Reichmann family

Last updated
Reichmann family
Country Canada
Place of origin Beled, Hungary
Members
PropertiesReichmann International Development, Olympia and York, Canary Wharf

The Reichmann family is a Jewish-Canadian family best known for their property empire built through the Olympia and York company.

Contents

At the family's peak, their combined wealth was estimated at $13 billion making them the fourth-richest family in the world. [1] The family's fortunes eventually waned, particularly with the ill-fated Canary Wharf development, which saw the family business file for bankruptcy in 1992 with debts of $20 billion. The family's wealth partially recovered, reaching roughly $2.3 billion in 2018. [2]

History

The Reichman(n)s were originally from the small town of Beled, Hungary, but the ambitious Samuel Reichmann moved the family to Vienna, Austria, in 1928 where he became a successful merchant. [3] He and his wife Renée had six children:

During the Second World War, the family fled first to Paris, France, and then to the neutral city of Tangier, Morocco, in the 1950s. [2] There, Samuel became a prominent business leader specializing in the currency trade. Renée became a renowned humanitarian aiding victims of the Holocaust, arranging food parcels to be delivered through the Spanish Red Cross to concentration camps such as Theresienstadt and Auschwitz-Birkenau. [4] [5]

Despite the financial success of life in Tangier the family left to avoid the turbulence of Moroccan independence from the French protectorate. Eva settled in London while Edward went to Montreal. There, in 1955, he founded Olympia Flooring and Tile Company to import tiles from Europe. Edward described Montreal fondly, with its large Jewish population and opportunity for profits; soon the rest of the family followed him to Canada in 1956.

Louis joined Edward in Montreal while Albert, Paul, and Ralph settled in Toronto, where they first expanded Edward's tile business but then moved into construction and property development. Samuel was the leader of this business that became known as York Developments. Albert and Paul played a secondary but central role, while Ralph remained in charge of the tile business. In the late 1960s, Edward's Montreal business was faltering and on the verge of collapse. He was only saved from ruin by a bail-out from his younger brothers in Toronto. Embarrassed at this turn of events Edward left Canada for Israel.

In 1969, the family incorporated Olympia & York (O&Y), a privately-held real-estate company entirely controlled by the family; in 1976, the company began operations in the US. [6]

Over time, through successful projects in Toronto and New York, O&Y became the largest property development and management firm in the world in the 1980s, and the Reichmanns one of the world's richest families. [2] [5] (At the family's peak, their combined wealth was estimated at $13bn, making them the fourth-richest family on the planet.) [7] Holdings of O&Y included First Canadian Place, the World Financial Centre in Manhattan, and Canary Wharf in London. [2] In 1980, they bought English Property Corp, one of the largest British developers. In 1981, they bought Abitibi-Price Inc, the world's largest newspaper producer, for $502 million; and in 1985, they acquired the majority interest in Gulf Canada Resources, in the second-largest takeover in Canadian history. [3]

Throughout this time, the family remained strongly committed to their Haredi Judaism. [5]

In the early 1990s, the business empire and family's fortune was brought low by the Canary Wharf project in London. In 1987, British Prime Minister Margaret Thatcher, who had seen the transformation of the World Financial Centre, enlisted Paul to transform the docklands of Canary Wharf into a financial powerhouse. [8] This project proved catastrophic, as banks were reluctant to move three miles east of the City of London. By 1992, O&Y declared bankruptcy in the biggest corporate failure of all time—with debts of $20bn—and the Reichmann fortune was greatly reduced. [9] [10]

In 1997, Albert's son Philip Reichmann and Paul’s son-in-law Frank Hauer relaunched the company as O&Y Properties Inc. and bought back First Canadian Place. Reichmann and Hauer sold their company in 2005. [2] [10] Since then, the family has continued to be involved in tiles and stone, retirement care, and real-estate development deals around the world. [11]

Family tree

c. 

See also

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References

  1. ↑ "Rival bidders moving in on Canary Wharf". the Guardian. 2003-06-07. Retrieved 2021-09-28.
  2. 1 2 3 4 5 "Canada's Richest People: The Reichmann family". Canadian Business.
  3. 1 2 "Reichmann Family | The Canadian Encyclopedia". www.thecanadianencyclopedia.ca. Retrieved 2021-09-19.
  4. ↑ "Faith And Fortune". Bloomberg.com. 1997-01-20. Retrieved 2021-09-28.
  5. 1 2 3 Gindin, Matthew; Correspondent, Pacific (2017-08-18). "Billionaire businessman never veered from religious observation". The Canadian Jewish News. Retrieved 2021-09-28.{{cite web}}: |last2= has generic name (help)
  6. ↑ "Reichmann Family | The Canadian Encyclopedia". www.thecanadianencyclopedia.ca. Retrieved 2021-09-28.
  7. ↑ Adams, Richard (2003-06-07). "Rival bidders moving in on Canary Wharf". the Guardian. Retrieved 2018-11-11.
  8. ↑ "Saviour of the docklands". The Economist. ISSN   0013-0613 . Retrieved 2020-08-04.
  9. ↑ "THE MAN WHO BLEW $10 BILLION It's not every real estate developer who can boast of losses on the grand scale of Paul Reichmann. In a rare interview he admits that the blame is all mine. But that's right where it belongs. - May 17, 1993". money.cnn.com. Retrieved 2020-08-04.
  10. 1 2 "Reichmanns Rebound | The Canadian Encyclopedia". www.thecanadianencyclopedia.ca. Retrieved 2021-09-19.
  11. ↑ "Tributes after death of Canary Wharf developer". www.telegraph.co.uk. Retrieved 2021-09-28.
  12. ↑ "Billionaire businessman never veered from religious observation". 18 August 2017.

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