Billionaire businessman Teddy Sagi buys Grade II-listed Holborn building for £300m
Billionaire businessman Teddy Sagi has bought a Grade II listed building in Holborn for £300m through his co-working investment vehicle Labtech.
The 300,000 sq ft Victoria House, a neoclassical building constructed in the 1920s, is Labtech’s largest acquisition to date and brings the total value of its property portfolio to around £3bn.
Read more: Belgravia’s billionaire strip: London’s new hotspot has £1.4bn property pipeline
Israeli-born Sagi founded gaming software firm Playtech before shifting his focus to London’s commercial property market.
The developer said it plans to refurbish the building while “preserving its character, charm and heritage”. As part of the redevelopment, Labtect will extend the building’s hall and events facilities.
Labtech has also acquired events company Location House, which will be rebranded as Host, to manage events in the building, including in the Bloomsbury Ballroom.
As well as owning and operating Camden Market, the company owns a network of co-working spaces in Holborn, and has property in Kings Cross and east London.
Yaron Sahar, Labtech chief executive, said: “Victoria House is an iconic London landmark and its purchase completes the Holborn Campus.
“Labtech will deliver a series of large-scale developments over the coming months and is now well positioned to be a strong contender in the retail and property industry globally.
Read more: Integrity International Group buys iconic TfL building for £122m
“The acquisition of the Location House events management business enables us to create destination led experiences and events that harmonise with our other services across our portfolio”.
Main image credit: Labtech