Labtech, the property investment firm owned by billionaire businessman Teddy Sagi, has completed the sale of Holborn Links Estate, which includes the historic Sicilian Avenue, for £245m.
Investors Tristan Capital Partners and Cording Real Estate Group have bought the West End office and retail portfolio to capitalise on the opening of Crossrail stations at Tottenham Court Road and Farringdon, scheduled for later this year.
The estate includes a number of Grade II listed buildings, including Sicilian Avenue, and houses 50 tenants across a range of sectors.
Sagi founded gaming software firm Playtech before shifting his focus to London’s commercial property market.
Cording head of UK investment Mark Millar said: “The Crossrail London railway network is expected to bring an additional 1.5m people within a 45-minute commuting distance of the capital once it opens in the final quarter of this year, creating a ‘halo effect’ around the new stations that will strongly benefit the Holborn area.
“Our refurbishment plans will also make a large contribution to the evolution of the Holborn Links Estate as a high-quality location that will attract a range of office and retail occupiers.”
Labtech will retain and redevelop the Selkirk House property that sits within the estate.
Labtech chief executive Yaron Shahar added: “We are in an exciting growth phase and Labtech continues to look for strategic acquisitions in London and across the globe, enabled by our experienced management team and Labtech’s clear investment philosophy.”
Knight Frank acted for Tristan and Cording, and Cushman & Wakefield acted on behalf of Labtech Investments.