Billionaire Teddy Sagi‘s new company LabTech has made its first acquisition on Tuesday in London real estate. The company has acquired a £200 million building in central London – 90 High Holborn, Israeli Newspaper The Marker first report.
The 20,000 square meters building currently houses offices and companies employing 3,671 workers.
This building, which was built in the 1950s and renovated in 2002, will serve as the basis for the companies LABS network, in which the group plans to expand its joint workspace network. The remaining areas will be leased.
This deal joins a series of purchases made by the Sagi Group in the city, to a significant extent – most of them in the Holborn area, one of the city’s main business areas.
About a year and a half ago, Sagi acquired Holborn Links in the center of London in a deal estimated at £300 million. The huge complex, bordering the Covent Garden market, is adjacent to Soho and Oxford Street, with 34 buildings with a total area of about 43,000 square meters (16 dunams).
After this deal, Sagi continued to acquire several additional buildings in the area.
LabTech is dealing with Teddy Sagi’s real estate activities in London. The property portfolio includes the entire Camden Market complex, estimated to have about 40 million visitors each year and for which he has reportedly paid more than £1 billion in various deals. Sagi also owns dozens of commercial buildings, most of them in the Holborn area.
LabTech currently operates five compounds in London (three of them in Camden Market), along with another complex on the top five floors of Azrieli Sharona in Tel Aviv.
The new company also owns a number of technology companies that support Sagi’s real estate activities in London.