Deals
Anbang Close to Buying Toronto Tower for About $395 Million
- Office complex is majority leased to Government of Ontario
- Planned acquisition by Chinese insurer part of purchase spree
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China’s Anbang Insurance Group Co. is set to purchase an office and retail tower in downtown Toronto that counts the Government of Ontario as a major tenant, according to people familiar with the deal.
Anbang is close to an agreement to buy the 30-story building at 777 Bay St. from closely held development and investment firm Canderel and pension-fund manager OPTrust for at least C$530 million ($395 million), said one of the people, who asked not to be identified because the negotiations aren’t public. Montreal-based Canderel and Toronto-based OPTrust each hold a 50 percent stake in the property.