Italian insurer Cattolica Assicurazioni has made its first non-domestic real estate investment with an investment in the retail portfolio of Altera Vastgoed.

Altera said Cattolica has become a shareholder in the €720m Altera Retail fund, a fund which targets core convenience retail assets in the Netherlands.

Salvatore Ciccarello, general manager of Cattolica Immobiliare, said: “The investment in the retail portfolio of Altera is the first non-domestic investment for Cattolica and it marks the beginning of a current pan-European strategy in this business.

“We want to strengthen the degree of geographical and sector diversification of our assets, in line with the key principles of the group’s 2018-2020 business plan.”

Jaap van der Bijl, CEO Altera Vastgoed, said: “We are honoured to welcome Cattolica Assicurazioni as our first Italian shareholder.

“This demonstrates that our food and convenience strategy fits well with international investors looking for an income-producing core strategy.”