International investor enters the Altera Retail Fund
German insurer commits €115 million investment on behalf of two of its entities
With a closing of €115 million for the Retail Fund in Q3, Altera continues to strengthen its strategy for investments in core convenience retail assets in the Netherlands. The investment enables Altera to further internationalise its shareholder base. The total new capital in the Altera Retail Fund amounts up to €225.5 million in 2019.
Jaap van der Bijl, CEO Altera: “We are delighted to welcoming a second well-established German institutional investor within a few months’ time. This demonstrates the international appreciation of the Food and Convenience Retail strategy of Altera. We are convinced our international shareholder base will broaden further as we continue to demonstrate our ability to create value on the Dutch real estate market by realising a substantial direct return and stable value growth.”
Altera’s Retail Fund was launched in 2000 as a non-listed core fund, currently holding over €650 million in AUM and a strong, diversified shareholder base of more than 25 institutional investors. The fund invests in Dutch neighbourhood shopping centres focussed on food and convenience. Altera foresees long term stable value creation in this ‘need-driven’ retail segment, supported by strong in-house knowledge of the local retail markets and a research-based investment strategy.
CBRE Capital Advisors acted as placement agent to raise international capital for the Retail Fund. Barbara Maltha-Koppelman, CBRE Capital Advisors: “This investment is a sign of the German appetite for Dutch convenience retail. The defensive risk profile combined with stable income returns, priced favourable relative to other asset classes, is attractive to international investors.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.