The Reichmann Reconquest

It was almost midnight in London on Oct. 2 when 13 banks issued a three-sentence press release saying they had just agreed to sell Canary Wharf Ltd., Europe's biggest real estate development, to a small group of investors for $1.2 billion. For the banks, it was the end of a troubled three-year stint as Canary Wharf's owners. But across the Atlantic, it was the end of a long crusade--some would say obsession--by Toronto developer Paul Reichmann to win back Canary Wharf, the project he had lost to bankruptcy, and prove to the world that his vision was right.

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