GreenOak’s Merger Agreement with Bentall Kennedy

Bentall Kennedy and Sun Life Investment Management received financial advice on the transaction from Berkshire Global Advisors and legal advice from Weil, Gotshal & Manges LLP. Evercore provided financial advice to GreenOak and Fried, Frank, Harris, Shriver & Jacobson LLP and Covington & Burling LLP provided legal advice to GreenOak and its owners.

Bentall Kennedy and GreenOak Real Estate (“GreenOak”) announced today the signing of an agreement to merge the two firms into a leading global real estate investment platform. The combined entity will be named Bentall GreenOak.

GreenOak Co-Founders, John Carrafiell and Sonny Kalsi, existing GreenOak senior management and GreenOak’s strategic partner Tetragon Financial Group Limited will all continue to hold significant ownership stakes in Bentall GreenOak. Bentall Kennedy’s senior management team will also acquire a meaningful ownership position in the combined firm.

Bentall GreenOak will be majority-owned by Sun Life Financial (“Sun Life”) and will operate under Sun Life Investment Management, the alternative asset management arm of Sun Life. Sun Life has committed significant co-investment capital to support the growth of Bentall GreenOak and to enhance the firm’s alignment with its clients.

Senior management of the combined firm will include leaders from both Bentall Kennedy and GreenOak, and will be led globally by Gary Whitelaw, as CEO, and Sonny Kalsi, as President. John Carrafiell will be Senior Managing Partner of the Bentall GreenOak UK/European business.

Bentall GreenOak will provide its clients with a broad range of complementary real estate investment strategies that include Core, Core Plus and Value Add/Opportunistic equity, as well as senior and tactical real estate debt strategies. With investment professionals in 14 offices in North America, and 7 offices internationally, Bentall GreenOak will have deep local knowledge and strong, long-standing investment track records across the United States, Canada, Europe, and Asia.

The transaction is subject to customary closing conditions, including required regulatory approvals. The transaction is expected to close in the first half of 2019.

The Fried Frank team was led by corporate partner Andrew J. Colosimo (Picture) and included partners Scott B. Luftglass and David Morris; tax partner Kenneth Rosenfeld; corporate special counsel Patrick Greeley and Amber Meek; and corporate associate Hannah J. Mrakovich.

The Covington team was led by J. D. Weinberg, Michael Reed, and Leonard Chazen and included Bill Sturman, Kelly Labritz, Ian Murray, and Jack Wickham (corporate), Daniel Luchsinger and Elnaz Manoucheri (tax), and Jenna Wallace and Brady McDaniel (benefits).

Involved fees earner: Leonard Chazen – Covington & Burling; Kelly Labritz – Covington & Burling; Daniel Luchsinger – Covington & Burling; Elnaz Manoucheri – Covington & Burling; Brady McDaniel – Covington & Burling; Ian Murray – Covington & Burling; Michael Reed – Covington & Burling; William Sturman – Covington & Burling; Jenna Wallace – Covington & Burling; J. D. Weinberg – Covington & Burling; John Wickham – Covington & Burling; Andrew Colosimo – Fried Frank Harris Shriver & Jacobson; Patrick Greeley – Fried Frank Harris Shriver & Jacobson; Scott Luftglass – Fried Frank Harris Shriver & Jacobson; Amber Meek – Fried Frank Harris Shriver & Jacobson; David Morris – Fried Frank Harris Shriver & Jacobson; Hannah Mrakovich – Fried Frank Harris Shriver & Jacobson; Kenneth Rosenfeld – Fried Frank Harris Shriver & Jacobson;

Law Firms: Covington & Burling; Fried Frank Harris Shriver & Jacobson;

Clients: GreenOak Real Estate Advisors;


Author: Ambrogio Visconti