London 2012 organizers seal Olympic Village deal | india | Hindustan Times
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London 2012 organizers seal Olympic Village deal

London 2012 organizers have completed a deal to sell almost half of the housing units in the Olympic Village after the games. The deal will cost $442 million. Most of it will be provided by the government’s Homes and Communities Agency.

india Updated: Jun 22, 2009 20:41 IST

London 2012 organizers have completed a deal to sell almost half of the housing units in the Olympic Village after the games.

The agreement with Triathlon Homes, a joint venture between urban development company First Base and two local housing associations, will allow them to sell 1,379 homes in the east London development, which will feature 2,800 homes overall.

The deal will cost 268.7 million pounds ($442 million). Most of it will be provided by the government’s Homes and Communities Agency. The European Union bank is lending 95.2 million pounds and Barclays Commercial bank is providing 63.5 million pounds.

“Concluding the affordable housing agreements is an important step, and with construction work on site making strong progress the project remains on track,” Olympic Delivery Authority chairman John Armitt said on Monday.

London organizers remain confident they won’t go over the 9.325 billion pound budget for venues, infrastructure and regeneration. The figure is more than double the original estimate.

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