NEW YORK China's Anbang Insurance Group [ANBANG.UL] said it is not investing in a Manhattan office tower owned by the family of Jared Kushner, President Donald Trump's son-in-law and senior adviser. Anbang Insurance Group was named in a Bloomberg report as a possible investor in a $4 billion deal to buy the 41-floor building located at 666 Fifth Avenue, according to a copy of the agreement that was being circulated to attract additional investors."The information about Anbang investment in 666 Fifth Avenue is not correct, there is no investment from Anbang for this deal," a spokesman for Anbang said in a statement on Tuesday.
The property was purchased by Kushner Companies in 2006 for $1.8 billion, which at the time was the highest sales price for a single building in Manhattan."Kushner Companies is in active discussions around 666 5th Avenue, and nothing has been finalised,” a spokesperson for Kushner Companies said on Tuesday.
Anbang, established in 2004 as an auto insurer, has emerged as one of China's most aggressive buyers of overseas assets in the past two years, spending more than $30 billion buying luxury hotels, insurers and other property assets. Based in Beijing, Anbang manages some 1.65 trillion yuan ($239.8 billion) worth of assets, and has been involved in some high-profile deals, although a handful did not make it across the finish line.
The Chinese insurer abruptly pulled out of a $14 billion bid for Starwood Hotels & Resorts Worldwide Inc last year, and its attempt to buy U.S. annuities and life insurer Fidelity & Guaranty Life (FGL.N) is facing regulatory hurdles.In 2014, the insurer bought New York’s landmark Waldorf Astoria hotel from Hilton Worldwide Holdings Inc (HLT.N) for $1.95 billion. The company reportedly plans to convert as many as 1,100 of the hotel’s 1,413 rooms into condominiums.Kroll Bond Rating Agency said the 666 Fifth Avenue building was 20 percent vacant as of July 2016, and valued the property at $982.1 million. (Reporting by Matthew Miller in Beijing and Koh Gui Qing in New York; Editing by Bernard Orr)
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Published Date: Mar 15, 2017 07:02 AM | Updated Date: Mar 15, 2017 07:02 AM