Sun Life Financial Inc. (NYSE: SLF) is buying real estate investment management company Bentall Kennedy for C$560 million (U.S. $454.2 million).
Bentall Kennedy, headquartered in Toronto, handles things including property management and leasing, and has about $27 billion in assets under management in Canada and the U.S. The company provides services for about 91 million square feet of properties.
The target is backed by the British Columbia Investment Management Corp. and the California Public Employees' Retirement System, both of which have approved the deal.
The deal is part of Sun Life's plan to broaden its asset management division and diversify services. The Toronto-based financial services organization will combine its real estate management team with Bentall Kennedy's. Together, the real estate and mortgage teams of the combined business will have $47 billion in assets under management and have more than 550 clients.
Other recent real estate-related deals have come from GI Partners, which acquired real estate software company MRI Software LLC earlier in June, and TPG Capital's deal for commercial property brokerage Cushman & Wakefield Inc.