Wellcome Trust makes £1bn Olympic offer

The global charitable foundation with more than £14 billion of assets has made an offer for large parts of the 513-acres Olympic Park in East London.

The Wellcome Trust, the global charitable foundation based in London has offered the British government £1 billion (€1.15 billion; $1.6 billion) for the majority of the Olympic Park in east London, according to a report by The Financial Times.

The offer would be for the freehold of large parts of the 513-acre park including the stadium, the aquatics centres, the athletes village and the media centre, the FT reported.

A key component to the awarding of the Olympic Games, which are due to take place next summer, is the regeneration of a given area. As part of its offer, The Wellcome Trust, which has more than £14 billion of assets and aims to generate a yearly return of 6 percent, would maintain the site’s existing strategy including the creation of 11,000 homes needed in the area.

It would control the freehold, subsequently becoming landlord to any commercial occupiers taking space on the site.

The Wellcome Trust approached the British government, London’s Mayor’s officer and the Olympic Park Legacy Company with its offer. According to the FT, talks between The Wellcome Trust and the government were welcomed by London’s Mayor’s office, a spokesperson saying: “We are aware of the proposition the Wellcome Trust has made and have encouraged them to continue with discussions with the OPLC.”

The Wellcome Trust is concurrently on a shortlist of nine bidders vying for the park’s athletes village, although while its £1 billion bid for the entire park also includes the village, its prior bid is thought not to have been effected.