Teddy Sagi’s Labtech co-working operation has invested £300m to buy Victoria
House on Bloomsbury Square
in Holborn, London.
Sagi is the founder of gambling
software development company Playtech but through his Labtech Investments business
is an increasingly significant investor in London commercial property. Labtech owns and
operates much of Camden Market plus a number of co-working spaces in Camden and Holborn. The
latest acquisition takes the value of Labtech’s property portfolio to around
Labtech has not provided detailed plans for what it intends to do with the 300,000 sq ft Victoria House as yet but the City AM report says that it intends to refurbish the property and extend its hall and events facilities. The imposing Victoria House houses the Bloomsbury Ballroom function venue which hosts weddings, parties, conferences and corporate events.
When it comes to the fast
expanding co-working sector, it is usually WeWork that grabs the headlines.
However, this transaction shows that there are other operators expanding into
this space and that some of them have a very different take on the opportunity.