Teddy Sagi Group has sold the last property under its ownership in the Central London district of Holborn. Teddy Sagi Group’s LabTech has sold the office building at 90 High Holborn for £180 million, and has thus completed the sale of all six properties in Holborn. The current deal was the biggest office real estate deal in London in 2024 so far.
Sagi began investing in the district of Holborn in recent years and held a number of properties for between two to four years. In taking into account all six acquisitions that Sagi completed, LabTech recorded overall capital gains of about $500 million (£385 million) from the sales over the past two years.
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Holborn is in Central London, and is one of the most prestigious districts in the UK capital. Part of Holborn is in the City of Westminster, part in Camden (where Sagi owns Camden Market) and part is in the City of London. As well as 90 High Holborn, the other five properties that Sagi bought and sold in the district over a period of nearly 10 years are: Holborn Link, Victoria House, Labs House (Sagi’s co-working office space chain), Herbrand Street, and Selkirk House. The building that was currently sold to UK investment company Greycoat, encompasses 17,000 square meters of office space.
One of the prominent tenants in 90 High Holborn is the Labs chain itself, which will continue to operate in the building. The chain currently includes nine branches in London and provides co-working office space for over 6,000 people in 350 businesses of all sizes. The occupancy rate of the chain is currently more than 90%. Other properties that the Sagi Group has sold include Holborn Links, Victoria House, Travelodge, and more.
Sagi is leaving Holborn completely and will continue to locate other investment opportunities in London. LabTech, which Sagi owns, specializes in acquisition opportunities, developing the properties that are purchased and managing them until they are sold. The company is actively looking for new acquisition opportunities as well as new partnerships in London, with the aim of maintaining and expanding its impact on the real estate market in the UK capital.
LabTech CEO Eylon Garfunkel said, “The sale of 90 High Holborn is a milestone in our strategy to buy and undertake a transformation to commercial real estate – in particular real estate that has the strong foundations of location, the ability to create added value for its tenants, and high rates of occupancy.”
Published by Globes, Israel business news – en.globes.co.il – on November 3, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
