Canadian property tycoon Paul Reichmann is staking £7m of his own money to mount a rival bid for Canary Wharf, said the Sunday Times newspaper in an unsourced report. Reichmann has assembled a pool of advisers led by Lehman Brothers, Price Waterhouse Coopers and Macfarlanes, the law firm, the paper said.
He also has a team of individuals in North America who are working for him. They have been shuttling between Toronto, New York and London and their costs have been funded by Reichmann, it added.
The Reichmann team have until next Sunday to table an offer for the huge office complex on London´s docklands.
A Morgan Stanley-led consortium has made a 1.56 bln stg offer for the development.
No-one at Canary Wharf could be immediately reached for comment.
Source: Freeman News