Globe Invest, the exclusive family office of Israeli businessman Teddy Sagi, has announced that its wholly owned subsidiary, Whitestreet Investments, has finalized a binding agreement to sell Excelsior Hotel Enterprises, which owns and operates the iconic Labs Tower in Nicosia.

The announcement mentioned that Globe Invest directly approached Trastor REIC to explore the possibility of forming a strategic partnership in the real estate sector. This move aims to bring one of Greece’s leading real estate investment groups into the Cypriot market through the acquisition of Excelsior.

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

This acquisition marks Trastor's entry into the co-working space sector, an area that has been expertly developed and managed by the Teddy Sagi Group. Globe Invest will continue managing the Labs Tower, potentially paving the way for further collaboration between Trastor and the real estate division of the Teddy Sagi Group.

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