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A Bird In The Hand


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A BIRD IN THE HAND

TORONTO DEVELOPER PAUL Reichmann always said he would win back the massive Canary Wharf office complex in London. On Oct. 2 he may have achieved his goal when newly formed International Property, with Reichmann as president, agreed to ante up $1.2 billion to buy the property from the 11 banks that have owned it since the collapse of Reichmann's Olympia & York Developments. Reichmann and his family are buying a 5% stake for $60 million. Most of the rest of the money is coming from CBS Chairman and Reichmann friend Laurence Tisch, investor Michael Price's fund-management group, and Saudi Prince Alwaleed bin Talal bin Abdulaziz Alsaud.EDITED BY THANE PETERSON


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