Arsenal Sign USD40m Deal with Barratt Developments
June 21, 2011
English Premier League soccer club Arsenal has signed an agreement with residential property development company Barratt Developments on a multi-million dollar contract.
Under the terms of the agreement Barratt Developments will construct 375 new homes overlooking Arsenal’s Emirates Stadium that will have an overall end value of US$207m.
According to British newspaper The News of The World, the agreement is thought to add around $40m to the clubs finances.
The latest deal marks the final stage of a nine-year regeneration project that was implemented following the Premier League club’s move from Highbury to its new 60,361-capacity home ground.
Arsenal FC director, Ken Friar said: “This is the last piece of the jigsaw in our new stadium project which has delivered huge regeneration to the Borough of Islington. 2,500 new homes and 2,500 new jobs have been created over the past six years. I am proud that we stayed in Islington and proud that Arsenal has helped contribute to the local community in this way.”
Alastair Baird, regional managing director of Barratt London, added: “The homes will be situated literally yards from the stadium and we expect them to become as sought after by Gunners fans as the properties at Chelsea Village are by Chelsea supporters.”
Work will start on the ambitious new project in January 2012 and the build programme is expected to take three years in total.