Abu Dhabi Financial Group seals $579m deal to buy New Scotland Yard.

New Scotland Yard, the headquarters of the Met police in London, has been sold to Abu Dhabi Financial Group for £370 million ($579.1 million), it was announced on Tuesday.

The Abu Dhabi investment company paid £120 million more than the asking price for the 1960s block and and plans a development of luxury flats on the site overlooking Westminster Abbey.As he signed the deal, the Mayor of London, Boris Johnson, announced plans to pump hundreds of millions of pounds into modernising frontline policing.

Proceeds from the sale will kick-start a major investment opportunity to secure the future of the Met Police, with the funds being used to kit out officers across London with mobile technology such as tablets, smartphones and body cameras, enabling them to spend more time out on the streets, according to a statement published by the Mayor’s office.

Marketed as ‘Ten Broadway’, the 1.7-acre site, 600,000 square foot building attracted intense interest from around the world, the statement said.In the end, there were 11 credible bids with ADFG, a multi-billion dollar alternative investment company based in Abu Dhabi, securing the deal.

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With a track record of financing major central London developments, including the 1 Palace Street project adjacent to Buckingham Palace, ADFG now plans to create a mixed-use residential development on the site.Headquarters of the Met Police since 1967, the out-dated building was put on the market by the Mayor’s Office for Policing and Crime (MOPAC) in September, for a guide price of £250 million.

This sale is part of an ongoing radical overhaul of the Met estate which has so far raised £215 million through the sale of 52 under-used and outdated buildings.The operational HQ of the Met is now on the move to the Curtis Green building on Victoria Embankment.

Johnson said: “The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out bobbies with the latest mobile technology to secure the future of the force. This landmark deal allows us to preserve the past whilst giving today’s Met a vital cash boost so our officers can go on keeping London safe.”

Jassim Alseddiqi, CEO of Abu Dhabi Financial Group, said: “Ten Broadway 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.”

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