New Scotland Yard sold to Abu Dhabi investors

New Scotland Yard - the headquarters of the Metropolitan Police since 1967 - has been sold to Abu Dhabi investors for £370 million.

The Abu Dhabi Financial Group paid for the building in Westminster £120 million more, than the guide price of £250 million. They plan to turn it into a "world-class development".

London Mayor Boris Johnson have commented on the sale: "This landmark deal allows us to preserve the past whilst giving today's Met a vital cash boost."Boris Johnson said that the site will become residential, but wil also feature offices and a hotel. Interestingly, the revolving New Scotland Yard sign outside of the building will be kept.

Meanwhile the Metropolital Police will now reside in their new headquarters in the Curtis Green building on Victoria Embankment.

This is not the first sale for the Met, as the force has already sold 52 building in recent years, raising £215 million. According to the mayor's office the £370 million from the sale fo the New Scotland Yard 1960s building will be invested into new technology, namely smartphones, tablets and body cameras, which will enable the police officers to spend more time out on the streets. Moreover the restructure will save London's police over £60 million in running costs a year - this sum could find 1,000 police officers.