NETHERLANDS - OVG Real Estate has taken an "important step" with its strategy to invest in existing property and re-development in the Netherlands with the purchase of the office building Basisweg 10 in Amsterdam.

The building - with a gross floor surface of more than 60,000 square meters, and completed in 1973 - is fully let to Cordares, a subsidiary of asset manager and pensions provider APG, and pensions provider for the €33bn pension fund for the building industry Bpf BOUW.

OVG has purchased the office building from Bouwinvest Dutch Institutional Office Fund.

Bouwinvest is the manager of the real estate holdings of Bpf BOUW.

Law firm Loyens Loeff acted as adviser for OVG Real Estate.

Bas van Holten, director of OVG Real Estate for the Netherlands, said: "The current market conditions offer attractive opportunities to invest in existing property.

"This transactions fits within our philosophy and strategy of sustainability and long-term creation of value."

Allarde van Spaandonk, director of asset management at Bouwinvest REIM, said: "The divestment of this office building fully fits within our strategy to focus on A locations."

OVG is an independent property company and a major player in the Dutch office market.

In the Netherlands, it is working in a joint venture with Triodos Bank for the development of social property, such as real estate for education and care.

Bouwinvest REIM, which has €5.7bn in assets under management, specialises in property management for institutional investors, managing three Dutch sector funds, as well as implementing mandates for institutional property investments in Europe, North America and Asia Pacific.