An unnamed German insurer has committed €115 mln to the Altera Retail Fund, bringing the total amount raised by the vehicle in 2019 to €225 mln.
Altera Retail Fund focues on core convenience retail assets in the Netherlands. Launched in 2000 as a non-listed core fund, it currently holds over €650 mln in assets under management and boasts a diversified shareholder base of more than 25 institutional investors.,
'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,' said Jaap van der Bijl, CEO 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.'
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, added: '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.'