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 Bloomberg. Anbang is close to an agreement to buy the building from closely held development and investment firm Canderel and pension-fund manager OPTrust for at least C$530 million ($395 million). Montreal-based Canderel and Toronto-based OPTrust each hold a 50% stake in the property. Anbang has been on a real estate buying spree in North America, and recently completed most of its $6.5 billion acquisition of Strategic Hotels & Resorts Inc., with the exception of Southern California’s Hotel del Coronado after opposition from national-security officials. The company purchased New York’s Waldorf Astoria hotel for $1.95 billion in 2015.
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