Altera receives B Corp™ certification during PROVADA 2026
Altera publishes the 2025 annual reports of Altera Residential Fund, Altera Retail Fund and Altera Management B.V. on its website. The annual reports were adopted at the general meetings of participants held on 15 April 2026.
Strong first year under new structure
Following completion of the restructuring, 2025 was the first full year of operations since Altera has managed its investment funds via a separate management organisation. The organisation remained stable and targeted its investment on further professionalisation, with a focus on digitisation, data-driven operations and ESG integration. This has resulted in an INREV self-assessment score of 99% and the issuing of an ISAE 3402 Type II report.
Growth in assets under management
Assets under management grew in 2025 to approximately €3.6 billion (2024: €3.2 billion), of which around €2.9 billion was in Altera Residential Fund and around €0.7 billion in Altera Retail Fund.
Leading-edge sustainability performance
Both Funds again received the maximum rating of five stars in the GRESB benchmark. For the fourth consecutive year, Altera Retail Fund was named the most sustainable Dutch retail fund in its category. Altera Residential Fund also secured first place in its category.
In addition, Altera achieved a five-star rating and a 100% score in the UN PRI (Policy, Governance & Strategy, Direct Real Estate and Confidence Building Measures) assessment.
Altera Residential Fund
Altera Residential Fund achieved a total return of 9.6%, including 6.8% revaluation and 3.1% income return. In 2025, a total of €100 million was received in capital pledges.
The portfolio grew to 7,078 homes (+518), partly as a result of completions in Zaandam and Utrecht and acquisitions in Rotterdam, Schiedam and Blaricum. With a pipeline of 1,256 homes, the portfolio is set to grow to more than 8,200 homes in the years ahead. In 2025, 483 homes were added to the pipeline (Merwede projects 12, 4 and 13 in Utrecht).
The occupancy rate remained high at more than 99%, with tenant satisfaction stable at 7.0. Further progress was made towards the ambition of being Paris Proof by 2040, partly by means of renovations, improved energy labels and more extensive smart-meter data for tenants.
Altera Retail Fund
Altera Retail Fund achieved a total return of 4.1%, including -0.9% revaluation and 5.6% income return.
Following the acquisition of the Fenikshof (Nijmegen) and Rijkerswoerd (Arnhem) convenience centres and the disposal of comparisson asset St. Jorisplein (Amersfoort), convenience retail now accounts for 99% of the portfolio. A total of €3.5 million worth of rental agreements were entered into or renewed. The occupancy rate increased to 96%.
The portfolio made further progress towards being Paris Proof by 2040, partly through the installation of solar panels and improvements to energy labels.
Altera’s CEO, Jaap van der Bijl, said: “The first full year under our new structure confirms Altera’s strength and stability. We achieved further growth in the residential portfolio, boosted the retail portfolio with a clear focus on convenience retail and took further steps to achieve our sustainability ambitions. The high occupancy rates, stable tenant satisfaction levels and strong ESG performance are testament to the quality of our funds. We will continue to focus on sustainable, future-proof value creation for our investors, tenants and other stakeholders.”
Annual report Altera Management BV | Annual Report Altera Residential Fund | Annual Report Altera Retail Fund
