Sun Life completes remaining equity interest purchases of BGO and Crescent Capital. Sun Life also announces acquisition of Bell Partners, a leading multifamily real estate investment manager.

Core Insights - Sun Life Financial Inc. has completed the acquisition of the remaining equity interests in BGO and Crescent Capital, enhancing its asset management strategy [1][2][3] - The company also announced the acquisition of Bell Partners, a leading U.S. multifamily real estate investment manager, for US$350 million [11][15] Group 1: Acquisition Details - Sun Life paid C$1.59 billion (US$1.16 billion) for the remaining 44% stake in BGO and C$829 million (US$608 million) for the remaining 49% stake in Crescent [2] - The acquisitions were funded through debt issuances in 2025, settling outstanding liabilities on Sun Life's financial statements [2] - The completion of these acquisitions is expected to result in a charge to Sun Life's Q1 2026 reported net income of approximately C$236 million [6] Group 2: Performance and Growth - Between 2021 and 2025, BGO and Crescent generated a combined C$4.2 billion in fee-related revenue and achieved a 90% growth in EBITDA [4] - Assets under Management (AUM) grew from C$115 billion to C$165 billion during the same period [4] - SLC Management aims for a medium-term target of 15% growth rate for third-party AUM and 20% growth rate for fee-related earnings [9][10] Group 3: Strategic Implications - The acquisition of Bell Partners will enhance BGO's capabilities and broaden its investor base, positioning it as a leading U.S. multifamily investment manager [14][16] - Bell Partners has approximately US$10 billion of Gross Asset Value Under Management and manages around 70,000 apartment homes [12][13] - The transaction is expected to be accretive to underlying earnings per share in 2026 on an annualized basis [15]