Thursday, August 18, 2011
Qatar invests in slums of tomorrow.
The joint deal, between real estate investment company Delancey and Qatari Diar, was worth Â£557m but latest budget figures show development of the village has cost Â£1.1 billion. The Olympic Delivery Authority, which sold the site, had already sold 1,379 of the village residences to Triathlon Homes for Â£268m back in 2009 with the intention of using them for affordable housing. However, insiders say this deal will ensure Â£324m of contingency monies are repaid, something that was in doubt for a while during the economic crisis. Delancey and Qatari Diar's plans for the site are to turn nearly all of their share of the 2,818 residences in the 11 blocks of the Olympic athletes' village into rental accommodation.