London’s Camden Market up for sale: FT report

ISRAELI billionaire Teddy Sagi has put Camden Market up for sale, according to a report by The Financial Times, with an asking price of £1.3 billion (S$2.24 billion).

The report, which quoted 2 people with “knowledge of the deal”, said Roschschild & Co had been appointed as financial advisor and a “discreet sales process” had begun with a “handful” of prospective bidders.

Camden Market, an outdoor market in Camden Town, covers 16 acres in north-west London. With over 1,000 shops, stalls, bars and cafes, it is a popular tourist destination and attracts 28 million visitors annually, according to its website. It comprises Stables Market, Camden Lock, and Buck Street Market, as well as housing and co-working spaces.

Camden Market is owned by Sagi through his portfolio company LabTech.

The founder of gambling software company Playtech reportedly first became interested in the market because he had an office close by.

He first bought Stables Market in 2014, from a consortium comprising property developer Chelsfield and restauranteur Richard Caring for £400 million.

SEE ALSO

London homes beckon despite economic uncertainties

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Later that same year, he acquired Camden Lock Market. Media reports put the sum paid at somewhere between £70 and £100 million.

Buck Street Market and some nearby sites were also added to the mix, and the entire real estate operation was listed on London’s AIM board as Market Tech. The counter later moved to the mainboard, but was delisted in 2017.

Sagi reportedly put Camden Market up for sale in 2019 and even received a bid of about £1 billion, but the process was halted due to the outbreak of the Covid pandemic. A sales brochure from that time had said the estate could generate more than £72 million in annual rent, FT reported.