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UBS Asset Management acquires premium office asset in Amsterdam from abrdn

UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) has acquired a prime freehold office asset in Amsterdam, The Netherlands, on behalf of one of its client mandates. 

The Aurora building, named after the life insurance company that originally commissioned its design in the 1960s, offers a premium investment asset, comprising retail, ancillary and office space across 9,678 sq m. The building was acquired from a mandate of abrdn.

Originally designed by renowned Dutch ‘functionalist’ architect Piet Zanstra, the building is located in Amsterdam’s central business district, benefiting from excellent accessibility via public and private transport links. The asset is let to sector-leading tenants, with online holiday-booking platform Booking.com occupying the office space and outdoor specialist Bever leasing the ground floor retail space. The property provides opportunities to add value in the short to medium-term, which is in line with the mandate strategy.

Gijsbert Riemsdijk, Head of Transactions, EMEA (ex. Switzerland) at UBS-AM REPM, says: “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, says: “We are pleased with the sale of Aurora, an iconic core office building in the city centre 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).

Source: propertyfundsworld.com on the 30th September 
(https://www.propertyfundsworld.com/2021/09/30/306946/ubs-asset-management-acquires-premium-office-asset-amsterdam-abrdn)