Published On: Sun, Oct 5th, 2014

Israeli Billionaire Buys Chunk of Counter-Culture London

 

Camden Market

Israeli billionaire Teddy Sagi has bought a second famous market in London’s Camden Town.

The founder of gaming software business Playtech has agreed to pay the private vendor $35 million for the 0.3-acre London icon, NW1.

It is Sagi’s second acquisition in Camden following his purchase of the nearby Camden Stables Market from a consortium including Chesfield and restaurant tycoon Richard Caring for $640 million in March.

Plans are being worked up for Camden Market – which is known by local traders as Buck Street Market – for a 17, 000 sq ft canopy which would increase retail space by 49%.

It is currently home to 206 stalls and a separate 4, 000 sq ft office and retail block at 190 Camden High Street.

Camden’s markets, which are synonymous with counter-culture and the emergence of the punk rock scene, are among London’s most popular tourist attractions, averaging around 100, 000 visitors every weekend.

Their tourist pull has helped the north London district become one of the hottest areas in the capital for real estate investors.

Total investor returns in Camden last year stood at 18.5%, compared with a 14.2% return for the rest of London, according to IPD and LEVY Real Estate.

Sagi is ranked 748th in the Forbes Rich List with a fortune of $2.4 billion.

Lewis & Partners and Savills advised the vendor; the buyer was not represented.

Originally published in Estates Gazette.

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