Greek investment company Trastor REIC acquires Teddy Sagi’s Labs Tower

Globe Invest, the exclusive family office of Israeli businessman Teddy Sagi, announced that its wholly owned subsidiary, Whitestreet Investments, has entered into a binding agreement for the sale of Excelsior Hotel Enterprises, owner and operator of the iconic Labs Tower in Nicosia.

According to the announcement, Globe Invest directly approached Trastor REIC to explore the possibility of establishing a strategic partnership in the real estate sector; thus contributing towards bringing one of the most prominent real estate investment groups of Greece to the Cypriot market with its acquisition of Excelsior.

Trastor REIC is a major player in the Greek real estate market with a portfolio of 60 high-quality assets valued at over half a billion euros. Trastor REIC is listed on the Athens Stock Exchange with Piraeus Bank as its major shareholder.

The acquisition of Excelsior by Trastor also signifies Trastor's expansion into the co-working space sector, a niche expertly developed and managed by the Teddy Sagi Group. Globe Invest will continue to manage the Labs Tower, paving the way for a broader potential collaboration between Trastor and the Teddy Sagi Group’s real estate division.

Globe Invest oversees a $2.5b portfolio of real estate spanning prime locations such as London, Miami, New York, Dubai, Madrid, Bucharest, Nicosia and Limassol.

Marios Hadjiyiannakis, Chief Executive Officer of Globe Invest, stated: "Globe Invest is thrilled to have forged this partnership with Trastor REIC. This transaction underscores our commitment to cultivating relationships with esteemed institutional investors and signals the beginning of a potentially mutually beneficial collaboration. We are delighted that we are also attracting to Nicosia and Cyprus at large one of the most eminent real estate investors of our region, contributing significantly to the local investment and business landscape."