The Olympic Village, which lies adjacent to the Olympic Park, will create a neighbourhood for east London that will deliver the best of city living in one place - high quality new homes, education and healthcare facilities, new parklands, public squares and open space, with transport links making it one of the capital's best connected centres.
The joint venture will work alongside Triathlon Homes, which will manage the Village's affordable housing element. The Village will deliver 2,818 new homes, including 1,379 already purchased by Triathlon Homes to become high-quality affordable housing. The remaining 1,439 homes acquired from the Olympic Delivery Authority (ODA) will become private housing, along with six adjacent future development plots with the potential for a further 2,000 new homes.
The majority of the 1,439 private homes in the Village are to be let on a rental basis, instead of being sold, with the ownership remaining with the 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.
Paul Blackmore of Olswang added: "This has been a fantastic project to be involved with, acting for long-standing client Delancey. We are delighted to have assisted the clients in concluding the deal, working closely with the team at Mishcon at all stages of the bid process."
Stephen Hughes of Mishcon de Reya said: "The Olympic Village represents a unique residential investment opportunity and will secure a lasting legacy from the London Olympics. It was gratifying to work on the project throughout the bid process, resulting in a successful conclusion. Delancey are a longstanding client and it was enjoyable acting for them alongside good friends from Olswang."
The acquisition follows an open and competitive investment process launched in October 2010 which saw submissions from leading property developers across the UK, mainland Europe, North America and Asia.
Olswang and Mishcon de Reya together advised on the acquisition. Real estate partner Stephen Hughes led the Mishcon team, assisted by Nick Minkoff, Philip Freedman CBE, QC (Hon) (both partners) and Louise Tainton (solicitor) on the property side, Daniel Farrand (Head of Planning) in relation to planning, and Simon Hunter (partner) and James Brownlie (solicitor) on the construction aspects. Corporate partner Paul Blackmore led the Olswang team with assistance from partners David Bunker (corporate), Cliona Kirby (tax) Charles Kerrigan and Moni Mannings (finance), together with Simon Armitage (associate, corporate), Matthew Wentworth (associate, tax) and Kerry Langton (legal director, finance).
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Notes to editors
Olswang LLP is one of Europe's leading law firms in the areas of technology, media, telecommunications and real estate. The firm comprises of nearly 700 people including 100 partners, across seven European offices. Olswang is part of a 'best friends' network of leading independent law firms throughout the world.
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