The billionaire new owner of Camden Markets, NW1, is looking to raise £100m via an initial public offering.
Teddy Sagi’s Market Tech Holdings will offer 13% of the iconic assets in order to raise £100m at a company value of £750m.
The announcement comes two months after Sagi completed a £500m spending spree to buy all of the famous Camden markets and bring them under one ownership for the first time.
Huge redevelopment opportunities have now been unlocked for the assets, which include the Camden Market – known to local traders as Buck Street Market.
Market Tech said it sees a major opportunity to invest in a premium central London location with a powerful and differentiated cultural identity, to enhance the real estate assets and create a state-of-the-art online presence through which the “Camden Markets” brand can capitalise on its international appeal.
Proceeds from the fundraising will be used to develop the existing Hawley Wharf site into Camden Lock village, which will incorporate commercial and retail space alongside modern housing and a new primary school.
Expected to list before end of the year. Berenberg and Shore Capital are joint stockbrokers to the IPO. Jefferies is the global co-ordinator on the deal.
Saggi, who founded games business Playtech in 1999, was last week ranked number 26 in the Estates Gazette 2014 rich list.
