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Berkshire Global Advisors acted as financial advisor to Sun Life Financial
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    • Berkshire Global Advisors acted as financial advisor to Sun Life Financial

  • Date: December 2018
  • Sector: Private Markets - Real Estate / Assets
  • Sub-Sector: Real Estate
  • Region: North America
  • Seller AUM: $11 Billion

    • Seller Details
    GreenOak Real Estate is a leading global real estate investment management firm with approximately US$11 billion of AUM, across discretionary closed-end funds for both equity and debt strategies in the US, Europe and Asia. Founded in 2010, GreenOak has acquired approximately 203 assets representing 40 million square feet and US$14.3 billion of real estate value within its target markets. GreenOak has offices in New York, Los Angeles, London, Madrid, Milan, Luxembourg, Tokyo, Seoul and Mumbai, with over 100 professionals in dedicated regional teams having deep, local knowledge, experience and extensive networks in each market.

    Buyer Details
    Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2018, Sun Life Financial had total assets under management of US$740 billion.

    Sun Life Investment Management comprises Sun Life Institutional Investments (Canada) Inc. and Bentall Kennedy (Canada) Limited Partnership in Canada, and Prime Advisors Inc., Ryan Labs Asset Management and Bentall Kennedy (U.S.) Limited Partnership in the United States. These operations have combined third-party assets under management of US$46 billion as of September 30, 2018. Sun Life Investment Management is supported by the investment division of Sun Life Assurance Company of Canada that manages US$109 billion in assets under management for the Sun Life Financial group of companies as of September 30, 2018.

    Transaction Summary
    Sun Life Financial Inc. (“Sun Life Financial”) (TSX: SLF) (NYSE: SLF) intends to merge Bentall Kennedy, its leading North American real estate and property management firm which Sun Life Financial acquired in 2015, with GreenOak Real Estate (“GreenOak”), a global real estate investment firm with approximately US$11 billion in assets under management and nine offices globally. Sun Life Financial will acquire a majority stake in the combined Bentall Kennedy and GreenOak entity that will be named Bentall GreenOak and be part of Sun Life Investment Management. Senior management of Bentall GreenOak will include executives from both Bentall Kennedy and GreenOak.

    Sun Life Financial will contribute its interest in Bentall Kennedy and pay GreenOak shareholders US$146 million in cash in exchange for a 56% interest in the combined Bentall GreenOak entity, with GreenOak shareholders holding the remaining interest. As part of the transaction, Sun Life will have an option to acquire the remaining interest in Bentall GreenOak approximately seven years from the closing. Sun Life Financial will also be acquiring the right to a portion of the GreenOak shareholders’ share of Bentall GreenOak net income in exchange for a fixed amount to be paid in quarterly installments. This will result in Sun Life Financial having the rights to approximately 90% of Bentall GreenOak earnings prior to the Company exercising its option to increase its ownership level.