Teddy Sagi buys Camden Stables Market for £400m

Sagi bought the popular London market from Bebo Kobo and his British partners.

Playtech Cyprus Ltd. (LSE:PTEC) controlling shareholder Teddy Sagi is placing his next bet - London's popular Camden Stables Market. He acquired 50% in the property from Israeli tycoon Bebo Kobo, the partner of model Miri Bohadana, and 25% each from developer Chelsfield and restaurant tycoon Richard Caring, for £400 million (NIS 2.4 billion). The deal includes Hawley Wharf, which is zoned for 170 homes, a school and an arthouse cinema.

Sagi said, "Kobo invested heavily in developing the project over the years, and turned the area into one of London and the world's premier tourism and entertainment venues. He spent years in finding and choosing the right buyer. I thank him for choosing me to continue this important project. We believe that Camden Stables Market has huge tourism and business potential.

"The Sunday Times" reported, "The partnership between Kobo, Chelsfield and Caring was said to have become 'fragmented' and Kobo started looking for a new investor 18 months ago to help develop Hawley Wharf."

The Camden Stables Market occupies the site of a former stables and equine hospital dating to the 19th century. Its 700 stalls attract 40 million visitors each year.

Earlier this month Sagi raised £325 million by selling a 15% stake in Playtech, and he is also about to float online clearing solutions company SafeCharge on London's AIM market, hoping to raise £60 million at a company valuation of £220 million.

Published by Globes [online], Israel business news - www.globes-online.com - on March 16, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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