Berwin Leighton Paisner advises the Olympic Delivery Authority on sale of the Olympic Village for £557 million
Berwin Leighton Paisner (BLP) has advised the Olympic Delivery Authority (ODA) on the sale of the Olympic Village to a joint venture established by Delancey and Qatari Diar for £557 million. The deal also includes arrangements to provide a future profit share for the public sector.
The transaction represents one of the largest private sector residential investments in the UK.
The Olympic Village will create 2,818 new homes, including 1,379 previously purchased by joint venture Triathlon Homes to become high-quality affordable housing. Delancey and Qatari Diar will now 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 new homes.
The Village, which lies adjacent to the Olympic Park, will deliver a new neighbourhood for east London creating the best of city living all in one place – high-quality new homes, education and healthcare facilities, new parklands, public squares and open space.
Tessa Kimber, who led the BLP project team, said: “This transaction really played to BLP’s strengths, involving a number of innovative, complex and inter-locking elements. We were delighted to be advising the ODA on the sale and competitive tender process from the outset and fielded a multi-disciplinary team including real estate, corporate, construction, finance, tax, planning and environment. This is the latest in a series of major transactions on which we have advised the ODA over a period of five years.”
This deal involved seven practice groups across BLP and included partners Tessa Kimber (Projects), Adam Bogdanor (Corporate), Ian Waring (Real Estate), Gary Richards and Richard Harbot (Tax), Nazir Dewji (Construction), Tim Pugh (Planning and Environment) and Trevor Wood (Finance).
The Delancey/Qatari Diar joint venture were advised by Mischcon de Reya (Stephen Hughes and Simon Hunter) and Olswang (Paul Blackmore, David Bunker and Cliona Kirby).
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