BGO and Bell Partners Combine to Create Leading U.S. Investment Firm

The $100 billion real estate partnership will deepen expertise in commercial and multifamily sectors.

Mar. 30, 2026 at 9:45pm by Ben Kaplan

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A photorealistic studio still life featuring a stack of architectural blueprints, a sleek metal paperweight, and a polished brass compass, symbolizing the strategic planning, precision, and global reach of the combined BGO and Bell Partners real estate investment firm.A conceptual still life representing the strategic vision and global expertise of the combined BGO and Bell Partners real estate investment platform.San Francisco Today

BGO, a global real estate investment manager, and Bell Partners, a U.S. multifamily investment and operating company, have announced an agreement to combine their businesses. The transaction is expected to close in the second half of 2026, subject to regulatory approvals. The combined company will represent over $100 billion in assets under management, with Bell Partners continuing to operate as a distinct, vertically integrated business under BGO and overseeing the broader company's U.S. multifamily assets.

Why it matters

The partnership brings together two highly complementary platforms at a time when investor demand for institutional-quality multifamily exposure in the U.S. continues to grow, supported by resilient housing fundamentals and structural undersupply. The combination will deepen BGO's expertise in the commercial and multifamily sectors, solidifying its position as a leader in the global real estate investment management industry.

The details

Upon closing, the combined global real estate business of BGO and Bell Partners will represent more than $100 billion of assets under management. Bell Partners will continue to operate as a distinct, vertically integrated business under BGO and will oversee the broader company's U.S. multifamily assets. Bell Partners will be led by its existing leadership team, with full accountability for investment strategy, execution, and performance, and will maintain its integrated investment and property management model.

  • The transaction is expected to close in the second half of 2026.
  • Bell Partners was established in 1976.

The players

BGO

A leading global real estate investment manager with approximately $90 billion USD of assets under management as of December 31, 2025.

Bell Partners

A premier U.S.-based multifamily investment and operating company that manages approximately 70,000 apartment homes in 12 regions across the U.S.

Sun Life Financial Inc.

BGO's parent company, which recently announced the acquisition of Bell Partners.

Amy Price

Co-President of BGO.

Lili Dunn

CEO and President of Bell Partners.

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What they’re saying

“This partnership reflects our strong conviction in the U.S. multifamily market and underscores our commitment to building deep expertise in sectors where we believe there is significant long-term opportunity.”

— Amy Price, Co-President, BGO

“For 50 years, Bell Partners has been defined by a strong culture of caring and performance while passionately serving our Residents. This opportunity will extend Bell's operating and investment expertise across a larger residential platform and strengthen our depth and reach. It is a natural step in our evolution, preserving the essence of what has made us successful, while also opening new opportunities for the future.”

— Lili Dunn, CEO and President, Bell Partners

What’s next

The transaction is expected to close in the second half of 2026, subject to receipt of regulatory and Toronto Stock Exchange approvals and satisfaction of customary closing conditions.

The takeaway

The combination of BGO and Bell Partners creates a leading U.S. investment management firm with deep expertise in both commercial and multifamily real estate, positioning it to capitalize on the growing demand for institutional-quality multifamily exposure in the United States.