An Israeli billionaire and gambling tycoon has paid up to £90m for a second chunk of one of London’s most famous market sites.
In March, Teddy Sagi bought Camden Stables Market, on Chalk Farm Road, for £400m. He has now acquired Camden Lock Market for a figure reportedly between £70m and £90m. The overall market site is made up of six themed sections and the businessman effectively controls a third of the market.
Sagi — whose company Stanley Sidings Ltd operates Camden Market Holdings Corp (CMHC) — also owns a third canal-side market at nearby Hawley Wharf. That site already has planning permission for a £300m redevelopment scheme that would include 170 homes, an upgraded market area, an art-house cinema and a school. Building work will start in January.
His two latest purchases were acquired from the Brockton Capital Fund, which has owned the market for the past 40 years and brings Sagi’s land holding in the area to 12.5 acres.
“We are delighted to have purchased Camden Lock Market,” said Mark Alper, CMHC’s UK group property director. “We are not just gaining an iconic market, but a world renowned brand and great traders, retailers and management team”
London’s Camden Market is the capital’s original arts and crafts market and was established in 1972. Covering 1.25 acres it houses around 300 traders in 50 stores, 20 galleries and five food halls.
“Our aim now is to look at the long term regeneration of all six market sections whilst taking an holistic approach to Camden Town as a whole.” Alper added.
“We intend to continue the current planning process for Camden Lock Market as part of our long-term plans and extensive investment in the town centre.” He confirmed the completed regeneration project could cost as much as £1.7bn.
Founded by members of the Fulford family, the Urban Market Company has managed Camden market since the very first craft stalls were set up – establishing the much-copied concept of the Camden “brand”. Ownership of all the market sites then passed to Brockton Capital, a Fulford family investment fund.
A statement issued by Brockton Capital said: “Over the last three years we have greatly improved the appearance, operation, management and food and beverage offer at Camden Lock Market, resulting in a market which appeals to local people and visitors alike.”
“We are pleased to be passing on the market to our neighbours, so that they can take forward a genuinely holistic approach to Camden Lock, Hawley Wharf and Stables Markets and we are delighted that they will take on the highly regarded management team as well.”
Born in Tel Aviv in 1972 Sagi built his fortune on the back of Playtech, a gaming software development venture he founded in 1999. The company provides software for online casinos, poker rooms, bingo games, sports betting, live dealer games and fixed-odd internet arcade games. It was floated early in 2006 on the London Stock Exchange at a price that valued the business at approximately £550m.
