Scotland Yard headquarters of London police force sold to Abu Dhabi investors

Associated Press

Scotland Yard, the world's most famous police headquarters, has been sold to Gulf investors who plan to turn it into luxury apartments.

The London mayor's office said Tuesday that Abu Dhabi Financial Group has bought the site for 370 million pounds ($580 million), 120 million pounds over the asking price.

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The mayor's office says the site is slated to become a "mixed-use residential development."

The Metropolitan Police force plans to keep the iconic rotating "New Scotland Yard" sign that stands outside the 1960s building.

The force is moving to a smaller headquarters as it tries to cut costs. It says it will invest proceeds from the sale in new technology for police officers.

This is the latest of many high-profile London real estate sales to Gulf-based investors.