São Paulo – Last Tuesday (9th), the Abu Dhabi Financial Group (ADFG), from the United Arab Emirates, announced the purchase of the New Scotland Yard building, the headquarters of London’s metropolitan police since the 1960s, for 370 million pounds (US$ 580 million). Located in Downtown London, the building is considered a landmark. Its façade has been the setting of numerous cop movies.
The company plans on converting the site into a “world-class” multi-purpose property (residential and commercial). The Emirati group invests chiefly in finance and real estate. In a communiqué, the company has reported that its bid has prevailed over those of ten other interested parties.
According to information from the London City Hall, the deal’s value was 120 million pounds (US$ 188 million) higher than the guide price for the property. In a press statement, the London administration informed that the money will go to equipping the London police force with mobile devices such as tablets, smartphones and portable cameras, among other purposes.
The deal is part of a sales package of underused or outdated government-owned buildings and is designed to rebalance the finances of the local police force.
It is also yet another inroad by Arab investors into London’s real estate market. This year, the ADFG itself has purchased the number 1 property on Palace Street, adjoining Buckingham Palace, the seat of Britain’s monarchy, for 310 million pounds (US$ 486 million). The plan is also to convert the property into a high-end residential/commercial development.
The London police headquarters will be moved to another site, also in the Downtown area, along the banks of the River Thames, near the British Parliament.
The newly sold building had been the police headquarters since 1967. According to the London City Hall, part of the cash will enable the creation of a museum to house artefacts amassed by the organization since its inception, in 1829, including items related to famous crimes.
*Translated by Gabriel Pomerancblum
