Anbang Insurance is reportedly expanding its presence in the Netherlands with the purchase of a Blackstone office portfolio.
The Chinese insurer is purchasing the office properties for about €500 million through Vivat, the Dutch insurer it bought last year, according to Bloomberg. Blackstone bought six Dutch offices in 2014 for €165 million that included buildings in Rotterdam and The Hague, and Amsterdam’s landmark building known as ‘Cross Towers’ (pictured), according to advisory firm JLL, which advised the seller, CBRE Global Investors, at the time. PERE understands that capital for Blackstone's 2014 purchase came from Blackstone Real Estate Partners Europe IV. The firm closed the opportunistic vehicle on $7 billion in the first quarter of 2014.
A spokesman for Blackstone declined to comment, and Anbang could not be reached.
Anbang is no stranger to Blackstone deal making; the Beijing-based firm closed a $6.5 billion acquisition of Strategic Hotels & Resorts last month. The purchase of the Hotel Del Coronado outside San Diego is still pending, however, awaiting a US government review given the hotel’s proximity to a naval base.
Both the hotel and office deals are part of a string of overseas real estate investments Anbang has made in recent years. The firm began its international buying spree in February 2015 with the $1.95 billion purchase of Manhattan’s iconic Waldorf Astoria hotel. The insurer has also purchased properties ranging from to a Canadian office portfolio to a Manhattan office and condominium tower.