Paul Reichmann facts for kids
Quick facts for kids
Paul Reichmann
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|---|---|
 |
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| Born | 27 September 1930 |
| Died | 25 October 2013 (aged 83) |
| Occupation | Businessman |
| Known for | Founder of Olympia & York |
| Spouse(s) |
Lea Feldman
(m. 1955) |
| Relatives | Reichmann family
|
Paul Reichmann (born September 27, 1930 – died October 25, 2013) was a famous Canadian businessman. He was a key member of the Reichmann family. Paul was best known for leading the Olympia & York company. This company built many large buildings and properties.
Contents
Early Life and Family
Paul Reichmann was born in Vienna, Austria, in 1930. His father, Samuel, was a poultry farmer who became a successful merchant. His mother was Renée. Paul was the fifth of six children in his family. They were Orthodox Jews.
The family had to leave Austria suddenly in 1938. They were visiting Paul's grandfather in Hungary when Nazi Germany took over Austria. They decided not to go back home. Instead, they traveled to Tangier, a neutral city in Morocco. In Tangier, Paul's father became a successful currency trader.
After World War II, Paul left home to study Judaism. He studied in Britain and then in Israel. His parents hoped he would become a teacher. In 1955, he married Lea Feldman.
Building a Business Empire
In 1956, Paul moved to Canada to join his family. Three of his brothers had already started a tile company there. His oldest brother, Albert, had also started a property development company.
Paul got into the property business by accident. He helped build a new warehouse for his brothers' tile company in Toronto. He built it for $70,000 and sold it a year later for a $34,000 profit. Seeing this success, he co-founded Olympia & York with his brothers Albert and Ralph in 1958.
Soon, their company was building many facilities for others. By 1964, Olympia & York became a separate company focused on building and property development. The company grew very quickly. They took on challenging projects, like building First Canadian Place in Toronto in 1975. This building became Canada's tallest.
Olympia & York expanded to New York City. By the mid-1980s, it was the biggest property developer in the world. In 1991, Forbes magazine said the Reichmann family was the fourth richest family globally.
Despite his huge success, Paul Reichmann lived a simple life. He lived in a comfortable home and drove an old car. He was a very private person and did not like talking to the press. He kept his strong religious beliefs. He used much of his money to support his religion. In Toronto, he built many schools and synagogues. These became important places for the local Orthodox community. Paul's only personal hobby was collecting rare Jewish books. Because of his faith, all Olympia & York construction projects stopped on the Jewish Sabbath and other holy days.
Challenges and Setbacks
In the early 1990s, Olympia & York faced big problems. The world economy was slowing down. But the biggest challenge was the Canary Wharf project in London. This was the world's largest property development. However, a large part of it remained empty. Paul Reichmann had taken a big risk with this project. He had hoped for more support from the British government, including extending the London Underground to the area.
Paul Reichmann's good reputation in Canada also started to suffer. In 1985, his company bought Gulf Canada Resources. This deal included a large amount of tax breaks, which made many Canadians angry. They felt a big company was getting too many special benefits.
A magazine called Toronto Life also published a critical article about the Reichmann family. The family was upset by false claims about Paul's father's wartime activities. The family sued the magazine and won. Toronto Life later published a full apology.
In 1992, Olympia & York collapsed under a huge amount of debt. Paul Reichmann lost most of his family's fortune.
Rebuilding and Retirement
Even after these big problems, Paul Reichmann managed to rebuild some of his business. He worked with other important investors like George Soros.
Later, a group of investors, including Paul, bought a major share in Canary Wharf. Paul was hired as the chairman. People wanted him back because he knew everything about the project. He had designed and built it in the first place. Canary Wharf became a public company in 1999.
In 2004, there was a battle for control of the Canary Wharf Group. Paul eventually sided with a Canadian company called Brascan. He resigned from the board during this time. In 2005, a new group of investors bought Canary Wharf Group. Paul Reichmann, then 75, announced he would retire from business. He sold many of his property holdings.
A Brief Return to Business
In September 2006, Paul Reichmann said he was bored with retirement. He announced he would start a new fund. This fund would be based in Toronto, with offices in Great Britain and the Netherlands.
Death
Paul Reichmann passed away in Toronto on October 25, 2013, at the age of 83. His funeral was held in Toronto. He was buried in Har Hamenuchot cemetery in Jerusalem, Israel.
See also
- Canadians of Hungarian ancestry
