Teddy Sagi Eyes Purchase of Tel Aviv’s Shuk Tzafon market, Report

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Teddy Sagi

Billionaire Teddy Sagi, the owner of Camden Market in London eyes Israeli small market in North-East Tel Aviv, the Shuk Tzafon, according to Israeli media.
The market in Ramat Hahayal neighborhood covers 1,600 square meters and contains 30 stores, restaurants and stands with 500 seats. The land on which the market is located has been leased for 10 years.
According to Globes, Shuk Tzafon has faced difficult challenges since it opened in January 2016. Quite a few stores have sought to break contract due to lack of visitors and low proceeds in comparison with the high rents. Sagi is negotiating with TV cook star Michal Ansky and architect Roy Hemed, who developed and owns the place. The owners invested NIS 25 million in Shuk Tzafon and the tag price is believed to be in the tens of millions of shekels. The parties are still negotiating.It is also believed that Ansky and Hemed will, in any case, continue to serve as professional advisors for the marketing for a period to be agreed.

Ansky and Hemed are also the developers of the Tel Aviv Port market and farmers markets in various places in Israel, including Shoham, Reut and Givatayim. The culinary market industry in Israel is a difficult and challenging one. The market in Jaffa Port closed down, while the Allenby-Rothschild market in Tel Aviv became insolvent; its owner, Kobi Tribitch recently went bankrupt with debts of NIS 19 million.

Teddy Sagi, Founder of the gaming company Playtech, acquired Camden Market for £400 million ($664 million) in 2014, from another Israeli businessman Bebo Kobo.

Sagi recently announced that he is establishing for the first time a single company that will consolidate all the Group’s real estate activities under one roof.

The first significant step of the new company, LabTech, was completed last April with a huge deal to buy a building in central London worth £200 million, in which the group plans to expand its joint workspace network.

Besides Camden Market complex, a compound that is the first to be owned by one, Sagi owns dozens of commercial buildings, most of them in the Holborn area of the city.

About a year and a half ago, Sagi acquired the Holborn Links complex in central London, in a deal estimated at £300 million, which is bordering the Covent Garden market, near Soho and Oxfrad, with 34 buildings with a total area of 43,000 square meters Covering an area of 16 dunams.

Sagi continues to acquire additional buildings in the area.

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