Camden Market has been put up for sale, with Israeli billionaire Teddy Sagi hoping to attract bids in the region of £1.3bn for the warren of stalls, bars, venues and housing that make up the historic countercultural venue.
Financial adviser Rothschild & Co has been appointed by Sagi and a discreet sales process has kicked off, with a handful of prospective bidders contacted in the past week, say two people with knowledge of the deal.
Sagi is hoping to bank about £1.3bn for one of London’s busiest tourist destinations, although he has not put down a firm price, according to these people.
The 16-acre estate includes a trio of markets — Stables Market, Camden Lock Market and Buck Street Market — as well as new housing and co-working offices.
Sagi, the founder of gambling software company Playtech, first bought into Camden, which attracts almost 30mn visitors a year, in 2014.
The Israeli entrepreneur acquired Stables Market, which features a variety of food, fashion and craft stalls, from a consortium of property developer Chelsfield and restaurateur Richard Caring for £400mn in 2014.
He then purchased Camden Lock Market, which specialises in arts, crafts and handmade items, from private equity firm Brockton Capital for between £70mn-£90mn, according to reports at the time.
The estate, which is held by one of Sagi’s portfolio companies LabTech, was previously put up for sale in the summer of 2019. That process almost resulted in a sale and bidding went up to about £1bn, but was derailed by the coronavirus pandemic, according to one person involved in the transaction.
The sales brochure from 2019, entitled “Project Lock”, describes the area as “the only large privately held London village destination of scale likely to become available for purchase in the foreseeable future”, and suggests the estate could generate more than £72mn a year in rent for a new owner.
Under Sagi’s ownership, the mix of tenants in Camden has changed, with many…
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