$1B London Olympic Village to Require Additional Public Financing

Due to the global credit crunch, the $1 billion Olympic Village for the London 2012 Games may need extra public financing, Reuters reported today. The development was expected to be mainly financed by the private sector.Lend Lease Corp., the village’s developer, confirmed that the deal is expected to close by the end of the year even though there had been delays in securing financing.Returns on the arrangement will be announced following the sale of the village’s 3,500 homes at the end of the Olympic and Paralympic Games in September 2012.Blog Story and Comments