LabTech, owned by Israeli businessman Teddy Sagi, has sold Victoria House in London to Canadian company Oxford for £430 million.
Teddy Sagi Group bought Victoria House in December 2018 for £300 million and undertook a comprehensive renovation of the building. LabTech has made a £130 million profit on the building not including the rent collected from the property (about NIS 400 million according to the exchange rate between the purchase and the sell).
Victoria House was built 100 years ago in Bloomsbury Square, Holborn and has 30,000 square meters of space on nine floors.
LabTech was founded in April 2018 and coordinates all the real estate activities of the Sagi Group in London, which comprises most of the real estate purchased by the Group in recent years. Among the well-known real estate owned and managed by LabTech is Camden Market, which includes stores, art and antiques galleries and other businesses in one of London's most popular tourist attractions.
LabTech CEO Eylon Garfunkel said, "LabTech is a dynamic company, which consistently reappraises its property portfolio in order to ensure that it is maximizing opportunities. We are currently seeking new investment opportunities in the UK market."
LabTech added that it would continue to operate its 7,000 square meters Labs co-working space offices in Victoria House.
Published by Globes, Israel business news - en.globes.co.il - on January 27, 2022.
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