Sun Life Buys Remaining BGO Stake for $1.2B

Sun Life Financial Services has acquired the remaining stake in BGO for $1.2 billion, taking whole ownership of the Miami Beach-based real estate investment firm. The purchase covers the remaining 44% interest that Sun Life did not already control.

Sun Life’s broader plan is to merge BGO with Bell Partners, a Greensboro multifamily investor with about $10 billion in assets under management and a portfolio of more than 70,000 apartments. The article also notes Sun Life is buying a 100% stake in Bell for $350 million, bringing Sun Life’s total spend on the merger to at least $1.6 billion.