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British Land and Singapore’s GIC have sold half of the future Citadel office tower, under construction in Broadgate, London, to Abu Dhabi’s Modon Holding.
Agreement to bring a new developer to 2 Finsbury Avenue, which is one-third pre-let Citadel and due for completion in 2027, was eagerly 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, chaired by Sheikh Tahnoon bin Zayed al-Nahyan, one of the most powerful men in the United Arab Emirates.
British Land and GIC will each retain 25 percent ownership of the tower through their Broadgate joint venture.
