Iconic Camden Market will be owned by an Israeli gambling magnate after a £500 million deal finally concluded following 18 months of negotiations.
Online tycoon Teddy Sagi bought London’s iconic commercial district, which features retail and art galleries, antiques dealers and office space serving everything from start-ups to the likes of music channel MTV and high-tech giant Google.
“Camden Market has incredible touristic and business potential,” he said. “Our vision is to realise the potential with the help of new technology.”
Sagi bought the centre from investors including another Israeli businessman, Bebo Kobo, who has owned half the market for 20 years.
“Bebo invested vast resources in developing the project in recent years and he managed to establish the area as one of the leading entertainment and tourist destinations in London and in the world,” Sagi said.
“He spent many years in finding the right buyer for the property. I am grateful that he picked me to carry this important project forward.”
Sagi says he plans to spend over £200 million developing the site, establishing a new centre to include 170 residential units, three large public plazas, art space, restaurants, cafes and even a primary school.
“We have been dealing in real estate for many years,” he said. “We intend to hold the asset for the long-term, enabling job creation, advancements in education and bolstering a London icon.”
The area has historic pedigree, made famous by films such as ‘Withnail & I,’ pop icons Madness and Oasis, and writers George Orwell, Mary Shelley and Charles Dickens. This helps attract millions of shoppers and tourists every year.