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British Land and Singapore’s GIC have sold half of Citadel’s future office tower, under construction at Broadgate in London, to Abu Dhabi’s Modon Holding.
A deal to bring in a new investor at 2 Finsbury Avenue, which is one-third pre-let to Citadel and due to complete in 2027, has been hotly anticipated as a sign of growing international investor confidence in the top end of London’s office market despite concerns about post-Covid demand.
Modon is an Abu Dhabi-listed real estate group backed by sovereign wealth fund ADQ and International Holding Company, which is chaired by Sheikh Tahnoon bin Zayed al-Nahyan, one of the United Arab Emirates’ most powerful men.
British Land and GIC will each retain 25 per cent ownership of the tower through their Broadgate joint venture.
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