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New Scotland Yard bought by Abu Dhabi company for $580 million

New Scotland Yard, the headquarters of London's Metropolitan Police since 1967, was bought by an Abu Dhabi investment firm for 370 million pounds ($580 million).

Abu Dhabi Financial Group LLC plans to build homes on part of the site about half a mile (800 meters) from Buckingham Palace, Mayor of London Boris Johnson said in a statement today. The alternative-investment company paid 120 million pounds more than the original price estimate.

Home prices in London's wealthiest neighborhoods have outperformed the rest of the U.K. since 2009, though the market is now cooling. In November, Abu Dhabi Financial Group completed a 310 million-pound financing deal to convert a building at 1 Palace Street, next to Buckingham Palace, into 72 luxury apartments, according to the statement.

New Scotland Yard “will be one of the most important redevelopment projects undertaken in Central London this decade,” Jassim Alseddiqi, Abu Dhabi Financial Group's chief executive officer, said in the statement.

New Scotland Yard, known for the revolving sign outside the building, was first offered for sale in September. Abu Dhabi Financial Group beat 10 other bidders, according to a separate statement.

The Metropolitan Police is moving to a new base on Victoria Embankment

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