Reichmann Family

Reichmann Family

Reichmann Family, real-estate developers. The 3 brothers, Albert, Paul and Ralph were born in Austria where their parents had moved in 1928 and after further moves to France, Spain and Morocco, they arrived in Canada in 1956. They started their business career in Montréal, where they bought Olympia Floor and Wall Tile. In the 1950s they moved into real estate and in 1969 incorporated Olympia & York, a private enterprise entirely controlled by the family. In 1962 they moved into office-tower development. Their real-estate company started operations in the US in 1976 and is now reportedly the largest private real-estate company in the world, with holdings held directly and indirectly in about 30 N American cities. In 1980 they bought English Property Corp, one of the largest British developers, and also bought a 50.1% interest in Brinco Ltd. In 1981 they paid $502 million for Abitibi-Price Inc, the world's largest newspaper producer and in 1985 acquired the majority interest in GULF CANADA RESOURCES, in the second-largest takeover in Canadian history. Olympia & York also has investments in Royal Trust and several other large Canadian companies. A much publicized take-over struggle with a British conglomerate, Allied Lyons PLC, for control of Hiram Walker-Gooderham & Worts ended up with the brothers becoming the largest shareholder of Allied Lyons. In 1987 the Reichmanns unveiled plans for a massive development in Miami and a $6.5-billion project at Canary Wharf in London, Eng. The great expense of the Canary Wharf project greatly overextended O&Y during the recession of 1990-92 and in 1992, despite the sale of some of its assets, the the Canary Wharf project was declared bankrupt and the Reichmann brothers largely lost control of the company that they had created. O&Y's collapse was of such a magnitude as to cause consternation in the business community worldwide.