LONDON: New Scotland Yard, the headquarters of London’s Metropolitan Police, has been sold to investors from the United Arab Emirates, London Mayor Boris Johnson announced on Tuesday.

The central London site has been sold to the Abu Dhabi Financial Group investment company for $580 million.

ADFG beat off 10 other bidders, paying $120 million more than the guide price. The total sum is three times what was originally paid for the freehold in 2008.

The money from the sale of the 1.7-acre (0.7-hectare) site will be used to provide police officers with tablets, smartphones and body cameras.

A small amount will also be used to put the Met Police’s collection of rare crime artefacts on public display in a new museum.

Taking the name of its 10 Broadway address, the old site will become residential and probably also feature offices and a hotel, Johnson said.

Published in Dawn December 10th , 2014