Market Tech Holdings plc (AIM: MKT), controlled by Israeli billionaire Teddy Sagi, has expanded its property portfolio in London's Camden Market area by acquiring the Utopia Village office complex for £44 million.
Located in Chalcot Road in the Primrose Hill area, Utopia Village is near the market entrance. Market Tech is looking for collaborations between high-tech, fashion, design and other creative industries.
Market Tech CEO Charles Butler said: “As with our recent transactions, we are establishing the foundations to support our strategy to Camden Market and its surrounding area, bringing the markets to a wider global audience and creating an environment where bright new entrepreneurs can grow innovative businesses.”
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. In March 2015, he bought Camden Wharf and the Interchange Building for £95million.
Sagi plans investing over £300 million in developing the market by the start of 2018.
Published by Globes [online], Israel business news - www.globes-online.com - on April 14, 2015
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