German insurer commits €115m to Altera retail fund

Altera’s Retail Fund has received €115 million ($126 million) in new commitments from a German insurer, bringing the fund’s total capital raised to €225.5 million ($247.4 million).

Launched in 2000 as a non-listed core fund, the Altera Retail Fund invests in core Dutch neighborhood shopping centers, focused on food and convenience.

The insurer is the second well-established German institutional investor to commit capital to the fund within a few months, according to Jaap van der Bijl, CEO of Altera.

“We are convinced our international shareholder base will broaden further as we continue to demonstrate our ability to create value on the Dutch real estate market by realizing a substantial direct return and stable value growth,” he said.

The retail fund benefits from a diversified shareholder base of more than 25 institutional investors and has €650 million ($713 million) in assets under management.