Mirae Asset Launches Sale of UK’s ‘20 Old Bailey’... Asking Price Set at KRW 480 Billion [FN Market Watch]

[Financial News] Mirae Asset Global Investments is again seeking to sell ‘20 Old Bailey,’ a large office building located in the City of London, London’s core business district. The move comes about two years after the company withdrew from sale negotiations in 2024 and opted for refinancing instead.
According to sources in the financial investment industry on the 30th, Mirae Asset Global Investments recently appointed Cushman & Wakefield as the sale adviser and put 20 Old Bailey back on the market.
Mirae Asset expects to sell the property for around £254.1 million, or approximately KRW 480 billion. The asking price reflects a net initial yield of about 5.75%. The property is currently being marketed to potential investors, but specific acquisition candidates and bidders have not been disclosed.
20 Old Bailey is an office asset in the City of London with a gross floor area of 241,942 square feet, or approximately 22,477 square meters and 6,800 pyeong. The building has nine above-ground floors, with global asset manager Barings and international law firm Withers among its major tenants.
Blackstone acquired the building in 2013 and carried out a major renovation that stripped it back nearly to its structural frame. It subsequently attracted Barings, Withers and UK retail bank Metro Bank as major tenants, with the repositioning completed in 2017.
In April 2018, the following year, Mirae Asset acquired ownership of 20 Old Bailey from Blackstone for approximately £340 million. The current asking price is about £85.9 million lower than the acquisition price, or roughly 25% lower in pound terms. However, analysts say the difference in price cannot be equated directly with an actual investment loss without considering rental income generated during the holding period, exchange-rate fluctuations, and the financing structures of the asset and fund.
The market is paying particular attention to the fact that Mirae Asset has put the property back on the market about two years after withdrawing it from sale. In early 2024, Mirae Asset entered exclusive negotiations with Indonesian property developer Sinar Mas Land to sell 20 Old Bailey for approximately £240 million. Had the deal closed, it was expected to become one of the largest transactions in London’s City office market at the time.
Mirae Asset ultimately withdrew from the sale and chose refinancing instead. Rather than rushing to sell, it shifted course and decided to wait for market conditions to improve.
The asking price of £254.1 million is £14.1 million, or approximately 5.9%, higher than the roughly £240 million negotiated with Sinar Mas Land in 2024. After delaying the sale for two years, Mirae Asset is returning to the market with a price higher than the previous negotiation price.
 
[email protected] Kim Hyun-jung Reporter