UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) has bought an office building in the Netherlands on behalf of one of its client mandates.

The asset manager has paid an undisclosed amount to buy The Aurora building in Amsterdam from a mandate of Abrdn.

UBS-AM said the property provides opportunities to add value in the short to medium term, which is in line with the mandate strategy.

Gijsbert Riemsdijk, the head of EMEA transactions ex Switzerland at UBS-AM REPM, said: “The acquisition of such an iconic office building is an exciting step for the mandate, representing an important acquisition of the exact type of asset it focuses on.

“The Aurora building is a premium asset in every aspect – design, location and accessibility – and we look forward to developing it further as part of our successful REPM strategy.”

Ties Priester, senior transaction manager at Abrdn, said: “The interest was significant which shows core office properties located in strategic locations are still popular among investors.

“The disposal of Aurora was a strategic decision for the fund, as it had achieved good returns since the acquisition in 2015.”

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