The annual report was adopted during the General Meeting of Shareholders on 7 April 2021. Looking back at 2020 and the first quarter of 2021, it comes as no surprise that COVID 19 is having an enormous impact on society as well as on the Dutch residential and retail market. Despite this, good results were achieved on the real estate portfolios managed by Altera.
At year-end 2020, Altera had €2.5 billion worth of real estate investments under management, distributed between €1.9 billion in residential properties and €0.6 billion in retail properties. In total, Altera paid out €76.3 million in dividends to its shareholders for 2020: €41.6 million for residential and €34.7 million for retail.
The shareholder base was further broadened by attracting new institutional capital from the Netherlands, Switzerland and Germany. In 2020, a total of €247 million of capital was committed to the Altera residential fund and the Altera retail fund respectively, and, by including the first quarter of 2021, the committed capital was €307 million.
Altera has effected various acquisitions and divestments from its asset management activities, and – partly due to COVID 19 – carried out many activities involving the rental of existing and newbuild objects.
Sustainability & ESG
Altera’s strategy aims at creating dual returns: sound financial and ESG returns, a focus on sustainable buildings, but also on creating value for all stakeholders, being investors, tenants and society.
The Altera Residential Fund has once again achieved the five-star GRESB score and has become GRESB Real Estate Global Sector Leader 2020 in the non-listed real estate funds category as well as ranking first in Europe and the Netherlands.
The Altera Convenience Retail Fund was also again awarded a five-star GRESB score, coming in second in the Netherlands.
In 2020, 198 residential units in Amersfoort and Brielle were taken fully let into operation. In the first quarter of 2021, the residential units in Uithoorn (30 MFH) and Rotterdam (356 SFH) were added to this.
With the acquisition of 431 residential units in 2020, in cities such as Utrecht, Leiden, Amsterdam, Almere, Zaandam and Den Bosch, the residential portfolio will continue to grow by well over 1,400 residential units. These projects will be completed in the coming years and serve as a valuable addition to the sustainable and young residential portfolio.
In 2020, various non-strategic objects were sold, including solitary retail units in Deventer, Emmeloord and Rotterdam and the shopping centres in Oosterhout and Alphen aan den Rijn. After previous purchases in 2019 of convenience centres in Amstelveen and Uithoorn, a supermarket in Zwijndrecht was added to the portfolio in 2020. This allowed the portfolio to be better centred in the Food & Convenience market segment. In year-end 2020, 74% of the portfolio consisted of convenience, this being a market segment with a stable turnover and rental flow.
We intensively discussed the impact of COVID 19 on their business operations with all tenants and made individually tailored agreements with various tenants relating to their rental obligations.
Jaap van der Bijl, CEO of Altera commented: “We are proud of having once again been able to achieve sustainable results. Our young and sustainable residential portfolio focuses on a steady growth responding to the demand from target groups and urbanisation. Our Food & Convenience strategy ties in well with institutional investors given the attractive initial yield, the low volatility, a stable direct return and a social contribution through the social cohesion in our centres. Our shareholders’ faith and additional capital helps us further achieve this.”