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.
