Teddy Sagi's Labtech sells Holborn Links Estate for £245m
Labtech, the property investment firm owned by billionaire
businessman Teddy Sagi, has completed the sale of Holborn Links Estate, which
includes the historic Sicilian Avenue, for £245m.
Investors Tristan Capital Partners and Cording Real Estate
Group have bought the West End office and retail portfolio to capitalise on the
opening of Crossrail stations at Tottenham Court Road and Farringdon, scheduled
for later this year.
Read more: Billionaire businessman Teddy Sagi buys Grade
II-listed Holborn building for £300m
The estate includes a number of Grade II listed buildings,
including Sicilian Avenue, and houses 50 tenants across a range of sectors.
Sagi founded gaming software firm Playtech before shifting
his focus to London’s commercial property market.
Cording head of UK investment Mark Millar said: “The
Crossrail London railway network is expected to bring an additional 1.5m people
within a 45-minute commuting distance of the capital once it opens in the final
quarter of this year, creating a ‘halo effect’ around the new stations that
will strongly benefit the Holborn area.
“Our refurbishment plans will also make a large contribution
to the evolution of the Holborn Links Estate as a high-quality location that
will attract a range of office and retail occupiers.”
Labtech will retain and redevelop the Selkirk House property
that sits within the estate.
Labtech chief executive Yaron Shahar added: “We are in an
exciting growth phase and Labtech continues to look for strategic acquisitions
in London and across the globe, enabled by our experienced management team and
Labtech’s clear investment philosophy.”
Knight Frank acted for Tristan and Cording, and Cushman
& Wakefield acted on behalf of Labtech Investments.
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