Sun Life Financial said on 30 March it had agreed to acquire Bell Partners, a US multifamily real estate investment manager, for $350m, while completing the purchase of the minority stakes it did not own in real estate manager BGO and credit manager Crescent Capital.
Why Sun Life Financial (BGO / SLC Management) is buying Bell Partners
SLC Management chief executive Sonny Kalsi said Bell Partners gives BGO vertically integrated property management and positions it as one of the leading US multifamily investment managers. Chief executive Kevin Strain called BGO and Crescent industry-leading businesses integral to Sun Life's asset management strategy.
Deal terms and financing
At least 75% of the Bell Partners price is payable in Sun Life shares, with dilution expected to be offset by buybacks. Sun Life paid C$1.59bn for the remaining 44% of BGO and C$829m for the remaining 49% of Crescent, settling put liabilities funded by debt issued in 2025.
Regulatory approvals and timing
The Bell Partners deal required regulatory and Toronto Stock Exchange approvals and was expected to close in the second half of 2026; Insurance Business reported on 5 July 2026 that it had been completed.
Market context
Bell Partners, founded in 1976, has close to 1,800 employees and manages about 70,000 apartment homes in 12 US regions. Sun Life formed BGO in 2019 and bought 51% of Crescent in 2021.
