Reichmann casts off...

Canadian developer Paul Reichmann, visionary and founder of London’s iconic Canary Wharf has given up his stake in the project. Reichmann, now in his seventies saw the potential for development of the wasteland that was once the capital’s thriving docklands area. He brokered a deal for the 95 acre site with the then UK Prime Minister Margaret Thatcher in 1987. Last week it was reported that he had to forfeit his remaining stake of 8.45% in the development as it had been called in by Commerzbank. The shares had been held as security against loans from Dresdner. Commerzbank had acquired Dresdner earlier this year.

Reichmann’s involvement in the docklands has been troubled almost from the onset with his company, Olympia and York being dragged into bankruptcy in 1992 as Canary Wharf struggled to find tenants in the previous downturn. He fought back and reacquired the property from the banks in 1995 only to lose control again in 2004.

Monday 21 September 2009
Traffic in Britain’s cities slower than a horse and cart
Mon 17 Oct 2016
London’s global competiveness at stake warns NLA
Thu 13 Oct 2016
New software aids earthquake recovery
Thu 06 Oct 2016
Perkins+Will commits to Fitwel Certification for North American offices
Wed 05 Oct 2016
Benoy Appoints New Directors
Thu 29 Sep 2016
Biomimicry in Architecture 2nd edition
Fri 23 Sep 2016
2016 AIA|LA Presidential Honourees announced by American Institute of Architects Los Angeles Chapter
Mon 19 Sep 2016
Over 150 architects respond to Homerton College’s celebrating Homerton dining hall competition
Tue 13 Sep 2016