Modon Holding, based in Abu Dhabi, United Arab Emirates, has announced a joint venture (JV) with Broadgate REIT, a real estate investment trust owned by UK-based property developer British Land and GIC, a global investor.
The JV has been formed to deliver the 2 Finsbury Avenue development in London, UK.
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This JV will see Modon owning a 50% stake while British Land and GIC each retain a 25% interest in the asset through Broadgate REIT.
The collaboration marks Modon’s inaugural entry into London’s real estate sector, with British Land continuing as the development and asset manager for the project.
Located in the heart of London, the 2 Finsbury Avenue development is part of the Broadgate campus and features dual high-rise towers and a connecting podium.
The East Tower will rise to 36 storeys, the West Tower to 21 storeys, and the podium will span 12 storeys, including a 7,000ft² winter garden.
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By GlobalDataThe development aims to offer green spaces, leisure facilities, and publicly accessible areas, enhancing the urban landscape.
Construction of the landmark building has already commenced, with a completion target set for 2027.
Broadgate REIT secured a pre-let agreement with Citadel and Citadel Securities in April 2024.
Citadel and Citadel Securities will lease 261,000ft² of workspace, with an option for an additional 121,000ft², ensuring that the building is at least 33% pre-let, potentially reaching 50% if the additional space is taken up.
Sir Robert McAlpine has been appointed as the main contractor for the project.
The development of 2 Finsbury Avenue places sustainability at its forefront, with plans for an all-electric and smart-enabled building that contributes to operational energy efficiency and achieves a net-zero carbon footprint.
Modon Holding Group CEO Bill O’Regan said: “The quality and leasing potential of 2 Finsbury Avenue coupled with the experience and reputation of our partners, made this a compelling entry for Modon into the London real estate market.
“We are delighted to add this world-class development to our portfolio, and we look forward to working with them to deliver this flagship project in 2027.”
British Land CEO Simon Carter said: “We are delighted to be partnering with Modon Holding on 2 Finsbury Avenue. The establishment of this new joint venture is a vote of confidence for both Broadgate and the city.”
