Member Article

Israeli billionaire buys Camden Lock Market in £70 million deal

Israeli billionaire and gambling tycoon, Teddy Sagi, has acquired Camden Lock Market in a deal thought to be worth between £70 and £90 million, according to Ham&High.

Teddy Sagi, who made his fortune from the gambling industry, has become the new owner of the famous market just months after investing £400 million 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).

Sagi 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.

Hawley Wharf market already has planning permission for a £300 million redevelopment, including the addition of 170 homes, a redeveloped 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.”

This was posted in Bdaily's Members' News section by Ellen Forster .