Wellcome Trust defeated in £1bn bid for the London Olympic Park

Finance | Vibeka Mair | 16 Aug 2011

The Wellcome Trust’s £1bn bid to acquire the London Olympic Park has been declined by the Olympic Park Legacy Company, along with its bid to the Olympic Delivery Authority to acquire the Olympic Village.

Earlier this year, the Olympic Delivery Authority invited bids for the 27-hectare Olympic Village, and the Wellcome Trust was one of the bidders.

It also decided to put in a £1bn bid for the London Olympic Park with the Olympic Park Legacy Company, although it had not put this out to market.

The Wellcome Trust’s proposal for the whole of the Olympic Park included building an international hub for research and innovation – which would include a conference centre, shops and restaurants, creating up to 7,000 new jobs. It also proposed to finance the first phase of a residential development on the Park.

However, the Olympic Park Legacy Company declined the bid.

The Olympic Delivery Authority also declined the Wellcome Trust’s bid for the Village, deciding instead to take up Qatari sovereign wealth fund’s £557m bid for the 27-hectare Olympic Village.

The fund, which includes two partners – Qatari Diar and Delancy Estates, plans to rent or sell 1,439 homes already on the Olympic Village which will house athletes during the London Olympic Games next year. It also will have the option to build another 2,000 residential homes on the site.

Peter J. Pereira Gray, managing director for the Wellcome’s Trust investment division, said:

“The Wellcome Trust is disappointed that the government and the Mayor of London do not wish to take our proposals for the Olympic Park further. If our bid had been successful, our holistic vision for the Olympic Park and the legacy would have delivered a world-class centre for technology and innovation, up to 7,000 high quality new jobs and made a substantial contribution to the regeneration of East London.

“Wellcome’s bid was anchored on a compelling vision for the future of the Olympic park, going beyond bricks and mortar to focus on driving up economic growth and prosperity for the people of East London. We nevertheless hope that Government and the GLA will get the best deal for Londoners.”

The Trust currently holds a property investment portfolio of £1.39bn and a general investment portfolio of £14.95bn.

To see its bid for the Olympic Park click here.

Directory: Wellcome Trust

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