Wembley contractor Multiplex is understood to be in talks to sell its 25% stake in the £4.3bn Stratford City scheme in east London to Australian developer Westfield.
A senior source close to the scheme this week told Building that the deal on the 2012 Olympic Village site was likely.
Speculation has mounted that Multiplex, which is also Australian, would dispose of equity stakes tied up in UK developments after it admitted in June that it would make a loss of at least £45m on Wembley stadium.
Westfield already has a 25% stake in Stratford City, as does property investor the Reuben Brothers, after the three parties bought developer Chelsfield, which held a 75% stake. The remaining 25% stake in the scheme is owned by developer Stanhope.
When Multiplex admitted the extent of the problems at Wembley, analysts in Australia predicted that it would sell its UK development stakes. Deutsche Bank analyst Ian Randall said: “Multiplex indicates that it will further de-risk its construction and development operations by shying away from major high-risk third-party construction jobs such as Wembley, and paring back its UK development exposure. This may mean selling part or whole of its stakes in some development assets.”
The site, close to Stratford station, has been earmarked to provide accommodation for 17,000 athletes, other housing and retail.
The scheme requires the stakeholder to contribute a significant amount of money; returns on the investment will not be realised in the short-term.