Times Staff and Wire Reports

Deal for London's Canary Wharf: Banks owning the prestigious office complex are selling it to a consortium of North American and Middle Eastern investors including Canadian property mogul Paul Reichmann, Lloyds Bank said. Lloyds Bank is the coordinator of a group of 11 banks that took over the development in 1992. The buying consortium, called the International Property Corp., also includes Laurence Tisch, chairman of the CBS television network; Michael Price, a U.S. fund manager; Edward Safra, a New York banker, and Saudi Prince al-Waleed bin Talal bin Abdulaziz, a Lloyds Bank spokeswoman said. No financial details of the deal were disclosed. The Canary Wharf ran into severe financial difficulties three years ago in the midst of a British property recession, and it brought former owner Reichmann's Olympia & York property empire down with it.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World