UBS Global Asset Management has announced that its Euro Value Added Fund has acquired a portfolio of four buildings in Arnhem, Hoofddorp, Schiphol-Rijk and Utrecht in the Netherlands. The assets, providing a total of 40,400 m[sup]2[/sup] of office space, were acquired for EUR 70 mln from ING Real Estate. The deal reflects a net initial yield of 6.04%.

UBS Global Asset Management has announced that its Euro Value Added Fund has acquired a portfolio of four buildings in Arnhem, Hoofddorp, Schiphol-Rijk and Utrecht in the Netherlands. The assets, providing a total of 40,400 m2 of office space, were acquired for EUR 70 mln from ING Real Estate. The deal reflects a net initial yield of 6.04%.

In Arnhem, UBS has bought the Rivage, a 10,284 m2 asset including 149 parking spaces. It is let 73% to two tenants and produces a rent of EUR 1.38 mln per annum. In Hoofddorp, the fund has acquired the Aquarius property. Built in 2001 the property provides 9,866 m2 on six storeys, with parking for 229 cars. Aquarius is let 76% to four tenants and produces a rental income of EUR 1.47 mln per annum. In Schiphol-Rijk the fund has acquired the Cumulus property, which was developed in 2002 and comprises 5,335 m2 of space and 145 parking spaces. In Utrecht, UBS purchased the Europastaete complex, comprising of two independent buildings developed in 1985 respectively with 7,980 m2 and 6,983 m2 of office space. The complex is currently fully let and generates rent of EUR 2 mln.

Simon Foxley, manager of the Euro Value Added Fund said, 'We are delighted to have made our second portfolio acquisition in the Netherlands for the Euro Value Added Fund. The properties fit well with our style of active asset management. The fund pursues an active management strategy which seeks to create value through re-positioning and improving assets, while at the same time seeking to benefit from the recovery in the eurozone office sector.'

DTZ Zadelhoff advised UBS on the acquisition of this portfolio. Legal advisers for the fund in this transaction were Boekel de Neree. The UBS (Lux) Euro Value Added Real Estate Fund is an institutional closed-ended Luxembourg-based fund investing in office properties in the eurozone. It closed on 31 August 2006 with capital commitments of EUR 373 mln from 20 institutional investors.