Sagi makes takeover approach for Camden Market owner

Camden
Teddy Sagi's company holds a 71pc stake in Market Tech, which owns assets in Camden, London

The founder of Market Tech Holdings, Teddy Sagi, has made an offer to buy the remaining shares in the group, which owns London's Camden Market, less than three years after it floated on the London Stock Exchange. 

A company controlled by Mr Sagi, LabTech Investments, already holds a 71pc stake in Market Tech Holdings, but made an offer of 188p per share for the remaining shares late on Friday, in a deal which values the real estate firm at £892.5m. 

Shares in Market Tech closed up 0.75pc at 145.75p on Friday.

Although the cash offer is at a 30pc premium to Market Tech closing price on Thursday and at a 36pc premium to the average price over the three months prior to the offer, shares in Market Tech have fallen in value by around 35pc since its admission to London's Aim market in late 2014.

At the time and backed by Israeli billionaire Mr Sagi, Market Tech issued 50 million shares at 200p each.

Prior to the float, Mr Sagi had bought the Camden stables market in March 2014 for £400m and Camden Lock market in October 2014 for £100m, bringing them under single ownership for the first time.

Since 2014, Market Tech has moved to London's Main Market. 

Teddy Sagi

Market Tech, in response to the 188p per share offer, said it was an attractive opportunity for shareholders "in light of the potential of the Market Tech business whilst also considering the impact of both uncertain market conditions and the current rating for listed UK real estate companies with large scale long term developments". 

The next largest shareholder in Market Tech is Henderson Volantis Capital, which holds a 3.1pc stake.

Besides the stake in Market Tech, Mr Sagi is the founder of  gaming and financial derivative trading technology company Playtech, has also launched online payment service provider SafeCharge and web distribution business Crossrider, and owns Holborn Links Estate, which encompasses London's Sicilian Avenue. 

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