London: London's iconic Scotland Yard police headquarters has been sold for 370 million pounds to a real estate developer group from Abu Dhabi, 120 million pounds over the asking price.
The building on Victoria Street, in Westminster, the headquarters of the Met Police since 1967, was sold to Abu Dhabi Financial Group for 370 million pounds.
The property was put on the market by the Mayor's Office for Policing and Crime (MOPAC) in September, for a guide price of 250 million pounds.
Its famous rotating sign will move to its new headquarters in the Curtis Green building on Victoria Embankment.
London Mayor Boris Johnson said, "This landmark deal allows us to preserve the past whilst giving today's Met a vital cash boost".
Proceeds from the sale of the 1960s block will be partly spent on new technology to supply officers with tablets, smartphones and body cameras, enabling them to spend more time out on the streets, the Mayor of London's office said.
When completed in 2016, the restructure will save London's police force more than 60 million pounds in annual running costs ? enough to fund 1,000 officers, the mayor's office added.
Met Commissioner Bernard Hogan-Howe said, "We now expect to need to be making savings of up to 1.4 billion pounds by the end of the next spending review, including some 600 million pounds 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".
The Metropolitan Police secured the freehold on the site in 2008 for 120 million pounds so the sale represents over a tripling of its investment.