Slaughters bags £2bn Olympic Village development role
Slaughter and May has bagged a plum role advising on the £2bn development of the 2012 Olympic Village. Slaughters' corporate real estate group is acting for new client Lend Lease on the high-profile project, advising on the development, real estate and financing aspects of the Olympic development In its first instruction for the client, the magic circle firm is fielding a team headed by corporate partner James Featherby, real estate partner Dermot Rice and project finance partner Steven Edwards.
March 05, 2007 at 11:15 AM
2 minute read
Slaughter and May has bagged a plum role advising on the £2bn development of the 2012 Olympic Village.
Slaughters' corporate real estate group is acting for new client Lend Lease on the high-profile project, advising on the development, real estate and financing aspects of the Olympic development In its first instruction for the client, the magic circle firm is fielding a team headed by corporate partner James Featherby, real estate partner Dermot Rice and project finance partner Steven Edwards.
Lend Lease announced today (5 March) that it had been selected by the Olympic Delivery Authority (ODA) and London & Continental Railways (LCR) as the preferred developer for the Olympic Village, together with its partners First Base and East Thames.
Lend Lease is now in exclusive negotiations with the ODA and LCR to enter into a regeneration agreement to develop the site over a two-phase process.
Phase one has an estimated value of £2bn and involves the development of around 4,200 residential properties that will become the Olympic Village. Lend Lease will be responsible for all aspects of the project, including funding, design and construction. Work is expected to start in 2008 before a handover to the ODA in 2011.
Phase two has a potential value of £3.5bn and is anticipated to involve Lend Lease refurbishing the Olympic Village following the conclusion of the 2012 Games.
Slaughters is not currently on the ODA's five-firm panel, which includes magic circle rivals Clifford Chance (CC) and Freshfields Bruckhaus Deringer as well as national firms DLA Piper and Pinsent Masons. In July last year, CC was awarded a significant mandate to advise the ODA on the £250m construction of the main Olympic stadium.
Olympic Village homepage picture appears courtesy of London 2012.
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