Sun Life (TSX: SLF) completes US$350M acquisition of Bell Partners

Rhea-AI Filing Summary

Sun Life Financial Inc. has completed its acquisition of Bell Partners, a leading U.S. multifamily real estate investment manager and property manager. Sun Life acquired a 100% interest for US$350 million, with about 80% of the price paid in Sun Life common shares.

Bell Partners will operate as a distinct, vertically integrated business under BGO, overseeing Sun Life’s U.S. multifamily real estate assets while retaining its leadership, branding, offices and client focus. The deal expands Sun Life’s asset management capabilities in the U.S. multifamily sector, one of the largest segments of the U.S. real estate market.

As of March 31, 2026, Sun Life reported total assets under management of $1.58 trillion. Its institutional asset management arm, SLC Management, had US$308 billion in assets under management, while BGO, together with Bell Partners, had approximately US$100 billion in real estate assets under management.

Insights

Asset management and insurance industry analyst

Sun Life adds a major U.S. multifamily real estate platform via a largely share-funded acquisition.

The acquisition of Bell Partners gives Sun Life and its affiliate BGO a larger presence in U.S. multifamily real estate, a sector described as one of the largest and most resilient in the U.S. market. Bell brings a vertically integrated platform, managing about 65,000 apartment homes across 12 regions.

The purchase price is US$350 million, with roughly 80% paid in Sun Life common shares, limiting immediate cash outlay. Bell will continue under its existing leadership and branding, which supports continuity of client relationships and operations while being folded into BGO and SLC Management.

In context of Sun Life’s $1.58 trillion in assets under management as of March 31, 2026, the transaction is strategically relevant but not transformative in scale. It strengthens SLC Management, which already oversees US$308 billion in AUM, and helps BGO and Bell Partners reach around US$100 billion in real estate AUM.

Key Figures

Bell Partners purchase price: US$350 million Share portion of purchase: Approximately 80% in Sun Life common shares Sun Life total assets under management: $1.58 trillion +5 more

8 metrics

Bell Partners purchase price US$350 million 100% interest in Bell Partners acquisition consideration

Share portion of purchase Approximately 80% in Sun Life common shares Portion of US$350 million consideration paid in equity

Sun Life total assets under management $1.58 trillion AUM as of March 31, 2026

SLC Management assets under management US$308 billion Institutional asset management AUM as of March 31, 2026

BGO and Bell real estate AUM Approximately US$100 billion Real estate assets under management as of March 31, 2026

Bell Partners apartment homes managed Approximately 65,000 apartment homes Multifamily properties across 12 U.S. regions

Bell Partners associates Approximately 1,800 associates Staff across nine offices in the United States

Bell realized transactions since 2002 Almost US$12 billion Realized apartment transactions completed by Bell Partners

Key Terms

assets under management, vertically integrated, multifamily real estate, assets under administration, +2 more

6 terms

assets under management financial

"As of March 31, 2026, Sun Life had total assets under management of $1.58 trillion."

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

vertically integrated financial

"a leading U.S. multifamily real estate investment manager and vertically integrated property management business."

Vertically integrated describes a company that owns and controls multiple steps in making and selling its products or services — for example sourcing raw materials, manufacturing, and distribution. Like a bakery that grows its own wheat, mills the flour, bakes the bread and runs the shops, this setup can lower costs, improve quality and speed to market and protect profit margins, but it also requires more capital and can reduce flexibility.

multifamily real estate financial

"expands Sun Life's asset management capabilities in one of the largest and most resilient sectors of the U.S. real estate market."

Residential properties that contain multiple separate housing units—such as apartment buildings, duplexes or condo complexes—owned and operated as a single investment. Investors care because these assets generate recurring cash flow from rents, spread risk across many tenants like a basket of smaller income streams, and respond to interest rates, local job markets and occupancy trends, making them a key tool for steady income and portfolio diversification.

assets under administration financial

"Total firm AUM excludes assets under administration."

Assets under administration (AUA) is the total market value of clients’ investments and accounts that a financial firm oversees for recordkeeping, reporting, and transaction processing without necessarily deciding how the money is invested. Think of it like a warehouse that stores and tracks other people’s goods: bigger AUA shows a firm’s scale, steady fee potential and client trust, so changes can signal growing business or client withdrawals that matter to investors.

uncalled capital commitments financial

"includes certain uncalled capital commitments for discretionary capital until they are legally expired"

General Account financial

"includes assets managed ... on behalf of external clients, and the Sun Life General Account."

A general account is the main pool of assets an insurance company holds to pay claims and guarantee products that are backed by the insurer itself, not by the individual policyholder’s investments. Think of it as the company’s central checking account: investors care because obligations paid from this account depend on the insurer’s overall financial health and credit strength, so problems there can affect guarantees, dividends and the company’s ability to meet commitments.

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Available on EDGAR 07/02/2026 - 03:59 PM Accepted by SEC EDGAR 07/02/2026 - 03:59 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

For the month of July 2026 Commission File Number: 001-15014

SUN LIFE FINANCIAL INC.

(Translation of registrant's name into English)

1 York Street, 31st Floor, Toronto, Ontario, M5J 0B6

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

Exhibits		Description
99.1		News Release dated July 2, 2026

SIGNATURE

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

		Sun Life Financial Inc. (Registrant)
Date: July 2, 2026		By:		/s/ “Kevin Armitage”
				Kevin Armitage
				AVP & Managing Counsel, Corporate Legal

Exhibit 99.1

 

Sun Life completes acquisition of Bell Partners

TORONTO, July 2, 2026 /CNW/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) today announced it has completed its acquisition of Bell Partners, a leading U.S. multifamily real estate investment manager and vertically integrated property management business.

