Abu Dhabi Financial Group acquires Londons landmark New Scotland Yard building
Abu Dhabi Financial Group (ADFG), an Abu Dhabi-headquartered, multi-billion dollar alternative investment firm primarily focused on financial services and real estate, today announced that it has acquired New Scotland Yard, home to the London Metropolitan Police since the 1960s, from the Mayors Office for Policing And Crime (MOPAC) for 370 million (AED2.1 billion). Marketed as Ten Broadway, the 600,000 square foot site, located in prime Central London, will be redeveloped into a world-class multi-use development in what is considered one of Londons 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 ADFGs reputation as a leading investor in Londons flourishing real estate market. In November 2014, ADFG announced the completion of a 310 million (AED 1.8 billion) 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 lavish health and fitness facilities within its 271,051 square feet.
Alseddiqi added: This acquisition of New Scotland Yard further demonstrates ADFGs status as a global player in the real estate sector. ADFG has become synonymous with successfully sourcing exciting, high-profile projects and then brilliantly managing them through to completion. With the New Scotland Yard building and 1 Palace Street, ADFG is now overseeing multiple prestigious developments in Londons most desirable addresses. We are delighted that ADFG is playing a significant role in transforming Londons iconic cityscape for the long-term future, while maximizing returns for our stakeholders.
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