Sun Life to acquire real estate manager Bentall Kennedy for C$560 million

Mon Jun 15, 2015 6:25pm EDT
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MONTREAL, June 15 (Reuters) - Sun Life Financial said Monday it is acquiring North American real estate investment manager Bentall Kennedy Group for C$560 million, as part of the financial services group's broader investment diversification strategy.

Bentall Kennedy, which provides property management and leasing services across 91 million square feet of properties in Canada and the United States, had assets under management of C$27 billion.

The firm has long been privately owned by its senior management and two of North America's largest institutional investors, the California Public Employee Retirement System (CalPERS) and the British Columbia Investment Management Corp (bcIMC).

Through the deal, Bentall Kennedy will become a unit of Sun Life Investment Management, while Bentall Kennedy will retain its brand. Together, the real estate and mortgage teams of both Bentall Kennedy and Sun Life Investment Management will have some C$47 billion in assets under management and serve over 550 institutional clients and investors. (Reporting by Allison Lampert; Editing by Cynthia Osterman)