Row ends at key Olympic district scheme as developer pays £140m for Reuben Brothers and Stanhope shares
The row over the control of the £4bn Stratford City development in east London has ended with Westfield reportedly paying £140m to take sole ownership of the project.
The developer bought a 50 per cent stake in the scheme from billionaire brothers, David and Simon Reuben and Multiplex, and the remaining 25 per cent from developer Stanhope.
A Westfield spokesperson said: "There was concern on the part of some of the authorities like London & Continental Railways. They clearly had become frustrated with the inability of the various partners to move more quickly and that's what led to the resolution that was arrived at today."
The sale will put an end to continuous rows between the site owner, London & Continental Railways, and the original joint venture companies over control of the project.
East London's Stratford City will host the 2012 Olympics with much of the Olympic Village hosting the 17,000 athletes later becoming residential housing.
The deal marks the second time Westfield has bought assets from Multiplex.