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China's Anbang Poised To Buy Stake In Bentall Centre

Vancouver Office

Four months after Ivanhoé Cambridge put Bentall Centre up for sale, the Financial Post reports that Beijing-based Anbang Insurance Group is nearing a deal to buy a majority stake in the iconic 1.5M SF four-tower office complex. Ivanhoé EVP Arthur Lloyd said last fall he expected the buildings, 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 bought New York’s Waldorf Astoria for US$1.9B in 2014 and last year bought a land lease for Toronto’s 70 York St. [FP]