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BRIEFLY

Real Estate

August 25, 1995| Times Staff and Wire Reports

Canary Wharf Deal Hanging: A sale of the sprawling riverfront office complex in London to a group involving former Canadian owner Paul Reichmann and Saudi Prince al-Waleed bin Talal is close but has not yet been reached, Lloyds Bank said. Lloyds, head of a banking consortium that owns the huge complex, said that despite persistent reports of an imminent $1.24-billion sale, nothing is likely to be announced until after a public holiday in Britain on Monday. The banking consortium is still owed about $1.4 billion following the project's failure in 1992. That collapse, in the midst of a severe British property recession, brought Reichmann's Olympia & York property empire down with it.

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