Abu Dhabi – Mubasher: Modon Holding created a new 50/50 joint venture (JV) with Broadgate REIT Limited, owned by the UK-based FTSE 100 listed property developer British Land and GIC, according to a press release.
The JV, which marks Modon Holding’s first entry into London’s prime real estate market, is set to deliver 2 Finsbury Avenue, a 750,000 square feet (sqft) world-class development at Broadgate.
Modon will own a 50% stake in the asset, while British Land and GIC will retain 25% ownership, each.
Under the joint deal, British Land will serve as the development and asset manager for the project.
The 2 Finsbury Avenue scheme is a vibrant office-led campus in London. 2 Finsbury Avenue, comprising dual high-rise towers
This transaction aligns with the ADX-listed company’s strategy to diversify its business portfolio and expand its international footprint.
Modon Holding plans to invest in high-quality prime real estate assets in global financial hubs, in addition to creating long-term value and recurring income for its shareholders.
Jassem Mohammed bu Ataba Al Zaabi, Chairman of Modon Holding, said: “Partnering with Broadgate REIT in the development of 2 Finsbury Avenue, is a key milestone in Modon’s strategy to pursue international growth, supporting our strategy to diversify our development and investment business outside of the UAE and another step towards creating long term sustainable value for our shareholders.”
Bill O’Regan, Group CEO of Modon Holding, highlighted: “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.”
Simon Carter, Chief Executive at British Land, said: “The development is due to be completed in 2027, where there is forecast to be a significant imbalance between demand and supply for new and substantially refurbished space, particularly in the city, leading to strong rental growth at the top end of the market.”
In December 2024, Modon Holding acquired Spain’s La Zagaleta S.L. to back its international investment and expansion strategy.
