Toronto-based Sun Life Financial Inc. announced on Tuesday the completion of its acquisition of Bentall Kennedy Group, a Toronto-based real estate investment advisor, which will become a unit of Sun Life’s institutional investment management arm.

“Today, Sun Life Investment Management achieved a significant milestone, adding the premier real estate investment expertise of Bentall Kennedy to our high calibre real estate and commercial mortgage investment capabilities,” says Steve Peacher, president of Sun Life Investment Management and chief investment officer of Sun Life Financial, in a statement. “This transaction continues to expand and diversify Sun Life Financial’s asset management pillar as part of our growth strategy, and further extends and strengthens our offering to institutional investors seeking alternative asset classes.”

Bentall Kennedy, which also has corporate offices in Vancouver and Seattle, specializes in real estate investment management and real estate services that include property management and leasing. As of June 30, it had approximately $28 billion in assets under management (AUM) and provided real estate services across 91 million square feet of properties. It counts the British Columbia Investment Management Corp., the investment manager for B.C.’s public sector, and the California Public Employees’ Retirement System, that state’s public pension fund, among its clients, according to the announcement.

The company is also known for its responsible property investing strategy, which considers the environmental impact and social implications of its investments. Its efforts to improve the energy performance of its real estate portfolio has been recognized by Energy Star, the U.S. environmental protection agency, for the past five years through the agency’s award program.

Bentall Kennedy will retain its brand and will continue to be managed by its current team, which is led by Gary Whitelaw, who joins Sun Life Investment Management’s leadership team. The two firms will combine their real estate and commercial mortgage investment management teams to have approximately $48 billion in AUM, serving more than 550 institutional clients and investors in these asset classes.