Yahoo Finance Kings Cross property project backed by Teddy Sagi gets cash injection
Israeli property tycoon Teddy Sagi, who has chosen King’s Cross as his next area in London to invest in, on Monday secured funding to build flats and offices there.
The founder of gambling software business Playtech will create 140,000 square feet of new space on Camley Street, near St Pancras International. It will comprise 121 luxury apartments and co-working offices.
The entrepreneur has previously invested in a number of Camden’s markets, and buildings in Holborn.
In King’s Cross, Sagi’s firm The LabTech Group has secured a £72 million loan arranged by Investec Structured Property Finance. Part of the debt is from Israel’s largest bank HaPoalim.
Investec’s Simon Brooks called it a “substantial transaction”. Construction will complete in 2020.
Lenders and developers have increasingly been attracted to the former red light district, which has undergone a mega transformation led by property firm Argent. Companies such as Google, PRS for Music and Louis Vuitton have all opened offices there.
