Chinese Super Investor Anbang Closes In On Iconic Tower Complex
Four months after Ivanhoé Cambridge put Bentall Centre up for sale, the Beijing-based Anbang Insurance Group is nearing a deal to buy a majority stake in the iconic 1.5M SF of office space, the Financial Post reports.
Ivanhoé EVP Arthur Lloyd said last fall he expected the four-tower complex, co-owned with Great West Life Assurance, to attract global institutional investors “seeking stable returns in core assets,” and that the sale would be one of the largest real estate deals in Vancouver history.
Anbang is no stranger to North American trophy assets. Last year, the Chinese company closed on the record-shattering buy of NYC's iconic Waldorf Astoria. This new buy comes as Chinese buyers invest more and more in real estate overseas—fleeing their shuddering domestic market. [FP]