The Olympic Delivery Authority had advertised for a partner to take on the long-term management of the Village, to turn it into a new district of east London.
The joint venture will work alongside Triathlon Homes, which will manage the affordable housing in the Village.
The Village, next to the Olympic Park, will create a new neighbourhood for east London with 2,818 new homes, including 1,379 already purchased by joint venture Triathlon Homes to become 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.
Delancey and Qatari Diar is paying £557m. The deal also includes arrangements to provide a future profit-share for the public sector.
ODA chief executive Dennis Hone said: “This deal will deliver a significant return to the public purse and a first-class owner for the Olympic Village. It secures two leading property investors with the experience and expertise needed to make the Village one of the strongest legacies from the Games. The Village will deliver the best of city living all in one place with high-quality new homes, education and healthcare facilities, new parklands, great transport links, public squares and open space.”
Delancey is a specialist real estate investment company with a property portfolio that covers retail, residential and commercial developments across London and the UK.
Qatari Diar is a real estate investor and developer owned wholly by the Qatar Investment Authority that has been involved in landmark developments across Europe and the Middle East. Its London portfolio includes the Chelsea Barracks site in Westminster and the US Embassy building in Grosvenor Square. Qatari Diar has also recently entered into a joint venture with Canary Wharf Group to redevelop the Shell Centre site at South Bank.