Altera welcomes new shareholder PWRI

Altera welcomes Dutch pension fund PWRI (Pensioenfonds Werk and (re)Integratie) as a new shareholder. With an investment of €85 million, the fund is entering Altera’s growing residential portfolio of more than 6,000 homes worth in excess of €1.6 billion.

Mid-market rental properties for all kinds of tenants are currently attracting substantial interest from investors. Market demand for good, durable rented homes is huge, and Altera is responding throgh its residential strategy. It offers suitable, affordable housing products via its existing portfolio of young, environmentally friendly properties as well as by adding new builds to the stock at suitable locations. Altera has a long-term focus and always seeks to strike the right balance between the interests of its investors on the one hand and those of tenants and the wider community on the other.

Jaap van der Bijl, CEO of Altera, comments, “We are particularly pleased that, following an extensive selection process, PWRI has chosen Altera. PWRI is a prominent pension fund and we share common ground with its policy in respect of socially responsible investment. Environmental, social and governance factors are built into our investment process and we want to make a lasting contribution to society through our portfolios.”

Kees Bethlehem, chair of the PWRI board, adds, “One of PWRI’s core beliefs is that socially responsible investments pay off. Another is that it’s quite possible to make optimum investment decisions within the quadrangle of returns, risk, costs and ESG. In this respect, we expect a lot of our collaboration with Altera.”

Ambition

Altera Vastgoed aspires to further develop and strengthen its portfolios over the next few years. In residential up to a total value of as much as €2 billion, through the delivery of 1900 new-build homes – mainly in the mid-market segment – as well as new acquisitions. And in retail, where its principal focus is food and convenience – the places where we make our everyday purchases, primarily supermarkets and local shopping centres – possibly reaching €1 billion through targeted acquisitions.

 Selection process

 As PWRI’s fiduciary manager, the Dutch team at BMO Global Asset Management shaped the selection process for a new real estate manager. Lestrade Investment Liaison provided the operational due diligence.