Market Overview

Bentall Kennedy Announces Successful Final Close of its High Yield Canadian Property Fund

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  • $305 million in commitments from 9 institutional investors, including
    $30 million from Sun Life Assurance Company of Canada
  • Targeting strong risk-adjusted returns, primarily through high yield
    mortgage debt and real estate equity in major markets across Canada

Bentall Kennedy (Canada) Limited Partnership ("Bentall Kennedy")
announced today the successful final close of the Bentall Kennedy High
Yield Canadian Property Fund I Limited Partnership (the " Fund"), with a
total of $305 million in commitments from nine institutional investors,
including $30 million from Sun Life Assurance Company of Canada.

"The success and broad participation from institutional investors in
raising capital for our High Yield Canadian Property Fund demonstrates
the marketplace's confidence in Bentall Kennedy and the benefit that our
relationship with Sun Life Investment Management offers our
institutional clients," said Malcolm Leitch, Chief Operating Officer,
Investment Management, Bentall Kennedy.

The Fund will utilize Sun Life Investment Management's leading
capability in the commercial mortgage market and Bentall Kennedy's
expertise in real estate equity investments. Investments will include
high ratio first mortgages, mezzanine loans, land loans, second
mortgages, and participating debt.

"The strength and capabilities of the combined debt and real estate
equity teams at Sun Life Investment Management and Bentall Kennedy
enable us to offer our clients a differentiated debt vehicle that
provides a significant yield premium in today's challenging interest
rate environment," said Phil Gillin, Executive Vice President &
Portfolio Manager, Bentall Kennedy and Sun Life Investment Management.

To date, the Fund has made 11 loan commitments for an aggregate of
$112.2 million, with financings in Vancouver, Toronto, Montreal and
Calgary.

About Bentall Kennedy

Bentall Kennedy, a Sun Life Investment Management company, is one of the
largest global real estate investment advisors and one of North
America's foremost providers of real estate services. Bentall Kennedy
serves the interests of more than 550 institutional clients with
expertise in office, retail, industrial and multi-residential assets
throughout Canada and the U.S. Bentall Kennedy's Investment Management
group has approximately $48 billion (CAD)/$36 billion (USD) of assets
under management (as of June 30, 2018). Bentall Kennedy is one of the
largest real estate services providers in Canada, managing more than 60
million square feet on behalf of third-party and investment management
clients (as of June 30, 2018). Bentall Kennedy is a member of UN PRI and
a recognized Responsible Property Investing leader ranked among the top
firms around the globe in the Global Real Estate Sustainability
Benchmark (GRESB) for the seventh consecutive year since GRESB was
launched.

Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership,
Bentall Kennedy (U.S.) Limited Partnership and the real estate and
commercial mortgage investment groups of certain of their affiliates,
all of which comprise a team of real estate professionals spanning
multiple legal entities. The assets under management shown above include
real estate equity and mortgage investments of the companies within
Bentall Kennedy.

For more information, please visit www.bentallkennedy.com.

About Sun Life Investment Management

The Sun Life Investment Management group of institutional investment
management companies comprises Sun Life Institutional Investments
(Canada) Inc. and Bentall Kennedy (Canada) Limited Partnership in
Canada, and Prime Advisors Inc., Ryan Labs Asset Management and Bentall
Kennedy (U.S.) Limited Partnership in the United States.

These operations have combined third-party assets under management of
$62 billion as of June 30, 2018. Sun Life Investment Management is
supported by the investment division of Sun Life Assurance Company of
Canada that manages $147.5 billion in assets under management for the
Sun Life Financial group of companies as of June 30, 2018. For more
information, please visit www.sunlifeinvestmentmanagement.com.

Note to Editors: All figures in Canadian dollars except as otherwise
noted.

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