LabTech agrees deal to sell Victoria House

LabTech has agreed the sale of the 300,000 sq ft Grade-II listed landmark, Victoria House, WC1, to a leading global real estate investor in a transaction valued in excess of £420m. Robert Akkermann, Chief Investment Officer of LabTech, says: “We acquired this building with the vision to transform the iconic landmark into one of the largest and most impressive workplaces in central London. We now believe that it is the optimal time to take advantage of the lack of supply of similar assets in the city.”

Eylon Garfunkel, Chief Executive Officer of LabTech, added: “LabTech is a dynamic organization that is constantly reappraising its portfolio to ensure it maximises every opportunity and we are currently looking for new investment opportunities in the UK market.” LabTech’s leading flexible workplace provider LABS will continue to operate 70,000 sq ft in Victoria House for its enterprise clients.

LabTech is an international real estate investor and developer, with circa 20 acres of real estate in central London, including Camden Market and the recently opened Camden Market Hawley Wharf mixed-use development in Camden. Victoria House was acquired by LabTech in 2018 for £300m.