Sun Life Financial Inc. said today that it plans to acquire control of an outside real estate investment firm, GreenOak Real Estate, and combine that firm with its own Bentall Kennedy real estate and property management firm.
The name of the combined firm would be Bentall GreenOak.
Sun Life Financial expects to end up owning 56% of Bentall GreenOak.
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GreenOak has about $11 billion in assets under management and nine offices.
Sun Life Financial said it expects the Bentall GreenOak management team to include executives from both Bentall Kennedy and GreenOak.
Sun Life Financial would put Bentall GreenOak in its Sun Life Investment Management unit, which now has about $45 billion in assets under management.
Dean Connor, president of Sun Life Financial, said in a statement that the company is making the deal to expand its ability to manage investments that can serve as alternatives to bonds.