Linklaters and Michelmores lead on New Scotland Yard sale
The HQ for London bobbies for almost 50 years, Magic Circle firm Linklaters was charged by Abu Dhabi Financial Group to execute the purchase of New Scotland Yard in Victoria for £370m, with national firm Michelmores acting for the seller.
A large mandate for the firm, London head of Michelmores Paul Paling was selected by the Mayor's Office for Policing And Crime to sell the building, with Abu Dhabi Financial Group set to turn its latest purchase into luxury flats.
Linklaters' UK head of real estate, Andy Bruce, led for Abu Dhabi Financial Group in a deal that saw the iconic building sold for £120m more than its asking price. Boosted by the busy London real estate market, the deal follows on from Bruce's role on the £1.5bn redevelopment of Elephant and Castle for Lend Lease.
The Metropolitan Police, which will relocate the famed spinning sign to its smaller building on the Embankment, put its headquarters up for sale after being forced to make deep-hitting cuts. The Met secured the freehold for the site in 2008 for £120m and has said that the proceeds will be used to boost front line policing.
Met Commissioner, Sir Bernard Hogan-Howe said: 'Police funding continues to be under extreme pressure. We now expect to need to making savings of up to £1.4bn by the end of the next spending review, including some £600m which we will have delivered by 2015/16. This is equivalent to a third of the Met's original budget so this money is absolutely vital to us.
'It will allow us to reinvest in our remaining estate and in the technology needed to support our officers as they fight crime and support victims. It is only with this kind of intelligent investment that we will be able to do more with less.'