Globe Invest Limited (“Globe Invest”), owned by Teddy Sagi, has announced that it has entered into a binding agreement to sell its subsidiary Excelsior Hotel Enterprises Limited (“Excelsior”), which owns and operates the renowned Labs Tower business centre in Nicosia, to Whitestreet Investments Limited.
This deal opens the possibility of entering the Cyprus market for one of the largest investment groups in Greece – Trastor, which specializes in real estate investments and owns 60 properties with a total value of over 500 million euros. Trastor is listed on the Athens Stock Exchange, and its main shareholder is Piraeus Bank.
The acquisition of Excelsior allows Trastor to enter the coworking market, where Teddy Sagi is already a successful leader. Globe Invest will continue to manage Labs Tower, which creates the basis for a long-term partnership between Globe Invest and Trastor in the field of property management.
Globe Invest manages a property portfolio worth approximately $2.5 billion, including properties in cities such as London, Miami, New York, Dubai, Madrid, Bucharest, Nicosia and Limassol.
Globe Invest CEO Marios Hadjiannakis stressed that the deal with Trastor reflects the company’s strategy to establish partnerships with major institutional investors around the world and opens up opportunities for mutually beneficial cooperation. He expressed confidence that the presence of one of the leading Greek investors will contribute to attracting new capital and developing the investment environment in Nicosia and Cyprus in general.
