The Reichmanns: Sales A Poppin'
With the global real estate slump showing few signs of abating, Toronto's Reichmann family is stepping up its campaign to raise cash and shed diversified assets. On Feb. 15, the Reichmann-controlled GW Utilities sold its 9% stake in British food and beverage giant Allied-Lyons for $782 million, netting the Reichmanns $423 million. That should help ease some of the pressure on their Olympia & York commercial real estate empire.
In December, GW Utilities reaped $793 million by selling Consumers' Gas, Canada's largest natural gas distributor, to British Gas. Reichmann officials say more sales are likely, including a stake in Interprovincial Pipe Line, which runs the world's longest crude-oil pipeline system.