Dutch schemes transfer assets
The Stork and PNO Media pension funds have transfered their €90m Dutch real estate portfolio to real estate group Altera Vastgoed, taking shares in the company in return.
The funds became shareholders in Altera and its four sector portfolios - retail, residential, business and industrial - on 1 January this year.
This brings the total shareholders to 24 – up from just nine in 2004.
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.
Altera chief executive Rene Hogenboom said: “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.
“For Stork and PNO it means that they will participate in portfolios that are much larger and therefore at lower risk than their former real estate portfolio. They will also benefit from professional management and increased flexibility.
“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 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.