Blackstone has agreed a deal to sell 20 Old Bailey, EC4, to Korean investor Mirae Asset Management for more than £340m – a net initial yield of circa 4%.
The deal comes two weeks after Mirae completed another deal for a Blackstone London asset. Acting alongside South Korea’s NH Investments & Securities, Mirae Asset Daewoo backed Seoul-headquartered FG Asset Management and The Valesco Group’s £248m purchase of Cannon Bridge House, EC4.
The deal reflected 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” designed 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 are advising Blackstone.
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