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Ottawa OKs Anbang’s $660M Bentall Centre Deal

Ottawa OKs Anbang’s $660M Bentall Centre Deal

Ottawa has approved China-based Anbang Insurance Group’s deal to pay a reported $660M for a 66% majority stake in Bentall Centre. The 1.5M SF four-tower office complex was put on the block last fall by Ivanhoé Cambridge, which co-owns it with Great West Life Assurance. The sale, which was subject to federal review, is among the largest real estate deals in Vancouver history, reports The Province. It’s the city's second trophy office transaction this year; in March, German billionaire Klaus-Michael Kuehne bought Royal Centre, netting Brookfield Office Properties $285M. Anbang last year bought a $110M land lease interest in Toronto’s 70 York St. [VP]