Southern Housing Group will help Lend Lease deliver the Olympic Village as part of a new deal, the group has claimed.
Lend Lease has faced real difficulty securing funding for the building of sporting facilities, commercial property and infrastructure to support the 2012 Games.
An Olympic Delivery Authority (ODA) spokesperson told industry publication, Building: “The Southern Housing Group has reached an in-principle decision with First Base and East Thames about joining the consortium for the provision of the affordable housing elements of the Olympic village development.”
They went on to explain that funding discussions would continue well into the New Year and said that construction work “is making strong progress so the project is firmly on track”.
The huge investment in the London Olympics is expected to be repaid – at least in part – once the event has finished and its infrastructure goes up for sale.
Mayor Boris Johnson has said London is “extremely fortunate” to host the games and will benefit from the regeneration of previously neglected sites.