A joint venture comprising Delancey and Qatari Diar has signed an agreement worth £557m for the purchase and long-term management of London's Olympic Village.

The Olympic Delivery Authority (ODA) has announced that the joint venture will now work in partnership with Triathlon Homes, which is managing the site's affordable housing. Under plans for the Olympic Village after the 2012 Games, more than 2,800 new homes are to be made available - 1,439 of which will be managed by the joint venture.

The agreement will also see Delancey and Qatari Diar secure six adjacent development plots that will provide a potential 2,000 additional new homes. In addition to the homes, the Olympic Village neighbourhood will be supported by more than 10 hectares (25 acres) of new parkland and more than 30 independent shops, cafés and bars.

ODA chief executive Dennis Hone said: "This deal will deliver a significant return to the public purse and a first-class owner for the Olympic Village. "It secures two leading property investors with the experience and expertise needed to make the Village one of the strongest legacies from the Games."

Image: Steve Bates/ODA