2nd Mar 2015 07:37
LONDON (Alliance News) - Balfour Beatty PLC Monday said it has signed a development agreement with the London Legacy Development Corporation to invest in and construct the East Wick and Sweetwater housing development project in London's Olympic Park.
In a statement, the infrastructure company said it will provide up to GBP35 million of equity over eight years for the project, half of the equity required. Its UK construction business will deliver all construction for the project, which is expected to generate approximately GBP400 million of revenue.
The project is in the Queen Elizabeth Olympic Park in East London and is being delivered in a 50:50 joint venture with Places for People. It will create two new neighbourhoods, to be called East Wick and Sweetwater, with up to 1,500 homes including 450 affordable homes, 530 homes for private sale and 500 private rented sector homes.
By Steve McGrath; [email protected]; @stevemcgrath1
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