NETHERLANDS – Altera Vastgoed says it has been awarded €225m of real estate assets by the Dutch painting industry fund BPF Schilders.

Altera said the Bedrijfstakpensioenfonds voor het Schilders-, Afwerkings- en Glaszetbedrijf has decided to have its investments in property holdings managed indirectly from now on.

“After an extensive selection procedure, the fund decided at the end of 2004 to transfer the greatest part of its portfolio of directly held Dutch property to the private and sector property fund Altera Vastgoed N.V. of Haarlem,” Altera said in a statement.

The transaction took place at the start of this month.

The portfolio consists of 43 residential complexes (more than €186m), three retail properties (around €13m) and five office premises (over €27m). “This transaction brings Altera Vastgoed’s assets under management to over €1.3bn.”

Altera Vastgoed N.V. was set up in 2000 to offer pension funds the opportunity to invest indirectly in one or several Dutch property sectors with their own preferred sector allocation.

The number of Altera shareholders has grown from 4 to 20 pension funds since then.

The portfolio was formerly managed by A&O Services of Rijswijk, Altera Vastgoed added.