Delancey (property firm)

Delancey Real Estate Asset Management Limited is a British property development company that with the Qatari ruling family in 2011 bought the Olympic Village used in the London 2012 Olympic Games.[1][2][3][4][5] The area has been renamed the East Village.[6]

History

The firm was founded by Jamie Ritblat, son of Sir John Ritblat, after Jamie Ritblat left British Land in 1995.[7] It was formerly quoted[8] but in 2001 went private again after a share buyback.[9]

Recent news

In May 2015, Minerva, the real estate investment and development group established by funds owned by Ares Management and Delancey, revealed it had sold the Walbrook Building to Taiwan-based Cathay Life for a fee of £575 million.[10]

In April 2015, Delancey formed a joint venture with LRC Group in a project to redevelop the Royal Mint Court office near the Tower of London. The deal followed long-lasting negotiations after LRC acquired a loan secured on the site’s leasehold in May 2014. Delancey’s DV4 fund had owned the freehold interest since 2010.[11]

In February 2015, Delancey revealed it was poised to sell its 102,000 square foot office at scheme at Orchard Brae House in Edinburgh as the firm looked to capitalise on numerous leasing deals at the building in the preceding 12 months.[12] In January 2015, Delancey and commercial property developer Barwood partnered together to launch a new industrial and logistics developer, with the aim of providing competition to its rival firms like SEGRO and Prologis in the sheds market.[13]

In May 2012, Delancey advised Brazilian business magnate Moise Safra on his £500 million purchase of an office building in London’s financial district from the consortium, One Plantation Place Unit Trust.[14]

In 2011, Delancey and Qatari-owned Qatar Diar acquired 1,400 apartments in the Olympic Village area near the venue of the London 2012 Olympics for a fee of £557 million. The acquisition attracted some controversy as it occurred during the time of the economic crisis, with the property market at a low point. Built to house 23,000 athletes and officials during the games, the properties were sold to Delancey and Qatar Diar before the games had even started. The profit gained on the properties could be in excess of £1 billion, according to the Daily Mail newspaper in the UK.[15]

Also during the Olympics, Delancey’s joint venture with Infinty SDC, ICITY, was contracted to convert the Olympic broadcast and press centre into a tech hub for corporations, with BT Group as the first major tenant.[16]

References

  1. ↑ Olympic Village snapped up by Qatari ruling family for £557m. Julia Kollewe, The Guardian, 12 August 2011. Retrieved 22 May 2015.
  2. ↑ Qataris strike Olympic gold: Sheikhs who snapped up cheap flats in the Athletes Village set to rake in £1billion profit. Louise Eccles, Mail Online, 22 March 2014. Retrieved 22 May 2015.
  3. ↑ Olympic Village sold to Qatari Diar/ Delancey consortium. Stratford Renaissance Project, 11 August 2011. Retrieved 22 May 2015.
  4. ↑ Olympic Village sold to consortium for £557m. Vanessa Kortekaas, Financial Times, 12 August 2011. Retrieved 22 May 2015.
  5. ↑ Delancey, Qatari Diar to Buy Olympic Site for $906 Million. Tariq Panja & Christopher Spillane, Bloomberg Business, 12 August 2011. Retrieved 22 May 2015.
  6. ↑ East Village. Delancey. Retrieved 22 May 2015.
  7. ↑ Cash is king... and Delancey's got plenty. Jonathan Russell, The Telegraph, 29 March 2008. Retrieved 22 May 2015.
  8. ↑ Soros offers a helping hand to Ritblat junior. This is Money, 30 May 1998. Retrieved 22 May 2015.
  9. ↑ Delancey goes private with £264m buy-out. Rosie Murray-West, The Telegraph, 7 April 2001. Retrieved 22 May 2015.
  10. ↑ "Minerva sells the Walbrook building to Cathay Life". Reurope.com. 22 May 2015. Retrieved 10 June 2015.
  11. ↑ Mark Wilding (1 April 2015). "Delancey forms JV with LRC at Royal Mint Court". Property Week. Retrieved 10 June 2015.
  12. ↑ Property Week (20 February 2015). "Delancey to sell Orchard Brae House after lettings deals". Property Week. Retrieved 10 June 2015.
  13. ↑ Guy Montague-Jones (16 January 2015). "Barwood and Delancey aim to be new force in sheds". Property Week. Retrieved 10 June 2015.
  14. ↑ "Brazil's Safra buys London office block for $810 mln". Reuters. 3 May 2012. Retrieved 10 June 2015.
  15. ↑ Louise Eccles (21 March 2014). "Qataris strike Olympic gold: Sheikhs who snapped up cheap flats in the Athletes Village set to rake in £1billion profit". Daily Mail. Retrieved 10 June 2015.
  16. ↑ Keith Weir (29 November 2012). "BT to base new sports TV unit in London Olympic Park". Reuters. Retrieved 10 June 2015.
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