- Insurer acquires HSBC Building in Toronto's financial district
- Deal is valued at C$110 million, Financial Times reports
Anbang Insurance Group Co., the Chinese investor that bought New York’s Waldorf Astoria hotel earlier this year, purchased an office building in Toronto from Brookfield Asset Management Inc., according to two people with knowledge of the transaction.
The insurance company acquired 70 York St., a 17-story tower in Toronto’s financial district, said the people, who asked not to be identified because the details are private. Anbang paid about C$110 million ($75 million) for the property, according to the Financial Times, which reported the deal earlier Thursday.
Chinese investment groups are starting to move into Canada’s largest city for real estate deals. Greenland Holding Group Co. purchased a condominium project in the King Street West entertainment district for about C$100 million last year. A property company from mainland China purchased the Westin Prince hotel in Toronto in August for C$70 million, according to Colliers International Group Inc., which didn’t name the buyer.
Beijing-based Anbang has been expanding into North American real estate after making its $1.95 billion purchase of the landmark Waldorf Astoria in February. The company also acquired 717 Fifth Ave., an office building in midtown Manhattan’s Plaza District.
A Brookfield spokesman didn’t immediately return a phone call seeking comment, and an Anbang spokesman didn’t reply to an e-mail sent outside of regular business hours in China.
The 225,000-square-foot (20,900-square-meter) Canadian tower, known as the HSBC Building, was built in the 1990s and owned by Brookfield Canada Office Properties, a Toronto-based unit of Brookfield Asset Management. In December 2012, the company refinanced the debt on the building for $45 million with a 10-year term.