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QDD, the joint venture between Qatari Diar Real Estate Investment Company and Delancy Ltd celebrate recognition for acquisition of East Village as Deal of the Year at last week’s inaugural RESI Awards 2012- a leading event for the residential property market.
The award celebrates a deal worth £557 million signed by a joint venture between Qatari Diar and Delancey who joined forces mid-2011 as QDD Ltd to acquire the Athletes' Village from the Olympic Delivery Authority ODA (to be known as East Village post-Games).
Qatari Diar is excited about delivering a new dynamic community which will deliver for London’s businesses and communities beyond the Games. East Village is the first legacy neighborhood post this summer’s London 2012 Games, a new landmark community for London, providing over 2,800 homes, which residents will be able to move into from summer 2013.
Commenting on the achievement, Eng. Mohammed bin Ali Al Hedfa, Group CEO of Qatari Diar said: "We at Qatari Diar look forward to applying our skills and knowledge in sustainable urban development towards ensuring that the Olympic Village becomes a fitting legacy to the London 2012 Games, and one that will benefit the local communities. Our commitment to the UK market and to building long-term relationships with our partners and the wider community is of paramount importance to us to ensure that we leave a positive cultural, environmental and sustainable footprint.”
Chairman of Qatari Diar Delancey East Village Operations, Stuart Corbyn said: "We are delighted that this acquisition has been recognised as Deal of the Year, East Village will become London's newest and most exciting neighborhood meeting the needs of Londoners who want high-quality, long-term housing with access to world-class facilities - unique for today's London residential property market."
The transaction created a significant partnership between the Olympic Delivery Authority and QDD which Ralph Luck, Director of Property at the ODA, is delighted to take forward: "We look forward to continuing to work in partnership with QDD on the management and future development of East Village as it enters an exciting new phase post-Games. East Village is a highly innovative concept and to be recognized at the RESI Awards 2012 reflects the support within the wider property industry for the steps that QDD is taking to address the needs of London's housing market."