Altera and MN sell Stadshart Zoetermeer shopping centre with residential units

Erwin Wessels, CIO of Altera: “By selling Stadshart in Zoetermeer, our convenience portfolio expands to over 87% and we further optimise the risk-return profile. The portfolio provides a stable direct return and is less sensitive to e-commerce and cyclical changes. Looking forward, the portfolio will continue to grow through strategic purchases and sales and targeted asset management.” George van Hooijdonk, Manager Strategic Partnerships RE: “Stadshart Zoetermeer has for many years made a respectable contribution to the return within PMT’s retail portfolio. PMT has been the co-owner of the aforementioned property since the development of Stadshart. The development of a possible residential tower at the site of the former V&D is not MN/PMT’s core business. MN/PMT, too, is increasingly focusing on food & convenience real estate within the retail sector. Furthermore, the portfolio will be supplemented with new-build homes in the coming period.”