TORONTO-Bentall Capital LP is the new owner of Sun Life Financial’s property management and leasing businesses in Canada, which includes about 13 million sf of office, industrial and retail in about 100 properties. Sun Life owns 100% of all but five of the properties.As part of the deal, Bentall has entered into a long-term agreement to provide property and management services to the properties and has hired the majority of the Sun Life employees who were servicing the portfolio. Bentall president/CEO Gary Whitelaw declined to provide the terms of the deal–the consideration paid for the business and the length of the management and leasing contract–but did tell that the length of the management and leasing contract was longer than five years and that the price paid for the business included “financial and other” considerations.The transaction became effective Monday, June 21. Sun Life is Canada’s second-largest life insurer. Bentall Capital LP is a real estate advisory and service organization in Canada. Bentall now manages over 59 million sf of office, industrial and retail properties in 500 buildings for major institutional and private investors. Also on Monday, Bentall announced its acquisition of the property management, leasing and services business of Montreal-based Services Immobiliers Valor Inc., a third party provider. Bentall EVP Stuart Wanlin tells that Valor’s management portfolio includes about two million sf of office and retail property in Montreal. All Valor employees, including owner and founder Mario Bedard, have accepted positions with Bentall. Going forward, Bedard will be Bentall’s SVP of Quebec, responsible for all of Bentall’s office and industrial operations in the Province and the Atlantic Canada.Whitelaw tells that the decision to increase Bentall’s presence in Montreal was made about 18 months ago, when the company’s presence included only 500,000 sf of asset management work. Including the Sun Life deal, Bentall’s property services business in Montreal will immediately comprise over four million sf of office, industrial and retail space, including management and leasing of the historic Edifice Sun Life building in Downtown Montreal.

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