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March 28, 2019

HPP, Blackstone plan big Vancouver venture

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Hudson Pacific Properties and Blackstone Property Partners have announced a new venture to buy and renovate Bentall Centre in Vancouver, B.C.

Up in Vancouver, B.C., Bentall Centre was developed in phases from 1967 to 1981, now with about 1.45 million square feet of offices and retail. It's been owned since 2016 by Beijing-based Anbang Insurance Group, which paid about $1.2 billion (in U.S. currency) in two transactions. Now Hudson Pacific Properties and Blackstone Property Partners have announced a new venture to buy and renovate the five-acre, four-tower downtown complex. Terms for the deal weren't disclosed. Blackstone will own 80 percent, and HPP will own the rest. HPP will also open a new office in Vancouver to oversee the renovation. Last year the Chinese government accused Anbang's founder of fraud, and seized the company. The government has since been selling off Anbang's assets, which also include the Waldorf Astoria hotel in Manhattan. Anbang does not appear to own any property in our immediate area. HPP and Blackstone do.


 
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