GFH buys 30% stake in London’s No 1 Palace Street

GFH Financial Group has paid £100 million (Dh528.7m) for the stake in the luxury development next to Buckingham Palace.

GFH Financial Group has paid £100 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 Dhabi Financial Group (ADFG) owns 68.84 per cent of Northacre, the developer of the exclusive site that is located next to Buckingham Palace.

The property includes 72 “super luxury” apartments, GFH said in a bourse filing.

ADFG said in 2014 that it expected penthouses at No 1 Palace Street to fetch as much as £60m when they eventually go on sale.

"Victoria is going through a lot of changes, and what I think will be a major change will be the emergence of the first super-luxury development, which is No 1 Palace Street," ADFG chief executive Jassim Alseddiqi told The National in a 2015 interview.

Earlier, the group also acquired New Scotland Yard, home to the London Metropolitan Police since the 1960s, for £370m from the Mayor’s Office for Policing and Crime.

The 600,000 sq ft site is being redeveloped into a mixed-use project.

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