The company inked a binding agreement for the acquisition of 100% share of Excelsior Hotel Enterprises Limited, with the aim of transferring the famous LABS Tower of Nicosia to its portfolio, while at the same time unveiled plans to enhance its cooperation strategy with Globe Invest , the single-family office of Mr. Teddy Sagi, the current owner of the building and the LABS co-working brand.
This is also the first move made by the domestic REIC after the establishment of a subsidiary company under the name Trastor Participations and with an initial share capital of €33 million at the beginning of the summer.
The landmark mixed-use office and residential property, designed by Eraclis Papachristou Architects, is 90 meters high, has 22 floors and 3 underground levels of parking, and a total area of 14,102sqm. The offices house the business activities of the Israeli tycoon, while the 18 high-end studios and an executive mansion with a swimming pool on the 21st and 22nd floors meet the needs of the company's representatives visiting Cyprus on business.
Teddy Sagi is an Israeli billionaire businessman based in London and Dubai. Sagi is the founder of gambling software company Playtech, cybersecurity company Kape Technologies (owner of ExpressVPN) and owner of London's legendary Camden Market. His personal fortune is estimated at $5.7 billion, with interests in real estate, gaming software, payment processing and digital advertising
The acquisition is subject to the fulfillment of specific conditions precedent outlined in the share purchase agreement while the purchase price will be determined based on the net asset value (NAV) of Excelsior Hotel Enterprises Limited at the time of closing, as specified in the agreement.
Mr. Tassos Kazinos, Chief Executive Officer of Trastor REIC, stated,
"Trastor marks its inaugural geographic expansion since its inception by acquiring one of Cyprus' most
iconic towers. This landmark investment propels us into a stable, growing economy with robust real
estate fundamentals, diversifying our portfolio and significantly enhancing our scale. By acquiring this
trophy asset, with a guaranteed stable cash flow for at least the next five years, we unlock embedded
growth while strategically positioning our company to enter the co-working and serviced apartment
sectors, managed by LABS, a world-class platform. This transaction showcases Trastor's expertise in
originating, structuring, and executing multifaceted real estate deals. We look forward to deepening
our strategic partnership with Globe Invest, the single-family office of Mr. Teddy Sagi, the current
ultimate owner of the building and of the LABS co-working brand."
