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Dutch schemes in RE deal with Altera

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The Stork and PNO Media pension funds have transferred their €90m Dutch real estate portfolio to, and become shareholders in, real estate group Altera Vastgoed.
The funds became shareholders in Altera and its four sector portfolios – retail, residential, business and industrial, from this
January.
The funds’ real estate portfolio included a total of 27 premises, of which €60m was in retail, more than €5m in residential, roughly €12m in smaller office buildings and more than €12m in industrial buildings.
“Both pension funds have decided to keep their allocation in real estate but to withdraw from having their own direct
real estate portfolio, and to change their real estate investment in indirect holdings by
participating in private real
estate funds such as Altera,”
said Altera chief executive Rene Hogenboom.
Hogenboom said that Altera plans to increase its sector
portfolios.
He also welcomed the new shareholders, which brings the total shareholders to 24 – up from just nine in 2004
“For Stork and PNO it means that they will participate in portfolios that are much larger and therefore a lower risk than their former real estate portfolio, professional management and flexibility,” he said.
“They will be able to enter and or exit on a quarterly basis, and they will be able to switch amongst the real estate sector portfolios of Altera.”
Altera was established in 2000 to offer pension funds the opportunity to invest indirectly in one or several Dutch property sectors with their own preferred sector allocation.

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