Real Estate London tower project announced by Abu Dhabi’s Modon By Neil Halligan January 28, 2025, 4:32 PM British Land A rendition of 2 Finsbury Avenue, which is being built in the City of London as a joint venture between Modon Holding, British Land and GIC Twin-tower development in City Company’s first foray into London Shares lifted by news A joint venture with property developer British Land and the Singapore sovereign wealth fund GIC to develop a dual high-rise office-led tower project in central London has been announced by Abu Dhabi’s Modon Holding. The partnership will deliver a 750,000 square feet mixed-use project at an office-led campus in Broadgate in the City of London. It will be the Abu Dhabi-listed company’s first foray into London’s prime real estate market. Modon will own a 50 percent stake in the JV, with the remainder owned by Broadgate REIT, which is owned equally by British Land and GIC. The financial details of the transaction were not revealed. The dual high-rise tower project, called 2 Finsbury Avenue, will consist of a 36-storey East Tower and a 21-storey West Tower that will be linked by a 12-storey podium. British Land is the development and asset manager for the project, which is already under way, with Sir Robert McAlpine the main contractor. The project is expected to be completed by 2027. Jassem Al Zaabi, chairman of Modon, said the London deal “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”. UAE’s Modon enters Europe with Spanish developer deal Developer Modon signs deal for UAE green steel ADQ unveils plans for Ras El Hekma Egyptian project Gulf investors have been returning to the UK property market after four years, after a change in government and a fall in interest rates, observers told AGBI this month. Both Knight Frank and Blackstone said they believe the commercial property market had reached its lowest ebb, which has created investor confidence. Modon Holding, which is listed on the Abu Dhabi stock exchange, was created in March last year after the merger of Q Holding, Modon Properties and Adnec. ADQ and IHC are its majority shareholders. Shares in Modon were trading slightly higher at AED3.49 on Tuesday, giving it a market cap of AED54.88 billion ($14.94 billion). In October, Modon was appointed master developer for the Ras El Hekma mega-development in Egypt. It also formed a JV with Candy Capital, owned by the British billionaire Nick Candy, in October to develop high-end residential, commercial and hospitality real estate projects.