Vancouver’s Bentall Centre property has been sold from China’s Anbang Insurance Group to an American joint venture including private equity giant Blackstone Group.
The most notable commercial property listed in Canada, and at one point, the most expensive ever to sell in Vancouver, is under contract to be sold from Beijing-based Anbang Insurance Group to an American group, including Los Angeles-based Hudson Pacific Properties and private equity giant Blackstone Group.
Hudson Pacific, a real estate investment trust, said Wednesday in a press release it will form a joint venture with an affiliate of Blackstone to buy and renovate the Bentall Centre office towers and retail complex in downtown Vancouver. Hudson Pacific will own 20 per cent and be responsible for developing and operating the property and Blackstone will own the other 80 per cent.
The transaction is expected to close later this year and the sale price will not be disclosed, according to Jim Szabo, Vancouver-based vice-chairman of CBRE Limited, which is involved with the deal. CBRE also brokered the 2016 sale of the Bentall Centre to Anbang when it paid more than $1.06 billion. At the time, it was the most expensive commercial real estate deal in Vancouver.
Szabo said both buyers and seller have signed non-disclosure agreements and details of the sale price have been “locked-down.” He said there were multiple offers from domestic and international groups.
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