A Korean consortium has exchanged contracts to buy 20 Old Bailey, EC4, from Blackstone, for around £340m, a net initial yield of 4.2%
Mirae Asset Daewoo and NH Investments & Securities, the investment and securities powerhouses operating in South Korea, have backed the acquisition of the building by Seoul-headquartered asset management company FG Asset Management, and London-headquartered European real estate investment manager The Valesco Group.
The same consortium acquired Cannon Bridge House, EC4, from Blackstone in April for £248m, a net initial yield of circa 5.2%.
Blackstone has completed a major renovation of 20 Old Bailey, which included a new façade, extensive structural alterations and internal remodelling, and the addition of two further floors at roof level.
The building’s redesign was led by architect Buckley Grey Yeoman, which aimed to create a “flexible, modern workspace” to meet the changing dynamic of the City.
The 240,000 sq ft building was fully let in September; occupiers include Metro Bank, international law firm Withers, and Barings.
CBRE and Cushman & Wakefield advised Blackstone.
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