Sun Life to Acquire Bell Partners Expanding BGO US Multifamily Platform

Sun Life announced plans to fully acquire Bell Partners, a vertically integrated U.S. multifamily investment manager and property operator. Bell Partners will become Sun Life’s U.S. multifamily operating platform under BGO and will continue to operate under its current leadership, retaining its property-level branding, office locations, investment vehicles and client focus upon closing.

Bell Partners manages approximately 70,000 apartment homes across 12 U.S. regions, operates from nine offices, and employs close to 1,800 people. As of March 1, 2026, the firm reported roughly US$10 billion of Gross Asset Value Under Management. Founded in 1976, Bell Partners has completed about US$11.9 billion of realized apartment transactions since 2002, including more than US$1.3 billion in acquisitions during 2025.

Sun Life will acquire a 100% interest in Bell Partners for US$350 million, with at least 75% of the purchase price payable in Sun Life common shares. Sun Life has completed all share repurchases for cancellation under its current NCIB. Any dilution from new share issuance is expected to be offset by repurchases under a renewed NCIB subject to regulatory and stock exchange approvals. The transaction is expected to be accretive to underlying earnings per share in 2026 on an annualized basis.

"The U.S. multifamily market is a tremendous opportunity of targeted growth for BGO," said Sonny Kalsi, President and CEO of SLC Management. "The acquisition of Bell Partners broadens BGO's strategic benefits and gives us vertically integrated property management capabilities, positioning our company as one of the leading U.S. multifamily investment managers."

The acquisition is positioned to broaden BGO’s product offering across value-add and core plus strategies, expand its investor base, and enable further growth in multifamily and adjacent strategies. Housing continues to be a public policy priority across the United States, and the transaction highlights the role experienced, long-term investors and operators play in delivering professionally managed rental communities.

Kalsi added, "We're excited to welcome Bell Partners to BGO and SLC Management. Their team's deep expertise in the multifamily real estate and market cycles will strengthen our organization, while the acquisition supports expanding our array of investment solutions available to our Clients."

As an industry platform focused on multifamily innovation, technology, leadership and investments, we will track how this integration influences product development, operational capabilities and capital flows within the multifamily sector.