Abu Dhabi’s Modon Enters London Market with Landmark Twin-Tower Project

In a significant expansion beyond its home market, Abu Dhabi’s Modon Holding has announced its first major venture in London’s prime real estate sector. Partnering with British Land and the Singaporean sovereign wealth fund GIC, the company plans to develop a landmark twin-tower office-led complex in the heart of the City of London.

The ambitious project, situated in the Broadgate district, will cover approximately 750,000 square feet and is set to become a prominent addition to London’s skyline. Named 2 Finsbury Avenue, the development will feature two striking high-rises—a 36-story East Tower and a 21-story West Tower—connected by a 12-story podium.

Modon will hold a 50% stake in the joint venture, while the remaining shares will be equally owned by British Land and GIC through Broadgate REIT. The financial specifics of the agreement remain undisclosed.

The project represents a pivotal moment for Modon, which has been actively expanding its portfolio beyond the UAE. Jassem Al Zaabi, chairman of Modon, described the London development as a key milestone in the company’s strategy to pursue international growth. “This investment aligns with our goal of diversifying our real estate and development business outside the UAE and creating sustainable long-term value for our shareholders,” Al Zaabi said.

The move comes amid renewed confidence in the UK’s commercial real estate market. After years of uncertainty driven by political changes and economic volatility, Gulf investors are making a strong return to the sector. Industry experts, including analysts from Knight Frank and Blackstone, suggest that London’s commercial property market has likely reached its lowest point, spurring fresh investment opportunities.

With British Land leading the development and asset management, construction on 2 Finsbury Avenue is already in progress. Sir Robert McAlpine, a renowned UK contractor, has been appointed as the main builder for the project, which is slated for completion in 2027.

Modon’s expansion into London follows a series of high-profile international moves. The company, which was formed in March 2023 after the merger of Q Holding, Modon Properties, and Adnec, has been growing its global presence. In October, Modon was appointed master developer for Egypt’s Ras El Hekma mega-development and also established a joint venture with British billionaire Nick Candy’s Candy Capital to develop luxury real estate projects.

The announcement of the London project has already generated positive market reactions, with Modon’s shares trading slightly higher at AED 3.49 on Tuesday, reflecting a market capitalization of AED 54.88 billion ($14.94 billion).

As construction progresses, 2 Finsbury Avenue is poised to become a key commercial hub, reinforcing London’s status as a global financial and business center while marking a bold new chapter for Modon’s international expansion.