Modon Holding, an Emirati real estate developer, announced on Friday, January 23, the formation of a 50:50 Joint Venture (JV) with Broadgate REIT Limited, a London-based real estate investment trust, to develop 2 Finsbury Avenue, a 750,000 sq ft project in Broadgate, London.
Publish dateSaturday 25 January 2025 - 18:07
According to Amac News: Based on Modon announcement, the company will hold a 50% stake, while Broadgate and GIC will each retain a 25% interest in the asset through their ownership in Broadgate REIT.
The joint venture marks Modon’s first foray into the London prime real estate market. Broadgate will remain the development and asset manager for the project.
2 Finsbury Avenue is a vibrant office complex in the heart of the City of London. The project will add to London’s skyscraper landscape and will comprise two high-rise towers: the 36-storey East Tower and the 21-storey West Tower, along with a 12-storey terminal.
The building is currently under construction and is expected to enter the supply-constrained market in 2027.
Jassim Mohammed Bouatabeh Al-Zayabi, chairman of Madoun Holding, said that working with Broadgate on the development of the project was a key milestone in Madoun’s strategy to pursue international growth.
Meanwhile, Simon Carter, managing director of Broadgate, said that the establishment of the new joint venture was a sign of confidence in Broadgate and the City of London.
The project is due to be completed in 2027, at a time when there is a significant imbalance between supply and demand for housing, particularly in the city, and rents are set to rise sharply.
The joint venture marks Modon’s first foray into the London prime real estate market. Broadgate will remain the development and asset manager for the project.
2 Finsbury Avenue is a vibrant office complex in the heart of the City of London. The project will add to London’s skyscraper landscape and will comprise two high-rise towers: the 36-storey East Tower and the 21-storey West Tower, along with a 12-storey terminal.
The building is currently under construction and is expected to enter the supply-constrained market in 2027.
Jassim Mohammed Bouatabeh Al-Zayabi, chairman of Madoun Holding, said that working with Broadgate on the development of the project was a key milestone in Madoun’s strategy to pursue international growth.
Meanwhile, Simon Carter, managing director of Broadgate, said that the establishment of the new joint venture was a sign of confidence in Broadgate and the City of London.
The project is due to be completed in 2027, at a time when there is a significant imbalance between supply and demand for housing, particularly in the city, and rents are set to rise sharply.
amacnews.com/vdcc.mqia2bqe0y-82.html
Source : news agency wam
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