Genworth’s Suitor Raises $1 Billion With San Francisco Project Sale

January 24, 2020 by Allison Bell

An arm of China Oceanwide Holdings Group Co. Ltd. — the company that’s been trying for years to acquire Genworth Financial Inc. — has agreed to sell a big development project in San Francisco to an asset manager in China for the equivalent of about $1.1 billion.

The deal includes the Oceanwide Center LLC property and a nearby property, 88 First Street SF LLC.

China Oceanwide acquired Oceanwide Center in 2015 and 88 First Street in 2017, for a total of about $330 million. It broke ground on Oceanwide Center construction in 2016.

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Originally Posted at ThinkAdvisor on January 23, 2020 by Allison Bell.