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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

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.