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Altera Purchases Retail Properties for $199M

AMSTELVEEN, NETHERLANDS-French-Dutch REIT Unibail-Rodamco sold the three Dutch centers.

By Allan Saunderson | Updated on July 14, 2010

AMSTELVEEN, NETHERLANDS-French-Dutch REIT Unibail-Rodamco, Europe’s largest listed real estate company, has raised $199 million from the sale of three retail assets in the Netherlands to Dutch private real estate investment firm Altera Vastgoed, based here. The transaction is consistent with the group’s strategy of disposing of smaller, non-core assets and focusing on larger shopping centres in major European conurbations. In February it sold five Dutch retail malls to listed fund Wereldhave for $300 million.

The latest divestments include the 183,000-square-foot Sint Jorisplein shopping centre in Amersfoort, the 97,000-square-foot Arendshof mall in Oosterhout and 33,000-square-feet of retail units in Schalkwijk. Altera Vastgoed said the acquisitions increase its retail portfolio to more than $893 million and fit with its strategy of expanding the inner-city and main shopping area segment of the portfolio. It also invests in Dutch office, residential and industrial, with total assets under management of around $1.8 billion. Its funds are open only to institutional investors.

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