Australian developer Lend Lease is drawing up plans for a £1.5bn residential investment fund based on the athletes' village it is building for the London 2012 Olympics. Daily Telegraph

The 'Olympic Bond' is likely to be floated on the London stock market as a REIT and the planned launch date is 2009 at the latest.

Nigel Hugill, the UK chief executive of Lend Lease, said: 'The majority, or perhaps the entirety, of the Olympic Village will form the basis of a major residential investment fund, the like of which we've never seen before.'

A consortium of Lend Lease, affordable housing specialist First Base and housing association East Thames Group were picked for the village in March by the Olympic Delivery Authority and the Stratford City developers London & Continental Railways and Westfield.