Sun Life Financial Inc. · TSX:SLF
Sun Life Financial — Merger or Acquisition (December 2018)
11 slides from Sun Life Financial's merger presentation, Dec 19, 2018
Slide 1: Sun Life Financial to Acquire Majority Stake in Bentall GreenOak
Sun Life Financial to Acquire Majority Stake in Bentall GreenOak Combining the strengths of two leading and globally respected real estate investment managers to bring Clients a broader range of investment solutions December 19, 2018
Slide 2: Transaction Summary
TRANSACTION SUMMARY • Sun Life will merge Bentall Kennedy with GreenOak Real Estate (“GreenOak”), and acquire DESCRIPTION a majority stake in the combined entity that will be named Bentall GreenOak (“BGO”) • BGO will have pro forma real estate assets under management of $38 billion (US$28 billion)1
Slide 3: Overview of GreenOak Real Estate
A GLOBAL REAL ESTATE INVESTMENT MANAGEMENT & ADVISORY FIRM Overview of GreenOak Real Estate • Global real estate manager with $14 billion (US$11 billion) in assets under management (“AUM”), offering value add, core plus, separate account and debt strategies1,3 • Serves nearly 250 Clients across 3 co
Slide 4: Complementary operations, expanded capabilities, global reach
COMPLEMENTARY OPERATIONS, EXPANDED CAPABILITIES, GLOBAL REACH • Establishes a global real estate platform with $38 billion (US$28 billion) in assets under management and 700+ Clients • Expands product suite into closed-end real estate products (value add and core plus) • Greater diversification acro
Slide 5: Strong alignment and focus on growth
STRONG ALIGNMENT AND FOCUS ON GROWTH Transaction is directly on strategy, builds on existing capabilities, and grows and diversifies our asset management pillar by positioning ourselves in large and growing markets • Products and geographic presence are complementary with Bentall Kennedy Established
Slide 6: Key Financial Metrics
(1) KEY FINANCIAL METRICS Accretion (full year): 2019 estimated underlying EPS $0.04 2019 estimated underlying ROE 60 bps Upfront consideration for 56% of Bentall GreenOak $195 million (US$146 million) in cash; Contribution of Bentall Kennedy to BGO (44% of BGO will be owned by GreenOak shareholders
Slide 7: Appendix – Bentall GreenOak Biographies
APPENDIX – BENTALL GREENOAK BIOGRAPHIES 7
Slide 8: Gary Whitelaw
Gary Whitelaw Gary Whitelaw is CEO of the Bentall Kennedy group of companies. He joined Bentall in 1998 as President and Chief Executive Officer of Bentall's Investment Management group (formerly called Penreal Capital Management) and has led the company through two decades of growth and change. Gar
Slide 9: Sonny Kalsi
Sonny Kalsi Sonny Kalsi is a Founder and Partner of GreenOak, based in New York. Sonny has oversight responsibility for GreenOak’s U.S. and Asian businesses and is a member of the firm’s investment committees globally. Sonny was previously the Global Co-Head of Morgan Stanley’s Real Estate Investing
Slide 10: John Carrafiell
John Carrafiell John Carrafiell is a Founder and Partner of GreenOak, based in London. John has oversight responsibility for GreenOak’s European businesses. He is a member of the firm’s investment committees globally. During his 30-year career in real estate in London and Europe, John has led what a
Slide 11: Forward-looking information; Use of Non-IFRS Financial Measures
Forward-looking information Certain statements in this presentation (collectively, the “presentation”) are forward-looking, including, but not limited to, statements relating to: (1) our growth strategies and strategic objectives (2) the expected timing of the closing of the transaction, (3) the exp
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