Two “iconic” high-rise towers are to be built in the City of London following the formation of an international joint venture (JV).

Real estate investor, Broadgate REIT, is partnering with Abu Dhabi-based holding company, Modon, to deliver 2 Finsbury Avenue, a 750,000 sq. ft development at Broadgate.
Inside the deal: Development and asset manager, British Land, and Singaporean sovereign wealth fund, GIC, will each retain a 25 per cent stake in the “landmark” building through their equal ownership of Broadgate REIT, while Modon will own 50 per cent.
2 Finsbury Avenue will comprise dual high-rise towers – the 36-storey East Tower and the 21-storey West Tower – and a 12-storey podium building linking the two via a 7,000 sq. ft winter garden.
Green spaces, leisure facilities and publicly accessible areas are also planned.
Construction is already underway with Sir Robert McAlpine appointed as main contractor.
Once completed, in 2027, 2 Finsbury Avenue will be an all-electric and smart-enabled development.
“The development is due to complete in 2027, where there is forecast to be a significant imbalance between demand and supply for new and substantially refurbished space, particularly in the City, leading to strong rental growth at the top end of the market,” said Simon Carter, chief executive, British Land.
“The establishment of this new joint venture is a vote of confidence for both Broadgate and the City.”
Growth markets
British Land is also ploughing capital into the retail park development sector following a “particularly strong” market performance.
Since April last year, the development company has invested £711 million into retail park acquisitions, offloading hundreds of millions of pounds of non-core assets to pursue what it describes as ‘one of its preferred subsectors’.
“Since 2021 we have increased our exposure to retail parks from 15 per cent of the portfolio to 32 per cent today,” said Carter last year.
“This conviction is paying off, with retailers competing for cost-efficient out-of-town space to support their online operations.
“This is leading to strong rental growth and valuation uplifts which are outperforming all other subsectors.”
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