The Israeli billionaire plans investing £200 million in developing London’s Camden Lock Village, “The Sunday Times” reports.
Israel billionaire Teddy Sagi has already held three public offerings on the London stock market Playtech Cyprus Ltd. (LSE:PTEC), SafeCharge International Group plc (AIM: SAFE) and most recently Crossrider Ltd. (AIM:CROS). According to a report in the (London) “Sunday Times, ” he is now considering an IPO on the London Stock Exchange for Camden Market, which he acquired eight months ago.
In March 2014, Sagi bought Camden Market Holdings, which includes Stables Market and Camden Lock Village, for £400 million. In October, he paid a further £70-90 million to buy the adjacent Camden Lock and Buck Street. Sagi thus owns the most important four of the six sections of the market, which is the second biggest tourist attraction in London after Buckingham Palace with an estimated 40 million visitors each year. According to the “Sunday Times” this is the first time in its history that so much of the market has been in the possession of one owner.
As Sagi reportedly seeks to add value to his asset through an IPO, the “Sunday Times” reports that the Israeli billionaire has met with investment bankers Jeffreys and discussed with them the possibility of an IPO and he is considering appointing Charles Butler, the former CEO of gaming company Netplay, to head Camden Market operations.
If the IPO goes ahead, it will be based among other things on the potential of developing Camden Lock Village. Sagi plans investing £200 million in developing the market by the start of 2018. When completed, Camden Lock Village will cover 15, 000 square meters of trading areas, and include 170 homes, three major public areas for arts, food, cafes and restaurants and even an elementary school, which will be built by September 2016.
Published by Globes [online], Israel business news – www.globes-online.com