Abu Dhabi Financial Group buys New Scotland Yard, London in a £371mn deal
Abu Dhabi Financial Group (ADFG) has acquired New Scotland Yard for £371mn (AED2.1bn) from the Mayor’s Office for Policing And Crime (MOPAC).
Marketed as ‘Ten Broadway’, the 600,000ft² site, home to the London Metropolitan Police since the 1960’s, will be redeveloped into a world-class multi-use development in what is considered one of London’s most desirable addresses.
Jassim Alseddiqi, CEO of Abu Dhabi Financial Group, said: “The New Scotland Yard site will be one of the most important redevelopment projects undertaken in Central London this decade, replacing a world famous headquarters with a world class development. With the bid process now complete, we look forward to creating an exceptional new landmark for London.”
The landmark deal, for which ADFG was the preferred bidder over ten other competitors, further cements ADFG’s reputation as a leading investor in London’s flourishing real estate market.
In November 2014, ADFG announced the completion of a £310mn (AED1.8bn) financing deal for the redevelopment of 1 Palace Street, situated in prime Central London adjacent to Buckingham Palace.
With an expected completion date of 2017, this development will comprise 72 luxury apartments, a prominent restaurant and health and fitness facilities within its 271,051ft2.