Billions of Dollars of Anbang Assets That Could Go on the Block

(Bloomberg) -- China’s government said Friday it was taking control of Anbang Insurance Group Co. for at least a year for a restructuring that may include asset sales.

The firm’s most liquid assets include stakes in listed companies including China Minsheng Banking Corp. Here’s a list of other holdings, from bigger to smaller:

• Strategic Hotels & Resorts Inc., based in Chicago. 100% owned. Deal valued at about $6.5 billion at time of agreement; acquired September 2016. Owns about 15 hotels, including marquee assets like San Francisco’s Westin St. Francis (valued at $1 billion by Real Capital Analytics Inc.), JW Marriott Essex House in New York ($705 million) and the InterContinental Chicago ($508 million).
• Waldorf Astoria Hotel in New York. 100% owned. Paid $1.95 billion. Acquired February 2015. Condo conversion started in March will take about three years.
• InnVest Real Estate Investment Trust, one of Canada’s largest hotel owners. Stated acquirer was Bluesky Hotels & Resorts Inc., which may have ties to Anbang, people with knowledge of the matter said at the time. Paid C$2.1 billion ($1.7 billion). Acquired May 2016.
• Vivat NV, Utrecht, Netherlands. Paid 1 euro for initial acquisition, agreed to invest 1.35 billion euros ($1.7 billion) to recapitalize company. Acquired July 2015. Anbang used Vivat to purchase more than 500 million euros of office properties in cities including Amsterdam and Utrecht from Blackstone Group LP, people with knowledge of the matter said in October 2016. The Dutch unit also acquired $1.1 billion of residential mortgages from Rabobank in deal announced in March 2016.
• Tongyang Life Insurance Co. in South Korea. Paid more than 1.1 trillion won ($1 billion) for controlling stake. Acquired in September 2015.
• Bentall Centre in Vancouver. 100% owned, bought in two stages. Terms not disclosed Agreed in May 2016 to buy remaining 33 percent in a deal valuing the complex at more than C$1 billion, according to people familiar with the matte.
• Fidea NV, Antwerp, Belgium. Paid 369 million euros. Acquired May 2015.
• 717 Fifth Avenue in New York, Anbang’s U.S. headquarters. Office portion 100% owned Paid about $415 million. Acquired around May 2015.
• Delta Lloyd Bank, Brussels, Belgium. Paid 206 million euros. Acquired July 2015, now known as Nagelmackers.
• 70 York Street in Toronto, 17-story office building. 100% owned. Paid C$110 million. Acquired September 2015.
• Allianz SE’s insurance operations in South Korea. Paid 1.6 million euros. Acquired in December 2016.

To contact Bloomberg News staff for this story: Paul Panckhurst in Hong Kong at ppanckhurst@bloomberg.net, Timothy Sifert in Hong Kong at tsifert@bloomberg.net.

To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Paul Panckhurst

©2018 Bloomberg L.P.

With assistance from Paul Panckhurst, Timothy Sifert