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Posted On: 13 August 2011 09:09 am
Updated On: 12 November 2020 02:11 pm

London Olympic Village sold to a Delancey and Qatari Diar joint venture

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London's Olympic Village has been sold for 557 million pounds to a Delancey and Qatari Diar joint venture, the Olympic Delivery Authority (ODA) said on Friday. The deal sees Delancey and Qatari Diar acquire the Olympic Village site and its long-term management, ODA said in a statement. It would also include arrangements to provide a future profit-share for the public sector. On Thursday, Reuters reported Delancey and Qatari Diar had bought the Olympic Village. "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," Delancey's Chief Executive, Jamie Ritblat, said in the statement. Delancey and Qatari Diar will buy 1,439 homes that will become private housing, plus six adjacent future development plots with the potential for a further 2,000 new homes. The majority of the homes would be rented out instead of being sold by its new owners, creating a UK private sector residential fund of more than 1,000 homes to be owned and directly managed as an investment, ODA said. Qatari Diar is the property arm of Qatar's sovereign wealth fund. Delancey and Qatari Diar beat a rival bid from Hutchison Whampoa, which is Hong Kong billionaire Li Ka-shing's flagship ports-to-telecommunications conglomerate. They also beat a 1 billion pounds proposal from the Wellcome Trust to take over all the 2.5-kilometre-square Olympic park.