Anbang Says Report of Investment in Kushner Tower 'Not Correct'

Author

16 March, 2017

According to the terms of the deal, a mortgage owed by the Kushners will also be reduced to a fifth of the current amount, Bloomberg reported. Anbang's murky ownership structure has come under scrutiny before and resulted in it losing its $1.57 billion bid to take over a USA insurance company last summer.

The prominent Chinese firm will invest in the Kushners' marquee Manhattan office tower at 666 Fifth Avenue, reported Bloomberg Monday.

The deal would value the 41-story tower at $2.85 billion, the most ever for a single Manhattan building: $1.6 billion for the office section and $1.25 billion for the retail section.

While news of the planned deal is being circulated in order to attract additional equity partners, the details have not been disclosed. Anbang Insurance Group is a massive Chinese firm that deals with financial services and banking and also previously attempted to acquire the Starwood Hotels and Resorts Group.

The Waldorf Astoria is one of a string of trophy properties that Anbang has bought in the United States in recent years, spending billions of dollars for it and a collection of luxury properties that it acquired last year from the Blackstone Group. Kroll called some $1.1 billion in debt on the building a "loan of concern".

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Kushner Companies purchased the building back in 2007 for $1.8 billion-a record purchase for an office building at the time. Kushner himself has sold his own ownership stake in the tower to family members, in a weak effort to divest himself from potential conflicts of interest, which appears to run in the family. A White House spokeswoman also said that Mr. Kushner will excuse himself from any issues where his impartiality may be reasonably questioned.

Anbang would pay a hefty price for both sections of the 666 Fifth Ave. project but score its first US real estate investment of the year.

Kushner, who is married to Trump's daughter Ivanka, has become something of a de facto envoy for the administration, and was present for a meeting between Yang Jiechi, China's top diplomat, and his father-in-law at the end of February.

The talks for this deal had started a year ago when Jared Kushner had met Wu Xiaohui, the chairman of Anbang Insurance Group.


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