{"id":100061,"date":"2025-01-27T00:00:00","date_gmt":"2025-01-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/modon-holding-acquires-50-stake-in-london-office-tower-under-new-jv-with-broadgate\/"},"modified":"2025-01-27T00:00:00","modified_gmt":"2025-01-27T00:00:00","slug":"modon-holding-acquires-50-stake-in-london-office-tower-under-new-jv-with-broadgate","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/27\/modon-holding-acquires-50-stake-in-london-office-tower-under-new-jv-with-broadgate\/","title":{"rendered":"Modon Holding acquires 50% stake in London office tower under new JV with Broadgate"},"content":{"rendered":"

M&A-<\/p>\n

#1- <\/strong>Modon Holding buys into London office tower under new JV with Broadgate: <\/strong>ADQ-backed developer Modon Holding<\/a> has acquired a 50% stake in London\u2019s skyscraper project 2 Finsbury Avenue<\/a> under a newly-formed 50-50 JV with Broadgate REIT<\/a>, which is owned by British property company British Land<\/a> and Singapore's GIC<\/a>, according to a joint press release (pdf)<\/a>. While the financial terms of the transaction were not disclosed, the move marks Modon\u2019s first venture into the UK real estate market. The story got ink from Bloomberg<\/a> and the Financial Times<\/a>. <\/p>\n

Project profile: <\/strong>The commercial and office-led skyscraper \u2014 which is set to be completed by 2027 \u2014 comprises two high-rise towers of 36 and 21 floors. Notably, next-gen capital market firms <\/span>Citadel<\/a> and <\/span>Citadel Securities<\/a> have pre-leased at least a third of the space, with options to expand up to half, significantly mitigating leasing risk.<\/span><\/p>\n

REMEMBER- <\/strong>The Abu Dhabi-based real estate developer has been making a global push, recently acquiring<\/a> Spanish real estate company La Zagaleta and inking an agreement in October to become the master developer on the USD 35 bn Ras El Hekma megaproject<\/a> in Egypt. Its subsidiary, Adnec\u2019s Excel London, also recently acquired London\u2019s BDCG Holdings,<\/a> which owns the Business Design Center venue in north London. <\/p>\n

\n

#2- <\/strong>Americana a<\/strong>cquires Pizza Hut Oman: <\/strong>Mena restaurant operator Americana Restaurants acquired the Pizza Hut brand in Oman from the Khimji Ramdas Group, it said in a statement (pdf)<\/a>. The transaction, whose value was not disclosed, added approximately USD 11 mn to Americana\u2019s 2024 top line, ramping up its ability to \u201ccapitalize on advanced digital capabilities, such as online ordering and personalized marketing, to meet evolving customer preferences.\u201d The transaction involves 46 Pizza Hut restaurants across the country. <\/p>\n

The acquisition is part of Americana\u2019s strategy to expand its regional footprint<\/strong>, particularly in the pizza segment, the statement reads. The company\u2019s Pizza Hut network now spans 450 locations across the region.<\/p>\n

REAL ESTATE-<\/p>\n

Rak Properties launches the first project of 2025\u2019s AED 5 bn pipeline: <\/strong>ADX-listed developer Rak Properties launched resort-style residential development Mirasol, the first in a AED 5 bn pipeline<\/a> of projects the company plans to launch this year, it said in a press release (pdf)<\/a>. Mirasol, which is part of the Mina master plan, will feature two towers that will house 339 units. The project offers studios, apartments, and duplexes and is scheduled for handover in 1H 2028.<\/p>\n

The project comes as part of the developer\u2019s Mina master plan<\/strong>, a 4 mn sqm area set along Ras Al Khaimah\u2019s coastline, which includes Raha Island, Hayat Island, and Lagoons. The development will feature 137 retail outlets spread across a 23k sqm of net leasable area, as well as luxury residences, a yacht club, a wharf, and a marina boulevard.<\/p>\n

LOGISTICS-<\/p>\n

DP World to launch cross-border payment with stablecoins:<\/strong> DP World is collaborating with global financial institutions and technology providers in the UAE, Singapore, India, and other key markets to introduce cross-border stablecoin transactions, according to a statement<\/a>. The move aims to address prolonged settlement times, restricted access to finance, and a lack of transparency in emerging markets such as Asia and Africa.<\/p>\n

BUSINESS-<\/p>\n

Rakez to expand business support services: <\/strong>Businesses registered in the Ras Al Khaimah Economic Zone (Rakez) will now have access to additional value-added services \u2014 including corporate bank account opening, corporate tax filing, and accounting and bookkeeping services \u2014 under a new MoU signed between Rakez and the Department of Economic Development of Ras Al Khaimah, according to a statement<\/a>.<\/p>\n

MANUFACTURING- <\/p>\n

Three new pharm<\/strong>a factories coming to Sharjah: <\/strong>Sharjah will see the establishment of three new pharma factories worth over USD 84 mn, with construction scheduled to wrap up next year, Wam<\/a> reports. The new factories \u2014 whose contracts were signed during the International Pharmacy and Medicine Conference at the Sharjah Research, Technology, and Innovation Park \u2014 will join an existing plant in the emirate.<\/p>\n

Here\u2019s the breakdown of the three factories:<\/strong><\/p>\n