NETHERLANDS – Physiotherapists’ fund SPF and the pension fund of Cindu International in the Netherlands have invested E22m in Altera Vastgoed, the E1bn private real estate fund has said.

Altera said the E1.5bn Pensioenfonds voor Fysiotherapeuten has invested E6.5m in its companies portfolio, taking the total value of the portfolio to E160m.

The E120m pension fund of chemicals company Cindu, which was advised by consultants Towers Perrin, has invested E10m in Altera. This sum is to be spread out over its four portfolios (residential, retail, offices and companies).

In addition, the real estate fund said the pension fund of British American Tobacco had extended its shareholding in Altera to 15%, effective as of December 31 last year.

Altera Vastgoed was founded in 2000. It invests exclusively in real estate in the Netherlands. Altera said it had been selected by SPF and Cindu International via a search on IPE-Quest.