(Alliance News) - Tetragon Financial Group Ltd said Tuesday its real estate joint venture merger with Canadian financial services firm Sun Life Financial Inc has closed.
Tetragon will use the GreenOak partnership with Bentall Kennedy - Sun Life's North American real estate & property management firm - to invest in US, Canadian, European and Asian real estate opportunities.
BentallGreenOak, the name of the combined GreenOak and Bentall Kennedy entity, is part of Sun Life's alternative asset management business.
Tetragon said BentallGreenOak will become a "key strategic" investment of its own alternative asset manager, TFG Asset Management.
"TFG Asset Management is a member of the board of directors of BentallGreenOak, participates in investment committees for funds in which TFG Asset Management holds carried interest and expects to invest in new BentallGreenOak funds," the company explained.
"Tetragon is proud of GreenOak's growth and performance since its launch nearly a decade ago, when we first partnered with its co-founders by providing working capital, co-investment capital and operating infrastructure to the joint venture," said Stephen Prince, Head of TFG Asset Management.
He added: "We are looking forward to this next chapter in the business's evolution and believe in BentallGreenOak's commitment to continuing to deliver strong investment performance and innovative investment, asset management and real estate operations strategies."
Shares in Tetragon Financial were untraded in London on Tuesday, last closing at 988.91 pence each.
Tetragon Fin (TFG)