Israeli billionaire Teddy Sagi is building what would be the second tallest building in the Cypriot capital, Nicosia, local news outlet the Cyprus Mail reported earlier today.
The 90-meter, 22-story luxury high-rise is expected to be completed in 2020, it also emerged. Labs Tower, as the project is dubbed, will be located in the heart of Nicosia and will be home to the Teddy Sagi Group’s offices in Cyprus. Aside from office space, the tower will also feature accommodation for company employees, food and beverage outlets, a fitness center, conference rooms, an executive floor and a swimming pool on its top floors.
Once completed, Labs Tower will be the second tallest building in the Cypriot capital, behind 360 Nicosia, which is too currently under development and will soar at 135 meters.
Mr. Sagi has tapped Cypriot architect Eraclis Papachristou and local construction company Zemco for the massive development project. According to reports from local media outlets, construction of the tower will cost around €25 million, while the total cost including equipment is expected to exceed €50 million.
With estimated personal wealth of $3.9 billion, Mr. Sagi is among Israel’s richest men. In 2009, he obtained a Cypriot citizenship under the island nation’s golden visa investment program. Since then, he is believed to have been splitting his time between Cyprus and London.
Mr. Sagi is probably best known for being the founder of gambling tech giant Playtech. The company was founded in 1999 and has since then amassed a large client base that includes some of the gambling industry’s largest operators.
The past few years saw the Israeli businessman offload his shares in Playtech bit by bit until he sold one final chunk in November 2018. Mr. Sagi parted his ways with the company he had established saying that he wished Playtech “every success in the future.”
The billionaire’s departure from the gambling technology provider was believed to have been prompted by growing investor pressure. Last year, US activist investor Jason Ader of SpringOwl Asset Management wrote a letter to Playtech’s directors to express concerns about Mr. Sagi’s involvement into the company’s day-to-day operations.
Mr. Ader’s letter read that the Israeli businessman’s “colorful past” had a negative impact on Playtech’s value and its plans to expand into the US gambling market.
Mr. Sagi recycled the proceeds from selling Playtech shares into buying London’s Camden Market, among other entities. The businessman first invested in Camden Market in 2014; companies owned by him gradually bought the entire marketplace, which aside from its vibrant markets, diverse dining options, and eclectic music scene, has also become a popular technology hub in recent years.
Mr. Sagi’s business ventures also include payment processing company SafeCharge International Group, which he co-founded in 2006 with its current CEO, David Avgi. News emerged last month that US payments technology firm Nuvei Corp. has made a $889 million cash offer for SafeCharge Mr. Sagi holds a 68.30% stake in the company.
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