Partnership between "Cities Holding" and "Product" To develop a real estate project " In London
Abu Dhabi, January 24/ WAM/ The “Modon Holding” group announced today the launch of a joint venture with Product Rett with the aim of developing the 2 Venezberry Avenue project, on an area of 750 thousand square feet within the Product area in London.
“Cities Holding” will have a 50% stake in the project, while “British Land” and “GIC” will retain a 25% stake for each of them, through their ownership of the “Product Rit” company.
This joint project represents the first step for “Cities Holding” towards entering the UK market, as part of its strategy for international expansion. “Pretch Land” will manage the development operations and management of the project.
The “2 Venezbberry Avenue” project is located in the Product area, in the heart of the city of London, where the project adds a new dimension to the city’s horizon through its unique design that includes two towers: the 36 -storey eastern tower, and the 21st -storey western tower. The two towers connect a 12 -storey multi -storey platform, which includes a 7,000 square feet garden, and it has a unique design that includes green spaces and entertainment facilities, as well as public areas that enhance visitors’ experience. The construction of the “2 Venezbberry Avenue” project began and is scheduled to be delivered in 2027.
His Excellency Jassim Mohamed Bou hero Al -Zaabi, Chairman of the Board of Directors of the “Modon Holding Group” said that the partnership with the Product Rit Fund to develop the “2 Venzbberry Avenue” project is a prominent station in the Modan Holding March to expand its work at the international level. There is no doubt that this step will enhance our strategy to diversify the development and investment work outside the United Arab Emirates, and supports our vision aimed at achieving a sustainable and long -term value for our shareholders. ”For his part, Simon Carter, CEO of British Land, said: We are proud to cooperate with“ Cities Holding ” In the development of the “2 Venezbberry Avenue” project, which is a pivotal step that reflects the firm confidence in the Product and London city as a leading global destination.
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