LabTech, owned by the Teddy Sagi Group, is selling the Victoria House in London for around £ 430 million. The buyer is Oxford, a Canadian real estate group.
The Teddy Sagi Group purchased the building in December 2018 for about £ 300 million and carried out a massive renovation. It is now sweeping from the sale a capital gain of about £ 130 million, not including rent from the deal (about NIS 400 million depending on exchange rates). At the time of purchase and sale).
Victoria House in London / Photo: State ERiken
The Victoria House was built 100 years ago in the Holborn neighborhood of central London, and covers an area of about 30,000 square meters built, and includes 9 office floors and a basement.
LabTech was established in April 2018 and it coordinates all of the Sagi Group’s real estate activities in London and most of the real estate that the group has acquired in recent years. The company’s total asset portfolio is estimated at more than £ 3 billion. Among LabTech’s well-known assets can be found Camden Market, which includes shops, art and antique galleries and various businesses and is considered one of the best-known tourist sites in London.
Elon Garfunkel, CEO of LabTech, said: “LabTech is a dynamic company that consistently revalues its asset portfolio to ensure it maximizes every opportunity. We are currently looking for new investment opportunities in the UK market. “
The company said that LabTech will continue to operate its own work complex in Victoria House, under the LABS brand, which covers an area of 7,000 square meters.