Israeli billionaire Teddy Sagi’s investment company LabTech will double its property portfolio to 4m square feet over the next three years to build high-end co-working spaces that will compete with those run by US office space start-up WeWork.
LabTech, which already has a £3bn UK property portfolio, will seek to raise capital from investors before the end of the year to expand in London and launch in cities including Paris, Berlin and Amsterdam, according to chief executive Chen Moravsky.
He said the company, which owns London’s Camden Market as well as buildings in the city’s King’s Cross and Holborn districts, would complete two new acquisitions within weeks.
