China’s Anbang Insurance Group scoops up remaining stake in Vancouver’s Bentall Centre I, II, III, IV: source

, Investment

The Bentall Centre in Vancouver, B.C.

VANCOUVER — The Chinese insurance company that grabbed a controlling stake in the four towers of the Bentall Centre, in one of the largest commercial deals in Vancouver history, is set for another major purchase.

Sources indicate that Anbang Insurance Group Co. Ltd., a Beijing-based company with a reported US$114 billion in assets, has a deal to buy what amounts to a 34 per cent stake in Bentall I, II, III and IV — a sprawling commercial 1.5-million-square-foot office complex, with some retail, in the heart of Vancouver.

The Financial Post first reported in February that Anbang had purchased a 66 per cent stake in the four towers from Ivanhoé Cambridge Inc., a subsidiary of Caisse de dépôt et placement du Québec, which had announced in October it was selling the property. The price paid at the time valued the entire complex at about $1 billion — putting the price on the majority stake at $660 million.

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