Israeli billionaire Teddy Sagi is expanding his real estate activities beyond the UK and Europe to the US. Sagi is partnering with The Related Group, and BH Group to build an exclusive real estate project in downtown West Palm Beach, Florida at an overall investment of $500 million. West Palm Beach is considered one of the most exclusive areas in the city and is the biggest and most populated in the Palm Beach district in Florida.
The project called Transit Village will cover 10 acres and will include 150,000 square meters of offices and retail commercial space and residential real estate. Transit Village is located less than 5 kilometers from Palm Beach international airport, and also has direct access to the city's central railway station and central bus station as well as the international airports of Fort Lauderdale and Miami.
Sagi will make the investment through Globe Invest, his family office and investments arm, which is separate from LabTech, the holding company, which manages his real estate in the UK and Europe. According to "Forbes" ranking, Sagi has $5.6 billion in wealth, with most of his capital in exclusive real estate assets in Central London. LabTech has focused in recent years on developing activities in the Camden district of London, ranging from developing commercial real estate through to residential real estate and including entertainment and leisure complexes.
Sagi's first real estate investment in the US is part of his strategy to expand his real estate activities beyond Britain and Europe, and his assessment that real estate investments in the Southeast US have become attractive.
Sagi's partners in the project are: The Related Group real estate group, which was founded 42 years ago by Jorge Perez (72), an Argentinean-American real estate developer, and his minority partner Stephen Ross. "Forbes' estimates Perez's wealth at $1.7 billion; and the BH Group, and the developer Michael Masanoff.
The three partners were brought together by Avison Young real estate consultancy and agents, which mainly operates in the US.
Published by Globes, Israel business news - en.globes.co.il - on November 10, 2021.
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