INDUSTRY NEWS

Met Police buy New Scotland Yard

The Metropolitan Police Authority has bought New Scotland Yard from Land Securities for £120 million.

It has purchased the famous London office building in the centre of the capital which it had previously been renting at a cost of £4.7 million a year.

With 400,000 sq ft of space, the London offices have been the headquarters of the Met for many years.

Richard Linnell, head of investment at Land Securities’ London portfolio, said: “This asset is occupied by the Metropolitan Police and this transaction provides them with an opportunity to manage their operational property directly.

“As there is very limited action for us in holding the property over the next few years, a release of equity from it is in shareholders’ best interests.”

Steve O’Connell, chair of the Met Police finance and resources committee, said that the buy will give the force “total control over the operational management of the building”.

He said it will also see the Met making decisions about the “timing and extent of any future asset strategies”.ADNFCR-1329-ID-18940814-ADNFCR

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