Altera Vastgoed has bought a retail portfolio with a national spread from a private investor for the amount of approx. € 46 mln. The portfolio consists of 41 let properties situated in A1-locations in 27 cities.
Kroese & Paternotte advised Altera in this transaction. Almost all of the purchased properties are on A1-locations in cities such as Alkmaar, Amsterdam, Breda, Den Bosch, Gouda, Maastricht, Rotterdam and Nijmegen. Over 90% of the space is let to large retail formulas.
The purchase of the A1 retail portfolio fits perfectly in the goal of the fund to grow and to further differentiate the structure of its sector portfolio retail, next to an already existing spread of shopping centers over several levels (inner city, suburbs and PDV/GDV locations). The invested assets of the retail portfolio rises to € 300 mln. because of this transaction and will further increase by amongst others the purchase of Stadshart in Alphen aan de Rijn (a development by MAB which will be delivered in 2005) and through other redevelopments and expansions of existing properties.
The investment is for the most part a re-investment, coming from money out of sales, while for the other part new money will be attracted.