Israeli billionaire Teddy Sagi has put Camden Market up for sale, "The Financial Times" reports. Sagi is asking £1.3 billion for the popular London tourist attraction, the UK paper adds, "according to two people with knowledge of the deal." The historic site, covering 16 acres, includes market stalls, bars, entertainment venues, housing and offices.
Camden Market is owned by Sagi through his portfolio company LabTech, which has hired financial advisor Rothschild & Co. to initiate the sales process, "The Financial Times" says. Globe Invest, Sagi's family office and investment vehicle and LabTech did not respond to a request for comment from the FT and Rothschild declined to comment.
In 2019, Camden Market, which includes Stables Market, Camden Lock and Buck Street Market, attracted an estimated 30 million visitors.
Sagi began buying Camden Market in 2014 when he bought Stables Market from property developer Chelsfield and restauranteur Richard Caring for £400 million. He subsequently bought Camden Lock Market for a sum believed to be between £70 and 90 million.
Sagi reportedly put Camden Market up for sale in 2019 and even received a bid of about £1 billion but the process was halted due to the outbreak of the Covid pandemic. "The Financial Times" cites a sales brochure from 2019 about "Project Lock," which estimates that the estate could generate over £72 million annually in rent.
Published by Globes, Israel business news - en.globes.co.il - on June 3, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.