Investment

Mirae Asset Places 20 Old Bailey on Market for £254 Million

Image: Google Earth / Data: SIO, NOAA, U.S. Navy, NGA, GEBCO, Landsat / Copernicus

Mirae Asset Global Investments has put 20 Old Bailey back on the market through Cushman & Wakefield at a guide price of £254,100,000, reflecting a 5.75% net initial yield
The Korean institutional investor bought the freehold from Blackstone in 2018 for £340m, following a comprehensive repositioning of the building completed in 2017
20 Old Bailey is a 241,942 sq ft Grade A office asset. Major occupiers include Barings and Withers LLP

Mirae Asset Global Investments has instructed Cushman & Wakefield to bring 20 Old Bailey back to the market, seeking offers around £254.1m for the 241,942 sq ft City office building, a level said to reflect a 5.75% net initial yield. The nine-storey building was originally acquired by Blackstone in 2013 and underwent an extensive back-to-frame refurbishment before being let in full including three anchor tenants — asset manager Barings, international law firm Withers, and UK retail lender Metro Bank — with the repositioning completed in 2017.

Mirae Asset bought the freehold from Blackstone in April 2018 for approximately £340m. The Korean investor came close to selling the building once in early 2024, it entered exclusive talks with Sinar Mas Land for around £240m, in what would have been one of the largest City office transactions of that period, before ultimately withdrawing the building from sale in favour of refinancing and waiting for stronger pricing conditions. Barings and Withers remain in occupation of their space, while Metro Bank has since surrendered two floors.

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Jane Street Pre-Lets 465,000 Sq Ft at J.P. Morgan's One Spitalfields Ahead of Major Redevelopment

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