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Westfield Secures $7B Olympic Site

LONDON-Months of wrangling over who owns the development rights to the $7.4-billion Stratford City site has ended with Westfield buying out its partners. Development can now go ahead on the Olympic Village.

By Anita Howarth | Updated on June 13, 2006

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LONDON-Westfield Group has acquired East London’s Stratford City development site, buying the remaining 75% that it does not already own for euro 204 million ($257.87 million). The euro 5.85-billion ($7.4-billion) project, central to London’s hosting of the Olympic Games, had stalled because of a row between Multiplex Group and David and Simon Reuben over who owned development rights to the site.

Landowners London & Continental ran out of patience earlier this month and drew up plans for an auction. But now the Reuben Brothers have agreed to sell their 50% stake and Stanhope its 25% holding to the Australian developer.

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