Scotland Yard yields Brexit bargain for one Abu Dhabi fund

Posted in Google Brexit News
at 2016.11.03
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Scotland Yard yields Brexit bargain for one Abu Dhabi fund

There aren’t many people with Brexit to thank at this point in the painful process of leaving the EU, but one Abu Dhabi investment fund is among them.

Abu Dhabi Financial Group struck a deal to buy New Scotland Yard, the former HQ of London’s police force, for £370 million in December 2014, with plans to turn the central London site into a high-end development of offices, shops and condos.

Pound’s devaluation has handed Abu Dhabi buyer a huge discount on deal to acquire former London police HQ Credit: iStock

The deal has turned into a beauty for the fund, according to The Wall Street Journal, as 90% of the money was only due to be paid on completion — which only happened nearly two years later, on October 31, as the police had to move house.

Thanks to Brexit, the pound has dived 22.7% against the United Arab Emirates dirham, making the payment-on-completion a tidy sum cheaper than it was before.

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Published at Thu, 03 Nov 2016 06:33:38 +0000

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