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Reichmann Heads Back To The Wharf


In Business This Week

REICHMANN HEADS BACK TO THE WHARF

PAUL REICHMANN WANTS back in on London's Canary Wharf. The Canadian developer is part of a syndicate bidding for the development his family built in the late '80s, then lost in the 1992 bankruptcy of Reichmann's Olympia & York Developments. The bidders, led by CBS and Loews Chairman Laurence Tisch, would buy about 80% of the $1.1 billion in debt held by the 11 banks that own the complex. But Sir Peter Levene, chairman of the company that runs the development, says the owners aren't rushing to sell. Canary Wharf is 75% leased and London's property market is tight. At least four other groups are interested, Levene says.EDITED BY KEITH H. HAMMONDS


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