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Bentall Kennedy and GreenOak Real Estate announce merger
to form Bentall GreenOak

Announcement

Bentall Kennedy and GreenOak Real Estate announced the signing of an agreement to merge the two firms into a leading global real estate investment platform. The combined entity will be named Bentall GreenOak.

Press Release: English French Japanese

Transaction Summary

Merger of Equals
  • Bentall Kennedy and GreenOak announced the signing of a merger agreement. The combined entity, Bentall GreenOak, brings together two highly complementary firms
  • Combined global leadership team of seasoned experts across investment strategies and geographies
  • Brings a greater breadth to investment strategies and risk management decisions
Strength of Sponsorship
  • Bentall GreenOak will operate under Sun Life Investment Management. Sun Life Financial will own a controlling interest in Bentall GreenOak. Senior leadership across Bentall GreenOak will have a meaningful ownership interest in the company
  • Sun Life Financial has committed to invest equity alongside Bentall GreenOak's clients in certain investment strategies, creating a powerful alignment of interests
  • Ability to leverage robust corporate infrastructure and resources
Leadership and Culture
  • Highly compatible cultures with a client-first mentality and a commitment to fiduciary excellence
  • Gary Whitelaw and Sonny Kalsi (as CEO and President of Bentall Greenoak respectively), will be focused primarily on North America and Asia. John Carrafiell (as Senior Managing Partner in the UK) will be focused on the UK and Europe
    • Senior management will represent executives from both Bentall Kennedy and GreenOak. Team members maintain long-standing relationships and share a like-minded approach to the business
  • Bentall GreenOak is poised to be a leading franchise in today's global real estate investment management universe

Assets Under Management

(as of September 30, 2018)

$36B (USD)

$11B (USD)

$47B (USD)

Combined Platform | Global Breadth and Depth

Combined Platform

Leadership Team for Bentall GreenOak

Leadership Structure for Bentall GreenOak

Combined Global Reach

New Geographical Reach

Disclaimers

The transaction is subject to customary closing conditions, including required regulatory approvals. The transaction is expected to close in the first half of 2019.

The information in this document is not intended to provide specific financial, tax, investment, insurance, legal or accounting advice and should not be relied upon and does not constitute a specific offer to buy and/or sell securities, insurance or investment services. Investors should consult with their professional advisors before acting upon any information contained in this document.

Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership and Bentall Kennedy (U.S.) Limited Partnership. The Sun Life Investment Management group of institutional investment management companies comprises Bentall Kennedy Group in North America, Prime Advisors, Inc. and Ryan Labs Asset Management Inc. In the United States, and Sun Life Investment Management Inc. in Canada. Pooled funds, separately managed accounts and other securities-based investment advisory services are provided through Sun Life Institutional Investments (Canada) Inc., with support from the investment operations of Sun Life Assurance Company of Canada.

Forward looking statements contained herein are subject to change due to investment strategy execution or market conditions, and past performance is not indicative of future results. Forward-looking statements are based upon certain assumptions. Other events, which were not taken into account, may occur and may significantly affect performance. Any assumptions should not be construed to be indicative of the actual events that will occur. Some important factors which could cause actual results to differ materially from those projected or estimated in any forward-looking statements include, but are not limited to, the following: changes in interest rates and financial, market, economic, tax, or legal conditions.

Bentall Kennedy has approximately $36 billion USD / $48 billion CAD of assets under management (including approximately $18 billion USD / $24 billion CAD of Sun Life General Account Assets, of which $12.3 billion USD are commercial mortgages managed by certain affiliated Sun Life Investment Management entities outside the Bentall Kennedy group under the oversight of individuals who are officers both of Bentall Kennedy and those other affiliates).

All figures shown as of September 30, 2018