Balfour Beatty has signed an agreement with the London Legacy Development Corporation to build the new East Wick and Sweetwater housing development project.

Balfour Beatty Investments will provide up to £3m equity over eight years, representing 50% of the equity required. The company's UK branch will deliver all construction, expected to generate about £400m.

The transformational project at Queen Elizabeth Olympic Park in East London is being delivered in a joint venture with Places for People (PfP). The development will create two new neighbourhoods, to be called East Wick and Sweetwater, including up to 1,500 homes, 450 of which will be affordable homes, 530 homes for private sale and 500 private rented sector homes.

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East Wick will have up to 850 homes including townhouses, mews, studios and flats and a new nursery and Sweetwater will have up to 650 homes. The buildings will include studios, apartments and family homes with private gardens, a new nursery, library and a health centre.

The development will be constructed in phases over eight years. Balfour said about 50 apprenticeships will be created, as well as 350 construction jobs at the peak of construction.

Leo Quinn, Balfour Beatty Group Chief Executive said: "This project marks our entry as an investor and developer into the UK's regeneration and housing sector. This market is growing and offers significant opportunities for the Group in the coming years.

"I look forward to continuing our strong partnership with the London Legacy Development Corporation to ensure that commitments made as part of the London 2012 Games are delivered by not only creating new communities but also new jobs, and apprenticeships for young people wanting to join the growing infrastructure sector.

"With our partner, Places for People, we are very excited to be able to create these new, vibrant, sustainable communities for East London."

(IT/JP)