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Alternative Market Briefing

GreenOak Real Estate merges with Bentall Kennedy

Thursday, December 20, 2018

Bailey McCann, Opalesque New York:

GreenOak Real Estate and Bentall Kennedy, Sun Life Financial's North American real estate and property management firm have formed a new joint venture. The combined Bentall Kennedy and GreenOak entity will be named Bentall GreenOak and will be part of Sun Life Investment Management. Bentall GreenOak will remain a key strategic investment of TFG Asset Management, the investment arm of Tetragon Financial Group. TFG Asset Management takes minority and majority stakes in asset management companies.

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.

The combined Bentall GreenOak investment platform will serve over 700 institutional clients with approximately $47 billion in assets under management. Bentall GreenOak will offer a broad range of real estate investment strategies that include Core, Core Plus and Value Add/Opportunistic equity, as well as senior and tactical real estate debt strategies.

Sun Life Financial will contribute its interest in Bentall Kennedy and pay GreenOak shareholders $146 million in cash in exchange for a 56% interest in the combined entity of Bentall GreenOak. The transaction values Bentall GreenOak at $940 million.

In an interview with Opalesque, Stephen Prince, Head of TFG Asset Management said that the deal was partly driven by growing institutional investor interest in finding single man......................

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