Saudi said behind pounds 800m Canary Wharf bid

Sunday 02 July 1995 23:02 BST

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Saudi said behind pounds 800m Canary Wharf bid

The Saudi businessman Prince al-Waleed bin Talal bin Abdul-Aziz is believed to be preparing an pounds 800m bid for Canary Wharf, the office development in London Docklands. The prince's bid, which is said to involve no outside partners or sources of finance, pits him against a consortium, assembled by Paul Reichmann, that is trying to regain control of the development. Canary Wharf, formerly owned by Mr Reichmann's property company Olympia & York until its collapse in 1992, is now owned by an 11-bank syndicate headed by Lloyds Bank.

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