Israeli billionaire and gambling tycoon buys Camden Lock Market
PUBLISHED: 12:43 14 October 2014 | UPDATED: 12:53 14 October 2014
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An Israeli billionaire has completed a takeover of Camden's main market places after buying up Camden Lock Market in a deal thought to be worth between £70 and £90million.
Teddy Sagi, a property tycoon and technology entrepreneur who has made hundreds of millions from the gambling industry, was announced the new owner of the world-renowned market on Friday just months after investing £400million in a separate deal in Camden.
It was sold by former owner and real estate fund Brockton Capital to Mr Sagi’s company Stanley Sidings Ltd, which runs Camden Market Holdings Corp (CMHC).
The tech entrepreneur, who was jailed for nine months in the 1990s after being convicted of insider trading and bribery, is now the owner of Camden Stables Market in Chalk Farm Road, neighbouring Buck Street Market in Camden Town, and canal side site Hawley Wharf.
This latest investment will see him add more than an acre of land to his portfolio and includes 250 stalls, 50 shops and 20 workshop and studios.
It signifies the area will be in the offing for a major combined regeneration project as Mr Sagi looks to ensure a return on his investment and to add to his already £2billion worth.
Hawley Wharf already has planning permission for a £300million redevelopment, which includes 170 homes, a revamped market area, an art-house cinema and a school which will start being built in January next year.
Mark Alper, CMHC’s UK group property director, said: “We are delighted to have purchased Camden Lock Market.
“We are not just gaining an iconic market, but a world renowned brand and great traders, retailers and management team.
“Our aim now is to look at long term regeneration of the markets whilst taking an holistic approach to Camden Town as a whole.
“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.”
A spokesperson for Brockton Capital added: “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.”