£ 85 million: Teddy Sagi's new exit
Sagi is selling an iconic building in London for £ 85 million. The building was bought in 2016 by LabTech, the company that coordinates the real estate activities of the Israeli billionaire, for £ 56 million
Walla!
Real Estate
11/05/2022
Wednesday, 11 May 2022, 10:01
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Teddy Sagi continues to leverage his extensive real estate business in London, completing the sale of another property at a handsome profit: LabTech, the company that coordinates all of Sagi's real estate business in London, has completed the sale of the iconic building located at 7-11 Herbrand Street.
The building was sold to the Reit Foundation, which specializes in real estate assets for life sciences companies for £ 85 million after being purchased in 2016 for £ 56 million (a total return of 40% -50% within 6 years weighted by renovation costs).
The building, built using the method Art Deco, covers an area of about 6,200 square meters and is currently used as the head offices of a leading British fintech company.
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The building sold (Photo: Yachz)
"When we acquired the building in early 2016, we turned it into a contemporary office building for a leading British fintech company, and now we believe this is the right time to take advantage of the shortage of similar real estate properties in central London and sell it," said Robert Ackerman, chief investment officer at LabTech.
Elon Garfunkel, CEO of LabTech, added: "LabTech is a dynamic company that consistently revalues its asset portfolio to ensure it maximizes every investment opportunity. We are now looking for new investment opportunities in the UK market."
Simon Farnsworth, an investment adviser to the Reit Fund that purchased the building, noted: "We are pleased to have been able to make such an important acquisition for the fund. Intended for the life sciences industry. "
Labtech coordinates all of the Sagi Group's real estate activities in London and most of the real estate the group has acquired in recent years.
Labtech combines the management and operation of activities of shopping and cultural complexes, the management of office buildings and a network of joint work complexes (under the LABS brand), the management of event complexes, and the operation of an array of residential and hospitality apartments.
The company's total asset portfolio is estimated at over £ 2 billion.
Among LabTech's well-known assets is Camden Market, considered one of London's leading tourist sites with around 40 million visitors annually. The site, considered a London icon in the music and fashion field, Includes shops, art galleries and antiques and various businesses. In recent years, the area has become a center of attraction for technology giants such as Google and start-ups
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