Consortium Reaches Deal To Buy Giant Canary Wharf Development
Oct. 03, 1995
LONDON (AP) _ The owners of Canary Wharf said Monday they have agreed to sell the giant office development to a consortium of North American and Middle East investors for an undisclosed price.
Lloyds Bank of Britain, one of 11 U.S., European and Canadian that own Canary Wharf, said the acquisition is expected to be completed before the end of the year. It did not list the consortium members.
The British domestic news agency Press Association quoted an unnamed spokeswoman for the banks as saying the consortium included Paul Reichmann, the original Canadian developer of the project.
The agency said Reichman had a small stake. The consortium's main players are Larry Tisch, chairman of U.S. media giant CBS Inc., and Prince al-Waleed bin Talal bin Abdulaziz Al Saud of Saudi Arabia.
The prince, a nephew of King Fahd of Saudi Arabia, made headlines some time back with his involvement in a rescue package for the troubled EuroDisneyland theme park outside Paris.
The 11 banks are owed $1.21 billion for Canary Wharf, which they took over in 1992 after Olympia and York, the development company owned by Reichmann and his brother, hit financial trouble and was unable to complete it.
About 13,000 people currently work in Canary Wharf in east London's Docklands area. Dominated by a skyscraper, it had originally been envisioned by Reichmann as a futuristic business capital of Europe.