Anbang seen buying Toronto tower for at least C$530m

Toronto

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-storey building at 777 Bay St from closely held development and investment firm Canderel and pension-fund manager OPTrust for at least C$530 million (S$560 million), said one of the people, who asked not to be identified because the negotiations aren't public.