Canary Wharf Has Something To Sing About

An IPO is poised for success, and Reichmann's rep is secure

These days, Canadian real estate developer Paul Reichmann has reason to feel vindicated. Seven years ago, his plans to convert London's desolate Docklands into a modern financial center were scorned as speculative folly. But despite bankruptcy, a $1.8 billion bank refinancing, and even a terrorist bomb scare in 1996, he stuck it out. Now, if Canary Wharf PLC's Mar. 25 initial public offering on the London Stock Exchange goes as well as analysts expect, Reichmann may be remembered as a man ahead of his time. "It takes someone with a great deal of vision to put something like Canary Wharf together," says Alastair J. Hilton, a surveyor with a London property evaluators unit of Cushman & Wakefield.

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