Abu Dhabi Investment Council (ADIC) is reportedly buying the former US Navy headquarters in London.
Abu Dhabi Investment Council (ADIC) is reportedly buying the former US Navy headquarters in London.
Property Week said ADIC, in a joint venture with London-based developer Finchatton, has exchanged contracts to acquire 20 Grosvenor Square in London for in excess of £250 mln (€293 mln). The plan is to convert the building to luxury apartments.
20 Grosvenor Square comprises 16,500 m2. It is being sold by a consortium led by UK billionaire Richard Caring.
Finchatton confirmed to PropertyEU that it has been appointed development coordinator. However, a spokeswoman declined to confirm or deny the report that Finchatton is involved in the offshore entity buying the building.
ADIC, which emerged in 2007 from Abu Dhabi Investment Authority, Abu Dhabi's main sovereign wealth fund, was not immediately available for comment.
Grosvenor Square has been one of the most sought-after residential locations in London since the 1700s. Allied commander and US General Dwight Eisenhower established his military headquarters at 20 Grosvenor Square during the Second World War. The US Nay continued to use the building as its European headquarters until 2009.
