Olswang, Mishcon team strikes gold with Olympic homes deal

Olswang and Mishcon de Reya have teamed up to advise a Qatari-backed ­consortium on the £557m purchase and management of the Olympic Village in east London.

The firms secured roles on the joint venture (JV) between investment group Delancey and real estate investor Qatari Diar.

Delancey and Qatari Diar purchased 1,439 of the 2,818 homes in the village from the Olympic Delivery Authority (ODA), along with six adjacent plots of land that offer the potential for a further 2,000 homes.

The 1,439 homes will become private housing, with the majority due to be let on a rental basis. Ownership will remain with the JV, which will create a private sector residential fund of more than 1,000 homes to be owned and directly managed as an investment.

Corporate partner Paul Blackmore led the Olswang team with help from partners David Bunker, Cliona Kirby, Charles Kerrigan and Moni Mannings. They were assisted by associates Simon Armitage and Matthew Wentworth, as well as legal director Kerry Langton.

Real estate partner Stephen Hughes led the Mishcon team along with partners Nick Minkoff and Philip Freedman, solicitor Louise Tainton on the property side, Daniel Farrand in relation to planning and partner Simon Hunter and solicitor James Brownlie on construction aspects.

Hughes has advised Delancey since the late 1990s and was previously a partner at Olswang. Mishcon and Olswang have a good working relationship and decided to team up on this occasion.

Berwin Leighton Paisner partner Tessa Kimber advised the ODA, assisted by partners Adam Bogdanor, Ian Waring, Nazir Dewji and Timothy Pugh.

The acquisition follows a competitive investment process launched in ­October 2010 that saw submissions from property developers in the UK, mainland Europe, North America and Asia. Delancey and Qatari Diar fought off bids from Hong Kong-based Fortune 500 company Hutchison Whampoa and the UK medical charity Wellcome Trust.

The JV will work alongside Triathlon Homes, which purchased 1,379 units for £268m in 2009 and will convert them into affordable housing after the Olympics.