Korean global mutual investment fund Mirae Asset Global Investments has cancelled the bellwether sale of 20 Old Bailey in the City of London to Indonesian investor Sinar Mas Land for around £240 million in favour of a refinancing and sale at a later date as the market begins to recover.
The Korean investor bought the 247,000-square-foot building in 2018 for around £340 million from US private equity giant Blackstone.
Last year it emerged it had entered final stage talks to sell the building to Sinar Mas in what would be the largest office sale in London in the first quarter of 2024.
Mirae is being advised by Cushman & Wakefield and Sinar Mas by JLL.
The building has now been withdrawn from the market. Sources close to the deal said Mirae had taken the view that given strong signs of an improving market it would be better to pursue a refinancing and sale at a later date into a stronger market for pricing.
There remains around £2 billion of central London offices investments close to selling led by a major Blackstone acquisition of an office and retail block on New Bond Street.
In 2017, UK retail bank Metro Bank become the last tenant to take space in Blackstone’s 20 Old Bailey office development, taking the remaining 60,000 square feet, prompting Blackstone to dispose of a building it bought in 2013 prior to an extensive refurbishment.
Barings is the principal tenant in the building.