Abu Dhabi Financial Group, the €4.2 bn Emirati investment company, has taken possession of the former New Scotland Yard headquarters in London almost two years after the sale was agreed for £370 mln (now €410 mln).
Billed as the largest real estate transaction since Brexit, ownership of the iconic police headquarters has been transferred to BL Development, an investment vehicle controlled by Abu Dhabi-based ADFG.
Northacre, ADFG's developer of luxury residential buildings in London, has been appointed to undertake construction of the new scheme, named The Broadway on the site.
ADFG acquired the New Scotland Yard headquarters from the London mayor's office for policing and crime (MOPAC) in December 2014 for £370 mln, with planning permission granted in April 2016. Planned for completion in 2021, The Broadway will provide 45,000 m2 residential, 13,565 m2 commercial and 3,480 m2 of retail space in the heart of Westminster. The Broadway's six buildings will provide a 1,860 m2 public realm linking Victoria Street with Broadway Street.
On Tuesday, Helen King, assistant commissioner of the metropolitan police; ADFG CEO Jassim Alseddiqi, ADFG COO Mustafa Kheriba and Northacre CEO Niccolò Barattieri di San Pietro marked the completion of the deal during a ceremony in front of the iconic New Scotland Yard sign. The new Metropolitan police headquarters is at Victoria Embankment.
Jassim Alseddiqi commented, 'The Broadway represents the future of urban living, a thriving destination to live, work and play in a world-class address surrounded by unparalleled views of London's most famous landmarks.'
