UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) has announced the acquisition of a prime freehold office asset in Amsterdam, The Netherlands, on behalf of one of its client mandates for €81 mln.
Designed by renowned Dutch architect Piet Zanstra, the Aurora building was named after the life insurance company that originally commissioned its design in the 1960s. It provides retail, ancillary and office space across 9,678 m2 and is fully let. The building was acquired from a mandate of abrdn.
The asset is multi let to online holiday-booking platform Booking.com occupying the office space and outdoor specialist Bever leasing the ground floor retail space.
Gijsbert Riemsdijk, head of transactions, EMEA (ex. Switzerland) at UBS-AM REPM commented: '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 commented: 'We are pleased with the sale of Aurora, an iconic core office building in the city center of Amsterdam. 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.'
UBS REPM was advised on the acquisition by Amstelius (technical), Houthoff (legal), Van Gool Elburg (commercial) and CBRE (debt financing).
abrdn was advised by JLL (commercial) and DLA Piper (legal).
