Qatari Diar, who own the Chelsea Barracks, and are known to be on the look-out for other high-profile acquisitions in the city.

The Qatari Diar bid with British property developer Delancey would deliver 1,439 of the 2,818 new homes to be built in East London on the site of the Village.

Oil-rich Qatar, which recently controversially won the right to host the FIFA World Cup in 2022, also has investments in other high-profile London developments such as Harrods, which was sold to Qatar Holdings for a reported £1.5 billion ($2.3 billion) in May.

The other 1,379 new homes to be built on the site of the Athletes' Village were purchased by joint-venture group Triathlon Homes last year.

Five of the bidders are British firms or consortiums, and there are also applications from foreign private-sector organizations.

United States-based firm Le Frak Organization has teamed up with J.P. Morgan and English company Aviva plc; Toronto's Pinnacle Capital has put in a joint bid with British property investor Dorrington; and Hong Kong's Hutchison Whampoa Limited also has been invited by the Olympic Delivery Authority to submit an application.

"Securing best value will be key alongside looking for the best legacy owner for the Village, " said David Higgins, the chief executive of the Olympic Delivery Authority (ODA).

"Shortlisted bidders will need to demonstrate the experience and expertise needed to realise the long-term potential of the Village, establishing a complete neighbourhood with the best of city living all in one place, offering choices for all."

The shortlisted parties will now be sent detailed tender information in January to be submitted by the spring.

A final decision is expected in the summer.



The deal could reportedly be worth more than £500 million ($777 million) - all of which will be handed back to the taxpayer.

The successful bidder will also take over a nearby area with the potential for a further 2,000-2,500 new homes.

The proximity to the super-quick Javelin train link to central London has helped stimulate interest.

It has also meant that there is renewed confidence the £650 million ($1 billion) of public money invested in the project can be recovered.

Further proof of confidence in the Olympic Park area came earlier this month Dutch and Canadian pension funds paid Westfield £870 million ($1.3 billion) for a half share in the Stratford City shopping centre.

"The quality of this shortlist is a vote of confidence in the quality of the Olympic Village," said Higgins. 

"Securing a shortlist with many of the leading property investors and managers both in the UK and around the world takes us an important step towards ensuring the Village becomes one of the strongest legacies from the Games.

"Securing best value will be key alongside looking for the best legacy owner for the Village.

"Shortlisted bidders will need to demonstrate the experience and expertise needed to realise the long-term potential of the Village, establishing a complete neighbourhood with the best of city living all in one place, offering choices for all."

The shortlist of consortiums and companies invited to submit detailed proposals for the Village is: Delancey & Qatari Diar; Dorrington & Pinnacle Capital; Galliard Homes; Grainger plc & Moorfield Group; Hutchison Whampoa Ltd; Le Frak Organization, Aviva plc & JP Morgan; London & Stamford Property plc, David Wilson & Sir Robert McAlpine; Wellcome Trust; The William Pears Group & Urban Splash.

Contact the writer of this story at [email protected]


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