Sagi sells London Holborn property for £180m

The Teddy Sagi Group has sold the last property under its ownership in the Holborn area of ​​central London. Teddy Sagi Group’s LabTech has sold the office building at 90 High Holborn for £180m, completing the sale of all six properties in Holborn. The current deal was the largest office property deal in London in 2024 so far.

Saji began investing in the Holborn area in recent years and has owned a number of properties for between two and four years. Taking into account all six acquisitions completed by Sagi, LabTech has recorded total capital gains of around $500m (£385m) from sales over the past two years.

Located in central London, Holborn is one of the most prestigious areas of the UK capital. Part of Holborn is in the City of Westminster, part in Camden (where Sage owns Camden Market) and part in the City of London. In addition to 90 High Holborn, the other five properties that Sage has bought and sold in the area over a period of nearly 10 years are: Holborn Link, Victoria House, Labs House (Sage’s chain of shared office spaces), Herbrand Street and Herbrand Street. Selkirk House. The building, which has now been sold to British investment firm Greycoat, includes 17,000 square meters of office space.

One of the notable tenants at 90 High Holborn is the Labs chain itself, which will continue to operate in the building. The chain currently has nine branches in London and provides shared office space to more than 6,000 people across 350 companies of all sizes. The chain’s occupancy rate currently stands at more than 90%. Other properties sold by the Sagi Group include Holborn Links, Victoria House, Travelodge and more.

Sage will leave Holborn completely and will continue to pursue other investment opportunities in London. Sagi’s company, LabTech, specializes in acquisition opportunities, developing purchased properties and managing them until they are sold. The company is actively seeking new acquisition opportunities as well as new partnerships in London, with the aim of maintaining and expanding its influence in the property market in the UK capital.

“The sale of 90 High Holborn is a significant milestone in our strategy to acquire and transition into commercial properties – particularly properties with strong location fundamentals, the ability to create added value for their tenants and high occupancy rates,” said LabTech CEO Elon Garfunkel.

Published by Globes, Israel Business News – en.globes.co.il – on November 3, 2024.

© Copyright Globes Publisher Itonut (1983) Ltd., 2024.