Publication of Annual Report 2021 of Altera Vastgoed

– Real estate investor Altera Vastgoed NV (hereinafter: Altera) publishes the 2021 Annual Report on its website. The annual report was adopted during the General Meeting of Shareholders on 14 April 2022.

Looking back at 2021 and the first quarter of 2022, it comes as no surprise that COVID-19 is still taken its toll on society and also impacts the property markets . Despite this, good results were achieved on the Dutch residential and retail real estate portfolios of Altera.

Altera Vastgoed

At year-end 2021, Altera had €2.9 billion worth of real estate investments under management, distributed between €2.3 billion in residential properties and €0.6 billion in retail properties. In total, Altera paid out €77.0 million in dividends to its shareholders in 2021: €45.0 million for the Residential fund and €32.0 million for the Retail fund.

The shareholder base was further broadened by attracting new institutional capital from the Netherlands, Italy and Germany. In 2021, a total of €272 million of capital was committed to the Altera Residential fund (€210 million) and the Altera Retail fund (€62 million).

Sustainability & ESG

Past year, Altera Vastgoed has completed the level 1 requirements of the Sustainable Finance Disclosure Regulation (SFDR). The SFDR establishes rules on transparency, in order to ensure the integration of sustainability risks into investment processes and the harmonization of ESG disclosure standards for different types of products and end investors. To prepare the implementation of the SFDR Altera included the integration of sustainability risks in the investment process and remuneration policy and the determination of the sustainability ambition per sector fund (promote environmental and social characteristics).

The Altera Residential portfolio has been awarded from GRESB with Residential Global Sector Leader status for the second time. The Altera Retail portfolio was also again awarded a five-star GRESB score.

Residential

In 2021, 703 newly built residential projects were taken into operation:

• Rotterdam: De Groene Kaap and Nesselande
• The Hague: Zuiderduinen, Kop van Laak, Vijverhof and The Ambassador
• Uithoorn: Legmeer-West

At the end of 2021 the current residential pipeline contains over 1,500 residential units under construction (among them in Leiden, Utrecht, Den Bosch, Amsterdam, Almere, Amstelveen, Tilburg and Zaandam).

The completion of these projects in the coming years will serve as a valuable addition to the sustainable and young residential portfolio, which will grow to 7,000 residential units.

Retail

In 2021, various non-strategic objects were sold, including solitary retail units in Breda, Haarlem, and Apeldoorn, the comparison centre in Uden and a speciality centre in Utrecht. A convenience centre in Helmond (Brouwhorst), single supermarkets in Lisse and Nijmegen were added to the portfolio. This allowed the portfolio to be better centred in the Food & Convenience market segment. At year-end 2021, 84% of the portfolio consisted of convenience, this being a market segment with a stable turnover and rental income.

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’ confidence and additional capital helps us further achieve this.”