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Bentall Kennedy Raises $145 Million for High Yield Canadian Property Fund

Canadian Institutional Investors Commit $115 Million, Sun Life Another $30 Million
August 3, 2017
Bentall Kennedy (Canada) LP held a first close of its Bentall Kennedy High Yield Canadian Property Fund I LP totaling $145 million in commitments.

The fund raised $115 million from three unidentified Canadian institutional investors. Sun Life Assurance Company of Canada had previously committed $30 million to the fund to enable it to begin making loan commitments.

Sun Life Financial acquired Bentall Kennedy in September 2015 with the goal of expanding and diversifying the real estate capabilities of its Sun Life Investment Management business.

The new fund will target an internal rate of return to investors after fees of 7% to 9%, primarily through lending secured by real estate projects across Canada. Potentail investments include high-ratio first mortgages, mezzanine loans, land loans, second mortgages, participating debt and direct real estate equity.

To date, the fund has made three loan commitments for an aggregate of $25.4 million, with investments in Vancouver and Calgary.

Last month, Seattle-based Bentall Kennedy was selected to represent Kuwait-based Warba Bank K.S.C.P., as its real estate investment advisor with a new U.S. focused real estate investment mandate.

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