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Transparency in terms of policy, processes and responsibility


As a property fund, Altera Vastgoed offers shareholders a high degree of transparency in terms of policy, corporate governance, risk management and reporting.

Investment policy is transparently structured via medium to long-term policy frameworks per sector determined by the shareholders. These frameworks are worked out annually in a concrete and detailed investment plan per sector, together with a forecast over a period of three years.

The investment strategy in each of the sectors consists of a top-down and a bottom-up policy. The top-down policy determines the strategic and tactical portfolio structure and is based largely on the results of research. The strategic portfolio structure per sector is implemented with the help of a target value matrix (price, product, market, segment etc.). The bottom-up policy is implemented within the limiting conditions set out by the top-down policy and aims to provide an active contribution to the outperformance goal, for example via the sale of objects that no longer meet the portfolio and/or yield criteria (based on hold/sell and SWOT analyses), efficient asset management, and the selection and acquisition of individual assets or portfolios. The hold/sell analysis of existing objects as well as the financial analysis of properties to be acquired is based on a consistent set of financial criteria.

The above approach ensures that decisions relating to the portfolios are transparent for the shareholders, the Supervisory Board, the organization, and the market (see also Sector portfolios).

Corporate governance and risk management

As it is not a publicly listed company, Altera Vastgoed is not subject to the Dutch Corporate Governance Code. Nevertheless, for the sake of transparency, Altera aims to comply with the code in so far as it is relevant for companies that are not publicly listed.
In the external annual report, all aspects relevant to corporate governance are dealt with in detail, in particular also the manner in which risk management issues are structured and evaluated. Based in part on these aspects, management issues an “in control statement”.

In addition, the external auditor evaluates a set of control measures agreed upon with the shareholders and makes his findings available in an ISAE 3000 report. This enables the shareholders to form their own opinion based on reliable and solid information and to also account for their actions for their stakeholders.

In June 2011, Altera became the first property fund to enter into an agreement with the tax authorities for horizontal supervision, on the basis of which both parties are required to make an effort to work together in an efficient manner. The tax authorities make this option available only to companies whose internal controls are appropriate after an extensive evaluation.
In addition to the decision-making structure with the shareholders as set out in the articles of association, the management meets at least twice each year directly with the shareholders in a Participants’ Council. Besides topics that can be submitted by the shareholders, the topics discussed here include an explanation of the policy implemented, the quarterly reports, portfolio changes, and an analysis of the results realized by Altera Vastgoed in comparison to the IPD Dutch Property Index.

Investment objective

The objective of the Altera Vastgoed sector funds is to provide Dutch pension funds with a stable return on investments in Dutch property.

The degree to which this objective is realized is evaluated using the following criteria:

  • the relative portfolio return per sector compared to the 5-years total return for standing investments of the IPD Dutch Property Index;
  • the relative fund return per sector based on a peer group analysis and the INREV TER (Total Expense Ratio) for core funds;
  • the level of the management costs for the three sector funds together, whereby the aim is to ensure that these costs are among the lowest in the industry;
  • the progress made in the area of sustainability;
  • the degree of transparency;
  • governance aspects.

Investment policy

Altera Vastgoed aims to realize its objective by investing in selected subsectors of the Dutch property market based on a long-term investment horizon.

The investment policy is implemented transparently based on the results of research analyses. The level of risk is reduced by not applying leverage and excluding project development related risks. This policy aims to ensure that the fund remains a pure property fund investment vehicle insofar as possible. The fund also aims to remain fully invested. A medium- to long-term (three years) investment policy framework is formulated for each sector portfolio, which is then submitted to the General Meeting of Shareholders for the sector concerned. Within these frameworks, Altera Vastgoed prepares annual investment plans per sector, which need to be approved by the Supervisory Board.
The management costs are compared with the relevant INREV TER and with a peer group.

Company Profile

A separate document, the Company Profile for existing and prospective shareholders, sets out the characteristics of Altera Vastgoed as a private property fund. The Company Profile is determined by the shareholders. This document provides a detailed explanation of all important product characteristics and policy guidelines for Altera Vastgoed, including its mission, policy objectives, processes, procedures, valuation policy, rules for participating and exiting, and reporting and accountability structure.


Altera Vastgoed provides its shareholders and external relations with ample information. The goal here is to provide maximum transparency with regard to the policy that has been and will be implemented and developments relevant to the investment product offered.

The guidelines of the IPD/ROZ Property Index apply to performance and cost reports in property related matters. The following reports per sector are made available to the shareholders and external parties, respectively:

 Publications Frequency Target group
 Annual report  1x per year  Shareholders  and other  relations
 Semi-annual report  1x per year  Shareholders  and other  relations
 Quarterly report  4x per year  Shareholders
 Results investment targets  1x per year  Shareholders
 IPD Dutch Property Index  analysis  1x per year  Shareholders
 ISAE 3000 report  1x per year  Shareholders
 Management costs per share  holder  2x per year  Shareholders
 INREV Standard data delivery  sheet  4x per year  Shareholders
 Sector midterm policy frame   In case of change  Shareholders
 Investment plan per sector  1x per year  Shareholders
 Policy plan sustainability  In case of change  Shareholders
 Corporate governance frame  In case of change  Shareholders
 Company Profile  In case of change  Shareholders and prospects
 INREV Questionnaire  1x per year  Shareholders and prospects
 Other communications    
 Ter Info-newsletter  2x per year  All relations
 Acquisition brochure  1x per two years  Developers, investors, brokers, etc.