BPF Schilders chooses Altera Vastgoed and wants to participate in ING Real Estate (NL)

The Bedrijfstakpensioenfonds voor het Schilders-, Afwerkings- en Glaszetbedrijf (BPF Schilders; Dutch Painters’ Pension Scheme) has decided to indirectly invest in real estate from now on.

After an extensive selection procedure, the decision in principle was made to bring in the largest part of the portfolio of Dutch direct real estate, with a value of €300 million, with the private real estate Altera Vastgoed N.V. (Haarlem).

Altera Vastgoed aims to finance the complete real estate portfolio that will be brought in, by issuing new shares to the BPF Schilders. Also BPF Schilders intents to take a €80 million interest in the Dutch Retail Fund of ING Real Estate. The parties are at the moment in talks with the goal of realizing the transaction mid 2005.

A&O Services in Rijswijk, the agency of BPF Schilders, until now managed the direct Dutch real estate portfolio with a total value of €380 million. This portfolio exists of 90% of residential units and 10% of commercial real estate, like offices and retail. The total capital of BOF Schilders, managed by A&O Services, was €2.7 billion mid 2004, 14% of that is invested in direct real estate.

Source: Altera Vastgoed

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