Israeli tycoon Teddy Sagi has purchased valuable real estate in and around London's Camden Market, one of the British capital's most popular local and tourist attractions, for a reported £400 million ($670 million). Camden Market, which features art galleries, antiques stores and top retailers, is one of the most visited sites in London, attracting about 40 million visitors every year. The deal also includes a major site in Hawley Wharf, near Regent's Canal, which has recently been earmarked for redevelopment. Sagi, who made his fortune in the gaming software industry, had bought out Israeli businessman Bebo Kobo and his partner Richard Caring. The deal was reportedly negotiated by Sagi's investment group for more than a year and a half. Sagi is expected to invest an additional £200 million ($330 million) in the market and the Hawley Wharf's development. The new venture will include some 55,000 square meters (590,000 square feet) of commercial space, 170 housing units, food and art courts, caf s, restaurants and an elementary school. Some 5,000 businesses are already on the project's waiting list, with development secluded to conclude by late 2018. "We see incredible potential in Camden Market," Sagi said Sunday. "Our vision is to realize this potential by introducing innovative technology to provide an advanced experience for residents, shop owners and visitors." He credited Kobo for "investing considerable resources over the past few years in developing the area, which has cemented its position as one of the leading entertainment and tourism attractions in London and the entire world. He has spent years trying to find who he considered the right buyer and I thank him for choosing me," Sagi said. Sagi founded his company, Playtech, in 1999. The company provides software for online bingo games, casinos and poker rooms, and is traded on the London Stock Exchange as a member of the FTSE 250 Index. Earlier in March, Forbes magazine named Sagi the 687th richest man in the world, with an estimate personal worth of $2.5 billion.
