Real estate investor Altera Vastgoed has received a commitment from a Dutch pension fund to invest €170 mln in the Altera housing fund.
Altera’s current residential portfolio consists of 5,762 homes, 70% of which are in the affordable rental category up to €1,200.
Up to 7,000 new houses could be added in the coming years thanks to new construction projects, which include care homes in Leiden, single-family homes in Almere, and mid-market rental developments in Utrecht, Amsterdam, and Zaandam.
Altera’s CEO, Jaap van der Bijl, commented: ‘Looking at the prevailing conditions and dynamics on the Dutch housing market, the sustained and significant mismatch between supply and demand remains the strongest underlying factor driving investment. There is still a persistent shortage of good quality, affordable and sustainable rental housing for all target groups in the Netherlands. Working with our institutional shareholders, we can help to make future-proof housing a reality. The funds made available by our new shareholder will enable us to create affordable housing in the urban environment.’
Through its housing fund, Altera invests in young vintage properties, primarily apartments, in the busiest metropolitan area in the Netherlands, where economic and demographic growth is fastest.