell Partners is expected to deepen BGO’s operating expertise in the U.S. residential market, a sector that continues to attract global institutional capital due to supply constraints and strong demand fundamentals.
KEY QUOTES
“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.”
Kevin Strain, President And CEO Of Sun Life
“The completion of the acquisition of BGO and Crescent will mark a new era for SLC Management and represents a significant step forward in delivering on our growth strategy. These buy-ups will allow SLC Management to harness the power of its platform to drive value for our Clients. We’re thrilled to have Sonny Kalsi, co-Founder of BGO, officially at the helm of SLC Management as we continue to elevate our overall market position.”
Steve Peacher, Executive Chair Of SLC Management
