British luxury property developer Nick Candy is seeking to set ‘new benchmarks’ with his brand of ultra-luxury real estate in the UAE with a just announced joint venture with Abu Dhabi-based Modon Holding.
His private investment firm Candy Capital‘s partnership with Modon Holding, one of the largest real estate developers in the Middle East, will focus on developing a portfolio of high-end property projects across key cities in the region, with a view to expanding globally.
[See also: The challenge of ‘consumer duty’]
This is not Candy’s Capital’s first footprint in the Middle East. Earlier this year it was announced Candy Capital had teamed up with the Dubai World Trade Centre (DWTC) as part of a collaboration aimed at developing ultra-luxury real estate projects in the emirate, including a branded residences project, hotels and commercial space.
Creative vision
Candy has earned a reputation as a key figure in the global high-end property market and this latest partnership seeks to capitalise on this expertise combined with Modon’s financial might and development capabilities.
Along with his brother Christian, Nick Candy founded Candy & Candy (now Candy Property) and became widely recognised in the early 2000s for developing some of London’s most prestigious properties, including the landmark One Hyde Park in Knightsbridge that redefined luxury property not only in Britain, but across the world.
[See also: The Roaring Twenties: Why London is in a ‘golden decade’ for super-prime property]
Content from our partners
The £140 million purchase of a penthouse in the development in 2014 was the highest price recorded in London at the time.
Beyond real estate, he has expanded his business ventures through Candy Capital, a private investment firm he co-founded, which invests in sectors like technology, media, and e-commerce.
‘New benchmarks’
In a statement, announcing the partnership with Moldon Holding, Candy, said: ‘This partnership reflects our commitment to redefining luxury living on a global scale. We look forward to creating iconic developments that will set new benchmarks in design and quality.’
H.E. Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, said the partnership marked ‘another milestone for Modon as we join forces with a leader in luxury real estate’.
[See also: How the UAE’s approach to tax is evolving]
Modon, based in Abu Dhabi, is one of the UAE’s largest real estate development companies, renowned for creating iconic projects that combine living, leisure, and business. Following a series of mergers, including the recent integration of Q Holding, Modon Properties, and ADNEC, the company is focused on expanding its presence both locally and internationally. As of June 2024, Modon reported a market capitalisation of AED 45.94 billion, representing a 114% growth year-on-year.
