The development transformation scheme has received additional equity backing from Bayerische Versorgungskammer (BVK) and Versicherungskammer Bayern Group (VKB).

The main construction contract is expected to be awarded soon, with the initial work on the scheme — designed by Heatherwick Studio and SPPARC architects — due to begin this quarter.

The masterplan will see the full redevelopment of the 14-acre site, including the existing exhibition halls, with 1.3 million sq ft of additional commercial space being created.

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Olympia central towers

The development plan also includes a four-screen arthouse cinema, a 1,400-seat performing arts theatre, a 4,100-capacity music venue, a ‘jazz club-style’ restaurant and venue, shops, cafés, two hotels and 2.5 acres of public space, including pedestrianised squares and a sky garden.

John Hitchcox, chairman at Yoo Capital, said: “We’re moving into a pivotal year for the redevelopment, and with the finances of the exhibition business, investors as well as local community stakeholders now safeguarded, we can look forward to delivering a destination that showcases London at its very best, with culture and creativity right at its core.”

Gavin Neilan, co-founder and co-managing partner at DFI, added that it had a “solid foundation to move forward with our plans to transform this iconic location and unlock Olympia’s enormous potential”.

Chris Semones, managing director at Goldman Sachs Merchant Banking Division, commented: “The history, heritage and location of this development, and the clear potential it holds, present a compelling investment case and we are very pleased to be partnering with DFI and Yoo Capital to support what will be one of the most exciting projects in London over the coming years.”