Bank of Ireland Asset Management (BIAM) has bought an eight-storey office building in Amsterdam for about €50 million.

The 3 902 sq m (42,000 sq ft) building, which was bought for Bank of Ireland Life, is let to the Dutch government for the next 12 years. It was bought from German fund Blue Capital.

The office block is located close to the inner ring of the city and near Schipol Airport. The building has a yield - the annual rental income as a proportion of the building's cost - of 5 per cent.