Australian retail giant Westfield is set to emerge next week as the sole owner of Stratford City, the £4bn project on the edge of the 2012 Olympics site.
It is understood that Westfield will pay £100m to David and Simon Reuben for their 50% share of the development rights.
The group will also pay £30m-£40m to Stanhope and its former chairman Sir Stuart Lipton, who together own 25% of the project.
It is understood that Westfield was at one point prepared to accept an offer from the Reubens for its 25% stake but has changed its mind.
References: Financial Times 03/06/06 page 1 and 15, The Times Business 03/06/06 page 60
