O&Y Properties Corporation, the Canadian property company 44% owned by the Reichmann family, has put itself up for sale.
The company, which expects strong European and UK interest, is run by Philip Reichmann – the son of Olympia & York co-founder Albert Reichmann and nephew of the other co-founder, Paul Reichmann, former chairman of Canary Wharf.
O&Y’s principal assets include Canada’s tallest office building, the 72-storey First Canadian Place in Toronto, and a 42% stake in O&Y REIT, which owns a portfolio of 23 Canadian office properties and a property management and leasing services business with 750 employees. O&Y REIT is also up for sale.
The sales, being handled by RBC Capital Markets, are expected to raise at least C$2bn. Last autumn, Paul Reichmann picked his oldest son, Barry, to be chief executive of his family’s main real estate company, Reichmann International.
