Canadian group Oxford Properties has purchased a prime property in London's Bloomsbury Square for £430 mln (€518m) from Israeli-owned real estate investment firm LabTech.
Victoria House, which was built 100 years ago, comprises 30,000 m2 of space on nine floors.
The multi-let property was acquired by Israeli businessman Teddy Sagi in 2018 for just £300 mln. LabTech has also cashed in over €100 mln in rent in the last four years, according to persons connected to the deal.
LabTech said it had signed a leaseback element to the deal, and would continue to operate some 7,000 m2 within the building, which it uses as a Labs co-working space.
Commented LabTech CEO, Eylon Garfunkel: 'LabTech is a dynamic company, which consistently reappraises its property portfolio in order to ensure that it is maximising opportunities. We are currently seeking new investment opportunities in the UK market.'
LabTech retains extensive property holdings in London, including an extensive part of Camden Market.
