LONDON--The real-estate investment arm of UBS AG (UBSN.EB) has bought 95 Wigmore Street, a 98,800 square-foot office in central London that was finished in 2013, from Great Portland Estates PLC (GPOR.LN) and Aberdeen Asset Management PLC (ADN.LN) for GBP222.4 million ($337.6 million).

The deal with UBS Global Asset Management's real estate business reflects a net initial yield of 3.4% and a value of GBP2,209 per square foot, GPE said Monday.

"The sale continues our strategy of recycling capital out of assets where we have created significant value and back into our portfolio of central London development and refurbishment projects, timed to coincide with a shortage of new Grade A space to let," said the London developer's Chief Executive Toby Courtauld.

Write to Ed Ballard at ed.ballard@wsj.com

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