LONDON OLYMPIC VILLAGE URBAN RENEWAL

Financing of an urban regeneration scheme in Stratford (East London) comprising (i) 1380 athletes' flats to be converted into social/intermediate/affordable housing after the 2012 Olympics and (ii) ancillary infrastructure to support the Athletes Village and the wider regeneration area.

Forming part of the wider East London urban regeneration scheme devised in connection with the London 2012 Olympic Games, the Olympic Village that will host the athletes during the Games has been designed and will be built with the objective of being converted into social housing units after the Games, following a “retrofit”. The resulting units will be owned by Triathlon Homes Limited (Triathlon), a joint-venture between (i) two large and experienced local social landlords (East Thames and Southern Housing Group) and (ii) First Base, a leading urban regeneration developer. The 1380 units are primarily earmarked for rental social housing, with a fraction dedicated to respectively affordable and intermediate housing (including shared ownership homes). The units will be built in compliance with (or exceeding) the most stringent standards set for housing (“Decent Homes Standards”). Ancillary infrastructure, such as three connecting bridges crossing neighbouring railway tracks, will be included within the scope of the project.

In January 2007, the ODA prepared a Sustainable Development Strategy covering the full urbanisation of the Olympic area. In 2004, the LDA completed a full EIA covering the environmental effects of the Olympic and legacy planning application. All the relevant project’s key documents will be published in line with the Bank’s disclosure policy. Positive net environmental benefits are likely to result from implementing the urban renewal operation. It will improve the urban environment in derelict areas, help to provide a higher quality of life for the local inhabitants, offer energy efficient housing and contribute to a more sustainable urban development by bringing back into use brownfield sites for new social housing developments.

The final beneficiaries are the ODA and Triathlon (a SPV). It is a statutory obligation for the ODA to comply with the EU public procurement directives and the UK public contracts regulations 2006. Triathlon will be required to comply with EU Procurement directives insofar as they apply to the SPV.