Chinese investors are continuing to swoop up Vancouver real estate, with all four towers of the Bentall Centre being the latest prize purchase.
Anbang Insurance Group Co. Ltd, a Beijing based company has purchased a 66 per cent stake in Bentall I, II, III and IV for $1 billion as reported by the National Post. Great West Life Assurance currently controls the remaining 34 per cent.
The combined towers offer 1.5 million square feet in office and commercial space in downtown Vancouver.
The controlling interest went up for auction after Ivanhoe Cambridge Inc announced it would sell its stake last October.
Anbang reportedly has over US $114 billion in assets, and just finished paying off $110 million for a land lease of the HSBC Building in Toronto. Acquiring the stake in the Bental Centre’s will be Anbang’s largest investment in Canada. Their largest North American investment is in New York, when they paid US $1.9 billion for the Waldorf Astoria.
Although the deal has yet to be closed, it continues to show the desire Chinese investors have in Vancouver. With the loonie continuing to decline, economists are predicting plenty more foreign investors will be looking to take advantage of real estate opportunities.
Image via Ivanhoecambridge