Qatari Diar, the real estate investment arm of the Qatari government, has acquired the Olympic Village for the London 2012 Games in a joint venture deal valued at £557 mln (EUR 636 mln).
Qatari Diar, the real estate investment arm of the Qatari government, has acquired the Olympic Village for the London 2012 Games in a joint venture deal valued at £557 mln (EUR 636 mln).
UK specialist property investor Delancey is the joint venture partner. The pair will work alongside Triathlon Homes, which will manage the scheme's affordable housing component.
The Olympic Delivery Authority (ODA) announced the sale of the Olympic Village on Friday.
The village, adjacent to the Olympic Park, will comprise 2,818 new homes, including 1,379 already purchased by Triathlon Homes. Delancey and Qatari Diar will acquire the ODA's interests in the remaining 1,439 homes which will become private housing, along with six adjacent future development plots with the potential for a further 2,000 homes.
Delancey and Qatari Diar will invest around £557 mln for the purchase and long-term management of the Olympic Village. The deal is structured to provide a future profit-share for the public sector.
The majority of the private homes are to be let on a rental basis, instead of being sold, with the ownership remaining with the Delancey and Qatari Diar joint venture. This will create the first UK private sector residential fund of over 1,000 homes to be owned and directly managed as an investment.
The ODA said the village will create a new neighbourhood for east London, 'delivering the best of city living all in one place'.
Mohammed bin Ali Al Hedfa, Group CEO of Qatari Diar added: ' We are looking forward to working with all those involved to ensure that the Olympic Village becomes a fitting legacy to the London 2012 Olympics, and one that will benefit the local communities.'
