Word: reichmanns
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Dates: during 1980-1989
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...while the firm scrambled to meet a Friday deadline for repayment of loans from its U.S. investment bankers: First Boston, Paine Webber and Dillon, Read. Campeau averted the crisis by arranging a $250 million loan from real estate giant Olympia & York, a major Campeau stockholder owned by Toronto's Reichmann family. As a result, Campeau's controlling interest in the firm he founded in 1949 slipped below a majority stake, from 53% to about 43%, while the Reichmann holdings increased from 24.5% to some...
...billion in 1985. That total places Canada fourth among foreign investors in the U.S., behind Britain, the Netherlands and Japan. The current value of American companies and other assets in which Canadians hold at least a 10% stake is even more impressive: $105.6 billion. Toronto's Reichmann brothers, for example, now own 8% of all the office space in Manhattan. Last March a subsidiary of Vancouver-based B.C.E. Development bought $1 billion worth of real estate in five U.S. cities, including 13% of the office space in downtown Minneapolis. Other Canadian investors have purchased gold mines, chains of movie theaters...
...REICHMANNS. Robert Campeau is little more than middle class when compared with the Reichmann family of Toronto. As reclusive as they are shrewd, the three Reichmann brothers -- Albert, 56, Paul, 54, and Ralph, 52 -- have quietly built a dominion estimated to be worth $18 billion since they fled Austria with their parents during World War II. With the savings they were able to bring out, the family bankrolled construction and steel ventures in Toronto, eventually moving into real estate speculation. In 1977 Wall Street hardly noticed when Olympia & York, the development firm founded by the brothers, picked up eight Manhattan...