Sun Life Financial Announces Groundbreaking C$5 Billion Longevity Insurance Transaction with BCE

Willkie recently advised Sun Life Financial in its C$5 billion longevity insurance transaction with BCE, Canada’s largest communications company.  Under the terms of the longevity insurance agreement, the first of its kind in North America, the Bell Canada Pension Plan will pay monthly premiums to Sun Life in exchange for Sun Life making monthly pension payments into the plan for the lifetime of existing pensioners.  BCE maintains full responsibility for the Bell Canada Pension Plan and related payments to pensioners.  Sun Life will reinsure a portion of the longevity risk to RGA Canada and SCOR Global Life.

Celebrating 150 years in 2015, Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2014 the Sun Life Financial group of companies had total assets under management of C$734 billion.

The matter was handled by partner Vladimir Nicenko, of counsel Donald Henderson and associates Patrick Tedesco and Andrew Prodromos. 

Adana Integrated Health Campus Project Named “European PPP Deal of the Year”

The Adana Integrated Healthcare Campus Public Private Partnership Project in Adana, the first healthcare PPP project in Turkey, was honored with the “European PPP Deal of the Year” award by Infrastructure Journal at its annual Europe & Africa awards dinner, held in London on February 19.

Willkie advised Meridiam, Rönesans, and the other project sponsors, and then the project company ADN PPP Sağlık Yatirim A.S. on this transaction. With capital expenditures of €550 million, the Adana Integrated Healthcare PPP project provides for the design, financing, construction, operation and maintenance of a new 250,000 square meter healthcare complex offering a total capacity of 1,550 beds, and a 25-year operation and maintenance agreement.

The Willkie team was led by partner Amir Jahanguiri and included special European counsel Michaël Armandou, associates Emilie Patoux, Roy Charles Bates and Cédric Gamambaye Dionmou on project finance aspects; partner Gabriel Flandin and associate Basma Paradin on corporate aspects in Paris, and finance partner James Crooks in London. 

The American Home Announces $263 Million Portfolio Sale to Silver Bay Realty Trust Corp.

On February 18, Willkie client The American Home announced that it had entered into a definitive agreement for the sale of a portfolio of single-family homes to Silver Bay Realty Trust Corp. for $263 million. The portfolio comprises approximately 2,460 single-family homes located in the southeastern United States.  As reported in a February 18 Bloomberg Business article, the transaction will be one of the largest bulk purchases in the rental-home industry.

The American Home is a fully integrated real estate investment and property management company with single-family homes in the southeastern United States.

The transaction was handled by partner David Drewes and associate Jennifer Coffey. Partner Laura Delanoy and associate Danielle Scalzo provided corporate advice, and partner Anthony Carbone provided tax advice.