Bell Partners will continue to operate as a distinct, vertically integrated business under BGO and oversee the broader company's U.S. multifamily assets. The acquisition expands Sun Life's asset management capabilities in one of the largest and most resilient sectors of the U.S. real estate market.

Bell Partners will continue to operate under its current leadership and will retain its distinct property-level branding, office locations, investment vehicles and client focus.

Sun Life acquired a 100% interest in Bell Partners for a purchase price of US$350 million, with approximately 80% paid in Sun Life common shares.

The original news release related to this announcement is available here.

About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the U.S., the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2026, Sun Life had total assets under management of $1.58 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

About SLC Management
SLC Management is a global asset manager that offers institutional investors traditional, alternative and yield-orientated investment solutions across public and private fixed income markets, as well as global real estate equity and debt. SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. under which the entities of Sun Life Capital Management (U.S.) LLC in the United States, and Sun Life Capital Management (Canada) Inc. in Canada operate. These entities are also referred to as SLC Fixed Income and represent the investment grade public and private fixed income strategies of SLC Management.

BGO, InfraRed Capital Partners (InfraRed), Crescent Capital Group (Crescent) and Advisors Asset Management (AAM) are also part of SLC Management. BGO is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. InfraRed is an international investment manager focused on infrastructure, managing equity capital in multiple private and listed funds, primarily for institutional investors across the globe. Crescent is a global alternative credit investment manager singularly focused on corporate credit through strategies that invest in marketable and privately originated debt securities. AAM is an independent U.S. retail distribution firm that provides a range of solutions and products to financial advisors at wirehouses, registered investment advisors and independent broker-dealers.

As of March 31, 2026, SLC Management has assets under management of US$308 billion. Total firm AUM includes assets managed by the SLC Management group of companies on behalf of external clients, and the Sun Life General Account. AUM includes unfunded commitments, cash, equity, and other balances. Total firm AUM excludes assets under administration. AAM represents an additional approximate US$11 billion in assets under administration. The methodologies used to compile the total AUM are subject to change and may not reflect regulatory AUM. For more information, please visit www.slcmanagement.com.

About BGO
BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients, and had, together with Bell Partners Inc., which was acquired by Sun Life and combined with BGO on July 2, 2026, approximately US$100 billion of assets under management (as of March 31, 2026) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in more than 25 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.

The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment. For more information, please visit www.bgo.com.

About Bell Partners
Established in 1976, Bell Partners Inc. is one of the nation's leading apartment investment and management companies, focused on quality multifamily rental communities throughout the United States. The Company manages approximately 65,000 apartment homes in 12 regions across the U.S., including communities in Seattle, San Francisco, Southern California, Denver, Dallas/Ft. Worth, Austin, Atlanta, Central and Southeast Florida, Charlotte/Raleigh, Washington D.C., and Boston. With approximately 1,800 associates and nine offices, Bell Partners offers an extensive full-service vertically integrated national platform with expertise in property management, acquisitions, construction, financing, accounting, risk management, and related support functions. Led by a senior management team with an average of 27 years of experience, Bell Partners has invested throughout all phases of the real estate cycle and has completed almost US$12 billion of realized apartment transactions since 2002. Bell Partners is a part of BGO, the global real estate investment management business within SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information, visit www.bellpartnersinc.com.

Note to editors: All figures in Canadian dollars unless indicated otherwise.

Sun Life Media Relations Contact:	Sun Life Investor Relations Contact:
Connie Soave	Natalie Brady
Vice-President	Senior Vice-President
Corporate Communications	Capital Management & Investor Relations
(416) 407-5721	(416) 902-3794
connie.soave@sunlife.com	investor.relations@sunlife.com
SLC Management:
Hannah Stewart
Director, Media Relations & Communications
(646) 761-6344
hannah.stewart@slcmanagement.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/sun-life-completes-acquisition-of-bell-partners-302817187.html

SOURCE Sun Life Financial Inc. - Financial News

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2026/02/c9840.html

%CIK: 0001097362

CO: Sun Life Financial Inc. - Financial News

CNW 15:26e 02-JUL-26

FAQ

What transaction did Sun Life Financial Inc. (SLF) announce on its latest Form 6-K?

Sun Life announced it completed acquiring 100% of Bell Partners, a leading U.S. multifamily real estate investment and property management firm, for US$350 million, primarily paid in Sun Life common shares, expanding its presence in the U.S. multifamily real estate sector.

How much did Sun Life pay to acquire Bell Partners and in what form?

Sun Life paid a purchase price of US$350 million to acquire Bell Partners. Approximately 80% of this consideration was paid in Sun Life common shares, reducing immediate cash usage while giving Bell stakeholders an equity stake in Sun Life.

How will Bell Partners operate within Sun Life after the acquisition?

Bell Partners will operate as a distinct business under BGO, part of SLC Management. It will continue with its current leadership, branding, office locations, investment vehicles and client focus while overseeing Sun Life’s broader U.S. multifamily real estate assets.

What are Sun Life’s total assets under management following this Bell Partners deal?

As of March 31, 2026, Sun Life reported total assets under management of $1.58 trillion. This figure includes assets managed for external clients and the Sun Life General Account, and provides the scale into which Bell Partners’ business is being integrated.

How large is SLC Management and BGO after including Bell Partners?

SLC Management reported US$308 billion in assets under management as of March 31, 2026. BGO, together with Bell Partners, had approximately US$100 billion of real estate assets under management, serving more than 750 institutional clients globally across multiple property types.

What scale and experience does Bell Partners bring to Sun Life and BGO?

Bell Partners manages about 65,000 apartment homes across 12 U.S. regions and has roughly 1,800 associates and nine offices. Its senior management team averages 27 years of experience and has completed nearly US$12 billion of realized apartment transactions since 2002.

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