The owner of Camden Market, Market Tech Holdings, yesterday announced its intention to list on London’s Alternative Investment Market.
Market Tech is the holding company of a group that combines real estate assets in Camden Borough – namely Camden Stables Market, Hawley Wharf, Union Street Market and Camden Lock Market – with an e-commerce business based around a new online platform called Market.
The company’s directors believe the online retail offering combined with the iconic Camden markets will create a premium experience for customers and increased retailer sales.
Chief executive Charles Butler told City A.M.: “We feel we’re providing unique, independent retailers with a one-stop solution in regards to both a physical shop and an online output, as well as providing customers with a global portal to the markets.”
Expected to list before the end of the year, the company is looking to raise up to £100m – which would give it £750m market value upon its AIM admission. Jefferies, Berenberg and Shore Capital are joint stockbrokers on the IPO. Proceeds will be used to develop the existing Hawley Wharf site into Camden Lock Village, a new site that will incorporate commercial and retail space alongside modern housing and a new primary school.
Market Tech is owned by Israeli technology entrepreneur Teddy Sagi. This will be Sagi’s third London IPO this year, with SafeCharge and Crossrider currently trading above their issue prices.
See the article here on the City A.M. website