Abu Dhabi Financial Group has bought New Scotland Yard, home to the London Metropolitan Police since the 1960s, for £370m.
The investment firm, which primarily focuses on financial services and real estate, plans to redevelop the 600,000 sq ft site into a new multi-use development, having bought the site from the Mayor’s Office for Policing And Crime.
Jassim Alseddiqi, chief executive 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.”
ADFG said it was the preferred bidder over 10 other competitors.
In November 2014, ADFG completed a £310m financing deal for the redevelopment of 1 Palace Street, situated in prime central London adjacent to Buckingham Palace.
The development will comprise 72 luxury apartments, a restaurant and health and fitness facilities within its 271,051 sq ft premises and is due to complete in 2017.
Mr Alseddiqi added: “This acquisition of New Scotland Yard further demonstrates ADFG’s 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 London’s most desirable addresses.
“We are delighted that ADFG is playing a significant role in transforming London’s iconic cityscape for the long-term future, while maximising returns for our stakeholders.”