AEW has bought an office building in the Netherlands on behalf of its European value-add property fund.

The manager, on behalf of the AEW Europe Value Investors II fund (EVI II) has paid an undisclosed amount to acquire the eleven-storey HeadQuarter building in The Hague.

AEW said the deal is the fund’s third investment in the Netherlands, following the acquisition of the Boompjes and Vasteland assets in Rotterdam earlier in the year.

Carsten Czarnetzki, fund manager of EVI II at AEW, said: “This acquisition is a unique opportunity to acquire a fully-let office asset below replacement value.

“The Hague is experiencing low vacancy rates for office stock, which combined with the short remaining lease term make this an attractive opportunity for the Fund to capture upside potential.”

Frederique Weber, country manager for the Netherlands at AEW, said: “This transaction further expands our footprint in the Netherlands and demonstrates our ability to leverage our local expertise to source attractive investment opportunities.”

To read the digital edition of the latest IPE Real Assets magazine click here.