Foreign Property News | Posted by Si Thu Aung
Blackstone has teamed up with Los Angeles-based Hudson Pacific Properties to acquire the Bentall Centre in Vancouver from Anbang Insurance, a deal which opens a new chapter for the US private equity giant in its relationship with the now notorious Chinese insurer.
In a joint announcement late Wednesday Blackstone and its California counterpart indicated that they will renovate and potentially expand the 1.45 million square foot (134,709 square metre) commercial complex in central Vancouver, which Anbang had purchased in early 2016 for C$1 billion (then $729 million).
The buyers have not revealed a price for the transaction, which comes after Anbang was said to have put the Bentall Centre on the market in November 2018 as part of an asset liquidation program organised after Anbang chairman Wu Xiaohui was jailed earlier last year for fraud and embezzlement.
“We are excited about the opportunity to enter the Vancouver office market with the acquisition of one of the city’s premier office complexes,” Nadeem Meghji, head of real estate for the Americas at Blackstone said in a statement.
“This transaction represents a continuation of our global strategy of acquiring high-quality, well-located office buildings in high-growth, innovation cities around the world.”
In acquiring the four tower Bentall Centre complex, Blackstone has agreed to take an 80 percent stake in the joint venture with Hudson Pacific, which will hold the remaining 20 percent and act as the operating partner for the project, according to the announcement.
Financial terms were not disclosed for the transaction, which is expected to close in the second quarter of this year.
Ref: Property Report
