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Canary Wharf sold back to Reichmann

Canary Wharf sold back to Reichmann

Canary Wharf, the London Docklands development which includes Western Europe's tallest office building, was last night sold for around pounds 800m to a consortium led by Paul Reichmann, the Canadian entrepreneur who originally built the development. A consortium of 11 banks, led by Lloyds, that rescued Canary Wharf two years ago signed the deal after two months of negotiations.

It is a coup for Mr Reichmann, who took over the project in 1989 before the huge costs forced the family business, Olympia &York, into administration. He returned this summer to buy back the development with investors including Prince al- Waleed bin Talal bin Abdulaziz of Saudi Arabia and Larry Tisch, the American media mogul.