Alterra Secures $103M for IOS Portfolio
PGIM provided the acquisition financing.
Alterra IOS has obtained $103 million in acquisition financing for a 23-asset industrial outdoor storage portfolio. PGIM’s real estate business provided the loan. Justin Horowitz of Cooper-Horowitz worked on Alterra’s behalf to secure the financing.
The portfolio includes properties in 18 markets across the U.S and marks Alterra’s first financing with PGIM. Details on the specific assets included in the portfolio were not disclosed.
A vertically integrated investor, developer and operator of IOS, Alterra has acquired or developed more than 450 sites in 38 states. The latest investment from PGIM represents the further institutionalization of the IOS industry.
READ ALSO: Top Markets for Industrial Development
Earlier in March, Alterra received a passive, minority investment from Almanac, the private real estate arm of Neuberger Berman. The size of the stake was not disclosed, according to Private Equity Real Estate.
In October 2025, Blue Owl Capital provided a $150 million loan facility to Alterra, representing Blue Owl’s first investment in the IOS market. The loan is backed by 21 properties across 12 states as initial collateral.
And in July of that year, Alterra closed on a $343.6 million loan from Truist Financial Corp. and Bank of Montreal on behalf of Alterra IOS Venture II, a closed-end fund with $524 million in equity commitments. The funds refinance three maturing loans secured by 64 IOS properties in 22 states.
You must be logged in to post a comment.