Greycoat acquires LabTech’s 90 High Holborn

Investor Greycoat has acquired LabTech’s 90 High Holborn, WC1, for £180m in one of the biggest office transactions of the year. The sale of the 183,000 sq ft block is the most recent in a series of transactions in Holborn by LabTech, the property developer owned by Israeli billionaire Teddy Sagi, which has delivered profit of more than £385m over the past five years. LabTech’s other notable transactions in this period include the sale of Holborn Links Estate, WC1 and WC2, for £245m in 2020 to Curzon Capital Partners’ 5 LL fund and Cording Real Estate Group, Victoria House, WC1, in 2022 for £430m to Oxford Properties, and 7-11 Herbrand Street, WC1, to Life Science REIT for £85m also in 2022. Eylon Garfunkel, chief executive of LabTech, said: “The sale represents a key milestone in our strategy to acquire and transform commercial assets with strong fundamentals in terms of location, ability to add value and high occupancy rates.” A spokesperson for the company added: “Teddy Sagi and LabTech will continue to explore further opportunities, actively seeking new acquisitions and partnerships within London to maintain and expand their impact on the capital’s property landscape.” The deal adds to Greycoat’s growing portfolio, following acquisitions from Legal & General earlier this year. It recently bought 55 Strand, WC2, at an 8% yield in September for about £24m, following a deal to buy 120 Aldersgate Street, EC1, in May for £23m at a yield of more than 10%.