The buyer will will work alongside Triathlon Homes who will manage the affordable housing in the Village.

Post 2012 The Village will become a new neighbourhood for east London containing new homes,education and healthcare facilities.

The Village will contain the 2,818 new homes already under construction including 1,379 already purchased by Triathlon Homes.

Delancey and Qatari Diar will now acquire the Olympic Delivery Authority’s interests in the remaining 1,439 homes which will become private housing.

The deal also includes six adjacent future development plots with the potential for a further 2,000 new homes.

The majority of the 1,439 private homes in the Village are to be let on a rental basis, instead of being sold, with the ownership remaining with the Delancey and Qatari Diar joint venture.

Secretary of State for Culture, Olympics, Media and Sport Jeremy Hunt said: “This is a fantastic deal that will give taxpayers a great return and shows how we are securing a legacy from London’s Games.”

Mohammed bin Ali Al Hedfa, Group CEO of Qatari Diar said: “Our commitment to the UK market and to building long-term relationships with our partners and the wider community is of paramount importance to us to ensure that we leave a positive cultural, environmental and sustainable footprint.”