Altera sells Utrecht retail park to abrdn

The retail park (11 units) on Kaap de Goede Hooplaan is fully let to tenants including Goossens, Hartog Wonen, Swiss Sense and X2O. It is part of the Utrecht home furnishing center (Kanaleneiland), which has extensive free parking right outside. 

Erwin Wessels, CIO of Altera, said: “Based on our investment strategy for the retail fund, this was the right time for us to dispose of this large-scale site. We are therefore delighted with this transaction, which will make Food & Convenience an even more dominant part of the retail fund.”

By implementing its purchase and sale program, coupled with its letting and sustainability activities, Altera further strengthened its portfolio, focusing entirely on investments in the everyday grocery shopping segment. This is a stable segment of the retail market and represents an attractive investment for institutional investors, offering a higher income return while being sustainable and less vulnerable to e-commerce and business cycles. 

Ties Priester, Head of Transactions for abrdn, said: “Given the forecast 1.5% volume growth for the Dutch retail market in 2022, after two years of contraction, this is the right time for us to acquire retail. The challenge, however, is finding the right location, and we have certainly succeeded in this case.”

Altera was advised on the sale by Cushman & Wakefield and Dentons. The buyer was assisted by Colliers.