Paul (Moshe Yosef) Reichmann (‎; 27 September 1930 – 25 October 2013) was a Canadian businessman and member of the Reichmann family. He is best known for his leadership of the Olympia & York real estate development company.
Formative years
Reichmann was born in Vienna in 1930 to Samuel Reichmann, a poultry farmer,
The family escaped the Nazi occupation of Austria unintentionally. They had left the country on the day of Anschluss to visit Samuel's father in Hungary who had suffered a stroke. Abandoning their lives in Vienna, they made their way from Hungary to the neutral Moroccan city of Tangier
After the war Paul left home to study Judaism first in Britain and then in Israel, and his parents hoped that he would become a teacher. in a deal that included some $300 million in tax breaks. Many Canadians were infuriated that a massive corporation had been given such a lucrative deal. Toronto Life magazine also published a highly critical article on the Reichmanns. The family took offence at allegations that Samuel Reichmann had aided the Nazis with illegal smuggling operations during the Second World War. The family sued the magazine for an unprecedented $102 million. They were successful, and Toronto Life published a full retraction.
In 1992, as Olympia and York collapsed under some $20 billion in debt, Reichmann lost most of his family fortune.
During 2004, a takeover battle began for the Canary Wharf Group in which Reichmann eventually sided with Canadian developer Brascan to attempt a purchase of the company. During this process, he resigned his position on the Board. In March 2005, a consortium of investors led by Morgan Stanley under the banner of Songbird Estates purchased Canary Wharf Group, and Reichmann was therefore no longer involved with Canary Wharf on a day-to-day basis. Reichmann, at the time 75, announced that he intended to retire from business and sold many of his property holdings.
Return to business activity
In September 2006, Reichmann announced that he was bored with retirement and that he would be setting up a new $4 billion fund, based in Toronto, with offices in Great Britain and the Netherlands.
Death
Paul Reichmann died at the age of 83 in Toronto on 25 October 2013.
His funeral took place Saturday night, 26 October 2013, at the Bais Yaakov Elementary School (15 Saranac Boulevard), in Toronto. He was buried in Jerusalem, in Har Hamenuchot cemetery.