Teddy Sagi’s Labtech Makes £300m Holborn Investment

Israeli-Cypriot billionaire 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 £3bn.

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.

Source City AM
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