Partnership between "Mudon Holding" and "Broadgate" To develop a real estate project " In London
Abu Dhabi, January 24 / WAM / Mudon Holding Group announced today the launch of a joint project with Broadgate REIT, with the aim of developing the 2 Finsbury Avenue project, on an area of 750,000 square feet within the Broadgate area in London.
Modon Holding will own a 50% stake in the project, while British Land and GIC will retain a 25% stake each, through their ownership of Broadgate REIT.
This joint venture represents Modon Holding’s first step towards entering the UK market, as part of its international expansion strategy. British Land will manage the development and asset management of the project.
The “2 Finsbury Avenue” project is located in the Broadgate area, in the heart of the city of London. The project adds a new dimension to the city’s skyline through its unique design that includes two towers: the 36-storey eastern tower, and the 21-storey western tower. The two towers are connected by a 12-storey multi-use platform, which includes a garden extending over an area of 7,000 square feet, and is characterized by a unique design that includes green spaces and recreational facilities, in addition to public areas that enhance the visitors’ experience. Construction work on the 2 Finsbury Avenue project has begun and is scheduled for delivery in 2027.
His Excellency Jassim Mohammed Buataba Al Zaabi, Chairman of the Board of Directors of Modon Holding Group, said that the partnership with Broadgate REIT Fund to develop the “2 Finsbury Avenue” project represents an important milestone in Modon Holding’s journey to expand its business internationally. There is no doubt that this step will enhance our strategy to diversify development and investment work outside the UAE, and support our vision aimed at achieving sustainable and long-term value for our shareholders.” For his part, Simon Carter, CEO of British Land, said: We are proud to cooperate with “Modon Holding.” In developing the “2 Finsbury Avenue” project, which is a pivotal step that reflects the solid confidence in the Broadgate area and the City of London as a leading global destination.
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