Altera publishes 2024 Annual Report on its website

Responding to market developments and the restructuring of Altera were the main priorities in 2024.

The Altera Residential Fund achieved a solid fund return, primarily driven by the housing market shortage and lower interest rates.

The Altera Retail Fund achieved a high direct return and benefited from the strategic focus on neighbourhood shopping centres and standalone supermarkets.

Altera

At the end of 2024, Altera had real estate investments worth €3.2 billion under its management: €2.5 billion in residential and €0.7 billion in retail. In total, Altera paid its shareholders €104.1 million in dividends for 2024: €68.4 million for the Altera Residential Fund and €35.7 million for the Altera Retail Fund.

Global 5-star rating for both funds

Both the Altera Residential Fund and the Altera Retail Fund received the maximum rating of five stars in the 2024 GRESB benchmark, placing them among the top 20% of best-performing participants.

Residential portfolio

The portfolio has grown to 6,588 homes in operation. A total of 412 rental homes (in Zaandam and Amsterdam) have been added to the operating portfolio. 171 homes in Spijkenisse and 104 homes in Utrecht have been added to the pipeline. In the coming years, the portfolio will grow to more than 7,000 sustainable homes with the completion of those currently in the pipeline and from new investments guided by investor mandates.

Retail portfolio

The portfolio has grown to over 90% convenience retail due to the acquisition of convenience properties in Sas van Gent and Heerenveen. Rental agreements worth over €5.3 million were concluded with new and existing tenants. Together with external parties, progress has been made on sustainability improvements in the portfolio towards our goal of being Paris Proof by 2040.

Altera’s CEO, Jaap van der Bijl, said: “Falling interest rates had a positive impact on valuation, while the implementation of the new fund structure introduced a more flexible framework for integrating additional funds and mandates. We met our targets in 2024 and took steps towards once again achieving results in the areas of financial and social returns, ESG and data science, for 2025 and beyond.”