Sun Life Completes Acquisition of US Multifamily Real Estate Investment Manager, Bell Partners, for $350M

Sun Life Financial has completed its acquisition of Bell Partners, a US multifamily real estate investment manager and vertically integrated property management business, for a purchase price of $350 million. Approximately 80% of the consideration was paid in Sun Life common shares rather than cash – a structure that limits immediate capital outflow, retains liquidity for further acquisitions, and gives Bell Partners’ principals a continuing equity stake in the acquiring platform.

The deal is the third leg of a deliberate consolidation of Sun Life’s asset management arm. In March 2026 the Toronto-based insurer completed its acquisition of the remaining equity interests in both BGO, its global real estate investment management arm, and Crescent Capital Group, its global alternative credit manager.

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