Sun Life Financial Inc., Canada’s third-largest life insurer, agreed to acquire Bentall Kennedy Group for $560 million (US$454 million) as it seeks to gain from real estate investments.
The deal will add $27-billion in assets under management and a company servicing 91 million square feet of properties, Toronto-based Sun Life said Monday in a statement.
The acquisition fits with Sun Life’s “expertise in asset- liability management, fixed income and alternative asset classes by extending our real estate and mortgage investment capabilities,” Stephen Peacher, chief investment officer, said in the statement.
Sun Life has been beefing up its asset-management arm. It purchased Ryan Labs Inc. this year to add $5.1-billion in assets under management and expand in the U.S. It joins insurer Manulife Financial Corp. in seeking to benefit from higher returns on real estate as low interest rates hamper growth.
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