POSTED: August 12th 2011
NewsUpdate
London's Olympic Village sold to joint venture for around $907m
NIKKI WICKS / Sports Features Communications
LONDON: The London 2012 Olympic Village has become the latest sports investment for Qatar following the joint purchase of the site for £557 million (approximately $907 million).
The Olympic Deliver Authority (ODA) today announced the sale of the Village in a joint deal between British real estate firm Delancey and Qatari Diar, the property company of the Qatar's royal family.
The ODA said that Delancy and Qatari Diar would take over 1,439 of the 2,818 homes on the site along with six adjacent development plots with the potential for a further 2,000 new homes. Joint venture company Triathlon Homes had already purchased 1,379 of the homes in the Olympic Village back in 2009, with plans to develop the site into affordable housing.
Secretary of State for Culture, Olympics, Media and Sport Jeremy Hunt said the deal will give taxpayers “a great return” and will ensure the city secures a legacy from London Games.
The majority of the 1,439 private homes in the Village will be let on a rental basis, with the ownership remaining with Delancey and Qatari Diar.
The Mayor of London Boris Johnson said that the deal showed “great confidence” from big private investors in the future of the city and the east London area.
“It is another big step towards securing a fantastic future for the new neighbourhoods and communities we have always said would be created as a major legacy for the capital after the 2012 Games," said Johnson.
Qatari Diar’s investment in London’s Olympic Village becomes the latest acquisition in sport from the Arab State. In December last year, Qatar won the rights to host the 2022 World Cup and the state already has investments in London developments, including landmark store Harrods.
Qatari Diar group CEO, Mohammed bin Ali Al Hedfa, said: “Our commitment to the UK market and to building long-term relationships with our partners and the wider community is of paramount importance to us to ensure that we leave a positive cultural, environmental and sustainable footprint.”
Commenting on the deal, Delancey’s chief executive Jamie Ritblat said: “This is a long-term project for us – we are looking to retain the neighbourhood and create a place where people will want to live, work and play for years to come.”
Keywords · London 2012 · Olympic Deliver Authority
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