May 23, 2017 / 11:26 AM / 2 years ago

Israeli billionaire buys control of Germany's Brack Capital Properties

JERUSALEM (Reuters) - Israeli billionaire Teddy Sagi has agreed to buy a controlling stake in Brack Capital Properties (BCP), a property owner and developer in Germany, for about 1 billion shekels (£214.7 million), the company said on Tuesday.

BCP (BCNV.TA), which is listed on the Tel Aviv Stock Exchange, said in a statement that Sagi agreed to buy a controlling 44 percent stake, or about 2.9 million shares, for 345 shekels a share.

The shares had been trading at 365 shekels when trade was halted prior to the announcement. BCP has a market capitalisation of 2.53 billion shekels.

Sagi, who founded online gaming software supplier Playtech (PTEC.L), has been building up his real estate portfolio, which includes prime real estate in London such as Camden Market, which he holds through Market Tech Holdings MKT.L.

Reporting by Ari Rabinovitch, Editing by Tova Cohen and Susan Fenton

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