Balfour Beatty has signed a £400m deal to build two new residential areas at the London Olympic Park over the next eight years.
The company’s investment arm will provide up to £35m of equity for the project, which involves building up to 1,500 homes including 450 affordable homes. The two areas, East Wick and Sweetwater, will also include restaurants, offices and new public spaces.
The project, a 50:50 joint venture with regeneration company Places for People, will create 50 apprenticeships and 350 construction jobs at the peak of the site’s development.
Balfour Beatty’s chief executive Leo Quinn said:
This project marks our entry as an investor and developer into the UK’s regeneration and housing sector. This market is growing and offers significant opportunities for the group in the coming years.
Shares in Balfour, which has issued a string of profit warnings in recent months and rejected a £2.1bn bid from Carillion last year, have edged up 0.7p to 252.5p.
This article was written by Nick Fletcher, for theguardian.com on Monday 2nd March 2015 11.56 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010