Israeli billionaire Teddy Sagi has bought another part of Camden Markets for an estimated £70-90 million. In March, Sagi bought Camden Stables Market for £400 million. The London market is made up of six sections and now Sagi owns the two largest sections of Camden Market, also collectively known as Camden Lock Market.
The section Sagi is buying now is also called Camden Lock Market (as is the entire market complex of six parts). Sagi is purchasing the market from the Fulford family's Brockton Capital Fund, which has owned the market for the past 40 years.
After the purchase, Sagi will own land covering 12.5 acres. The market he has now bought covers 1.25 acres and includes about 300 traders in 50 stores, 20 galleries and five food halls.
Sagi said, "We are happy to buy Camden Lock that was a missing part of the puzzle on the way to creating a global brand. The purchase allows us to move forward more swiftly with developing the real estate and the unique electronic commerce that we are preparing and will make the huge potential of the place stronger."
The total value of the project after its completion is expected to reach £1.7 billion.
Internet gambling platform developer Playtech Cyprus Ltd. (LSE:PTEC) controlling shareholder Teddy Sagi has been highly active in London over the past year with two IPOs in London - SafeCharge International Group plc (AIM: SAFE), which provides online clearing and antifraud solutions, and most recently Crossrider Ltd. (AIM:CROS), which optimizes Internet surfing traffic as an analytical tool.
Published by Globes [online], Israel business news - www.globes-online.com - on October 12, 2014
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