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Chinese company purchases Vancouver’s Bentall Centre

By : Michael

Bentall_CentreImage Provided by:

One of the largest real estate transactions has been finalized right here in the Vancouver Real Estate market. A Beijing-based investment company, Anbang Insurance Group Co LTD, purchased a majority ownership of Bentall Centre’s four office towers in a deal worth more than $1 billion dollars. The billion dollar deal included: One Bentall Centre (86 metres, 22 storeys), Two Bentall Centre (70 metres, 18 storeys), Three Bentall Centre (122 metres, 32 storeys) and the largest of them all, Four Bentall Centre (138 metres, 35 storeys). The Bentall Centre Office Towers started construction in 1969 and completed in 1981 and combined feature approximately 1.5 million square feet of office space. The towers are home to some of Canada’s largest banks and Vancouver’s most high profile law firms.

Anbang Insurance Group is heavily investing in the top three real estate markets in North America. One being New York City where they purchased the Waldorf Astoria hotel for US $1.95 billion back in 2014. Second being the land lease of Toronto, Ontario’s HSBC Building located at 70 York St in 2015 and the third being the Bentall Centre’s four office towers in Vancouver, British Columbia.

A lot these high priced deals are occurring because the Chinese government implemented a “Go Global Policy” where they encourage businesses in China to invest and operate in other country’s abroad to diversify the nations economy.

Speaking of high profile purchases, Ellen DeGeneres just purchased a home for $18 million dollars – be sure to check that out”