{"id":32709,"date":"2016-11-02T22:11:20","date_gmt":"2016-11-02T15:11:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=32709"},"modified":"2016-11-02T19:40:18","modified_gmt":"2016-11-02T12:40:18","slug":"adfgs-scotland-yard-deal-sweetened-by-brexit-votes-effect-on-pound","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/adfgs-scotland-yard-deal-sweetened-by-brexit-votes-effect-on-pound\/","title":{"rendered":"ADFG's Scotland Yard deal sweetened by Brexit vote's effect on pound"},"content":{"rendered":"


\nAbu Dhabi Financial Group (ADFG) has saved more than US$100 million on its purchase of the Metropolitan Police headquarters in London thanks to the fall in value of the British pound since Brexit.ADFG said that it completed a \u00a3370 million deal to buy the New Scotland Yard office block from London’s Metropolitan Police on Monday.The deal, which was originally struck in December 2014, was seen at the time as a bullish move from the Abu Dhabi based investment company.ADFG, which was created in the depths of the global financial crisis in 2011 and is currently developing two prime central London sites, said that it had paid a 10 per cent deposit on the property in 2014 but had not transferred the remainder of the cash until the deal completed and the police had shifted to their new headquarters on October 31.The delay – which coincided with a 20 per cent fall in the value of the pound following Britain’s Brexit referendum in June – means that ADFG effectively netted a saving of US$109.89 million on the deal.In December 2014 the British pound stood at US$1.55, making ADFG’s \u00a3333m payment worth US$516.15m – but since the referendum it has slumped to around US$1.22, equating to just US$406.26m.ADFG said that it had appointed its London property development arm Northacre to redevelop the building as 485,000 square feet of apartments, 146,000 square feet of offices and 37,500 square feet of shops.Planning consent for the Squire and Partners designed development, renamed the Broadway, was granted earlier this year and is set to complete in 2021.ADFG has also recently been linked with the ministry of defence-owned Hyde Park Barracks in Knightsbridge, which is currently home to the Household Cavalry.”The acquisition of New Scotland Yard and our plans for The Broadway represent ADFG’s continuing commitment to investing in unique development opportunities in London,” said ADFG chief executive Jassim Alseddiqi. “The Broadway represents the future of urban living, a thriving destination to live, work and play in a world class address surrounded by unparalleled views of London’s most famous landmarks.””The fall in sterling since the EU referendum undoubtedly creates attractive opportunities in the prime Central London real estate market for overseas investors. The London property market has long been an area of strategic focus for ADFG, and we continue to assess opportunities to complete high-quality deals that will enhance our premium real estate portfolio,” said Mr Alseddiqi.He said that ADFG had seen a surge in interest for its No.1 Palace Street apartments in the months after the Brexit vote.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…ADFG’s Scotland Yard deal sweetened by Brexit vote’s effect on pound<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi Financial Group (ADFG) has saved more than US$100 million on its purchase of...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-32709","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8vz","jetpack-related-posts":[{"id":9452,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gfh-buys-30-stake-in-londons-no-1-palace-street\/","url_meta":{"origin":32709,"position":0},"title":"GFH buys 30% stake in London's No 1 Palace Street","date":"March 30, 2016","format":false,"excerpt":"\r \r GFH Financial Group has paid \u00c2\u00a3100 million (Dh528.7m) to acquire 30 per cent of No 1 Palace Street in London's Victoria.The Bahrain-based investment company said it has signed a deal with Palace Revive Developments Limited for the site which is being redeveloped by Northacre.A company controlled by Abu\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51721,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-financial-group-plans-flotation-of-dh3-billion-reit-this-year\/","url_meta":{"origin":32709,"position":1},"title":"Abu Dhabi Financial Group plans flotation of Dh3 billion Reit this year","date":"April 13, 2017","format":false,"excerpt":"\r Abu Dhabi Financial Group (ADFG), an alternative investment company with US$5 billion in assets, plans to float a real estate investment trust by the end of the year.In a statement the company said that it had set up its own it comprising 10 properties.ADFG, which made headlines over the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":164731,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rox-motor-sets-up-regional-headquarters-in-abu-dhabi\/","url_meta":{"origin":32709,"position":2},"title":"ROX Motor sets up regional headquarters in Abu Dhabi","date":"November 13, 2025","format":false,"excerpt":"\r Global luxury new energy vehicle brand partners with the Abu Dhabi Investment Office to drive regional expansion and support the emirate\u2019s growing automotive ecosystem The post ROX Motor sets up regional headquarters in Abu Dhabi appeared first on Arabian Business: Latest News on the Middle East, Real Estate, Finance,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/11\/ROX-Motor-ADIO-MoU-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":60656,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/met-police-sold-1bn-of-property-to-soften-blow-of-budget-cuts\/","url_meta":{"origin":32709,"position":3},"title":"Met police sold \u00a31bn of property to soften blow of budget cuts","date":"July 13, 2017","format":false,"excerpt":"\r London buildings released in past five years included New Scotland Yard HQ as force battled to make \u00a3600m savingsBritain\u2019s biggest police force, the Metropolitan police, has sold off almost \u00a31bn-worth of London property over the past five years as it battles to make multi-million pound savings.The figures, released as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10342,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mubadala-ramps-up-leasing-of-office-space-at-al-maryah\/","url_meta":{"origin":32709,"position":4},"title":"Mubadala ramps up leasing of office space at Al Maryah","date":"April 10, 2016","format":false,"excerpt":"\r \r Mubadala Real Estate is to restart a search for tenants at Abu Dhabi's largest new office development, two years after leasing activity was put on hold. The Abu Dhabi-based fund said on Sunday that it would be marketing the remaining vacant office space at its 180,000 square metres\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42301,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-developer-bloom-holding-considers-ipo-to-finance-projects\/","url_meta":{"origin":32709,"position":5},"title":"Abu Dhabi developer Bloom Holding considers IPO to finance projects","date":"January 30, 2017","format":false,"excerpt":"\r Bloom Holding, the Abu Dhabi-based developer is considering an IPO as one of a number of financing options as the company announces an ambitious list of projects.The company, which is part of Abu Dhabi's National Holding, said that it was getting \"IPO ready\" over the next two years as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/32709"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=32709"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/32709\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=32709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=32709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=32709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}