Under the terms of the agreement, the joint venture has acquired homes on the Olympic Village site in Stratford, East London, and has snapped up long-term management rights, according to the Olympic Delivery Authority (ODA).

Delancey and Qatari Diar will buy 1,439 homes that will become private housing after the Olympics as well as six adjacent future development plots with the potential for a further 2,000 new homes to be built. According to Reuters, Delancey and Qatari Diar edged out a rival bid from Hutchison Whampoa and most of the homes will be rented out rather than sold by the joint venture. The other half of the village, comprising 1,379 homes, had already been purchased for £268 million and will be operated by Triathlon Homes.

“This is a long-term project for us – we are looking to retain the neighbourhood and create a place where people will want to live, work and play for years to come,” read a statement from Delancey's chief executive, Jamie Ritblat.

The Village cost £1.1 billion to build. Jeremy Hunt, the UK’s Secretary of State for Culture, Olympics, Media and Sport, hailed the transaction as “a fantastic deal that will give taxpayers a great return and shows how we are securing a legacy from London's Games”.