Abu Dhabi’s Modon announces Major London Real Estate Development with two Finsbury Avenue Project
January 25, 2025
Abu Dhabi’s Modon Holding has made a significant move into the London real estate development market by forming a new joint venture with British Land’s Broadgate REIT and GIC to develop 2 Finsbury Avenue. This landmark project marks Modon’s first entry into London’s prime property sector and is set to redefine the skyline of the City of London.
Joint Venture Details
The joint venture will see Modon owning a 50% stake in the development, while British Land and GIC will each hold 25%. This collaboration combines the strengths of all parties involved, with British Land remaining as the development and asset manager for the project.
Project Overview
The 2 Finsbury Avenue development will encompass 750,000 square feet of mixed-use space at Broadgate, a vibrant office-led campus located in the heart of London. The project features:
- East Tower: A 36-storey high-rise
- West Tower: A 21-storey high-rise
- Podium: A 12-storey structure that links both towers
The podium will include a 7,000 square foot winter garden, green spaces, leisure areas, and various publicly accessible zones, making it a community-friendly environment.
Construction and Sustainability
Construction is already underway, with Sir Robert McAlpine appointed as the main contractor. The building is expected to be completed by 2027, entering a supply-constrained market that is poised for growth.Sustainability is at the core of this development, with plans for it to be an all-electric and smart-enabled building that ensures operational energy efficiency and aims for a net-zero carbon footprint.
Strong Leasing Potential
In April 2024, Broadgate REIT secured a pre-let agreement with Citadel and Citadel Securities for 261,000 square feet of workspace at 2 Finsbury Avenue, with options to lease an additional 121,000 square feet. This pre-let arrangement means that the building is already approximately 33% pre-leased, and potentially up to 50% pre-leased if the optional space is taken.
Strategic Significance for Modon Holding
This venture aligns with Modon’s strategy to diversify its business portfolio and expand internationally. Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, stated that this partnership is a key milestone in pursuing international growth outside of the UAE.Bill O’Regan, Group CEO of Modon Holding, highlighted that the quality and leasing potential of 2 Finsbury Avenue made it a compelling entry into the London real estate market.
Conclusion
With its strategic location in one of London’s most dynamic areas and a focus on sustainability and community engagement, 2 Finsbury Avenue is set to become an iconic addition to the London skyline. As demand for high-quality office space continues to rise in the City of London, this development represents a significant opportunity for Modon Holding to establish its presence in a competitive global market.
