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.

The estate includes a number of Grade II listed buildings 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.

Mark Millar, head of UK investment at Cording Real Estate, said: "The Crossrail 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."

Labtech will retain and redevelop the Selkirk House property that sits within the estate.

(c) 2020 City A.M., source Newspaper