Bentall Kennedy (Canada) Limited Partnership (Bentall Kennedy) announced today the successful final close of the Bentall Kennedy High Yield Canadian Property Fund I Limited Partnership (the ” Fund”), with a total of $305 million in commitments from nine institutional investors, including $30 million from Sun Life Assurance Company of Canada.
“The success and broad participation from institutional investors in raising capital for our High Yield Canadian Property Fund demonstrates the marketplaces confidence in Bentall Kennedy and the benefit that our relationship with Sun Life Investment Management offers our institutional clients,” said Malcolm Leitch, Chief Operating Officer, Investment Management, Bentall Kennedy.
The Fund will utilize Sun Life Investment Management’s leading capability in the commercial mortgage market and Bentall Kennedys expertise in real estate equity investments. Investments will include high ratio first mortgages, mezzanine loans, land loans, second mortgages, and participating debt.
“The strength and capabilities of the combined debt and real estate equity teams at Sun Life Investment Management and Bentall Kennedy enable us to offer our clients a differentiated debt vehicle that provides a significant yield premium in todays challenging interest rate environment, said Phil Gillin, Executive Vice President & Portfolio Manager, Bentall Kennedy and Sun Life Investment Management.
To date, the Fund has made 11 loan commitments for an aggregate of $112.2 million, with financings in Vancouver, Toronto, Montreal and Calgary.
About Bentall Kennedy
Bentall Kennedy, a Sun Life Investment Management company, is one of the largest global real estate investment advisors and one of North America’s foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional clients with expertise in office, retail, industrial and multi-residential assets throughout Canada and the U.S. Bentall Kennedy’s Investment Management group has approximately $48 billion (CAD)/$36 billion (USD) of assets under management (as of June 30, 2018). Bentall Kennedy is one of the largest real estate services providers in Canada, managing more than 60 million square feet on behalf of third-party and investment management clients (as of June 30, 2018). Bentall Kennedy is a member of UN PRI and a recognized Responsible Property Investing leader ranked among the top firms around the globe in the Global Real Estate Sustainability Benchmark (GRESB) for the seventh consecutive year since GRESB was launched.
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and commercial mortgage investment groups of certain of their affiliates, all of which comprise a team of real estate professionals spanning multiple legal entities. The assets under management shown above include real estate equity and mortgage investments of the companies within Bentall Kennedy.
For more information, please visit www.bentallkennedy.com.
About Sun Life Investment Management
The Sun Life Investment Management group of institutional investment management companies comprises Sun Life Institutional Investments (Canada) Inc. and Bentall Kennedy (Canada) Limited Partnership in Canada, and Prime Advisors Inc., Ryan Labs Asset Management and Bentall Kennedy (U.S.) Limited Partnership in the United States.
These operations have combined third-party assets under management of $62 billion as of June 30, 2018. Sun Life Investment Management is supported by the investment division of Sun Life Assurance Company of Canada that manages $147.5 billion in assets under management for the Sun Life Financial group of companies as of June 30, 2018. For more information, please visit www.sunlifeinvestmentmanagement.com.
Note to Editors: All figures in Canadian dollars except as otherwise noted.