NREI WIRE
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Anbang Says Report of Investment in Kushner Tower `Not Correct'

Bloomberg News reported Monday on an agreement circulated to investors that would make Kushner Cos. and Anbang partners in the tower.

(Bloomberg)—Anbang Insurance Group said it has not invested in a Manhattan office tower owned by the family of Jared Kushner, U.S. President Donald Trump’s son-in-law.

“The information about Anbang’s investment in 666 Fifth Avenue is not correct,” a spokesman for the Chinese insurer wrote in an email, without elaborating. “There is no investment from Anbang for this deal.”

Bloomberg News reported Monday on an agreement circulated to investors that would make Kushner Cos. and Anbang partners in the tower, with the Kushners standing to receive more than $400 million from Anbang. The planned $4 billion transaction, details of which were shared with Bloomberg, includes terms that some real estate experts consider unusually favorable for the Kushners.

Anbang rose to prominence with acquisitions including that of the Waldorf Astoria Hotel in New York. It’s unclear whether the deal could prompt federal review, as occurred when Anbang bought other properties. Anbang could also face review by the Chinese government, which has been clamping down on overseas investments and which has a range of pending issues with the Trump administration.

A spokesman for Kushner Cos. declined to comment on Anbang’s statement.

To contact the reporter on this story: Caleb Melby in New York at [email protected] To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at [email protected]erg.net; Brandon Kochkodin at [email protected] Darren Boey

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