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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_DepreciationAndAmortisationExpenseIncludedInNetOverheadExpense" xlink:label="DepreciationAndAmortisationExpenseIncludedInNetOverheadExpense" xlink:title="DepreciationAndAmortisationExpenseIncludedInNetOverheadExpense"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_MiscellaneousOtherOperatingIncomeExpense" xlink:label="MiscellaneousOtherOperatingIncomeExpense" xlink:title="MiscellaneousOtherOperatingIncomeExpense"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_OtherDepreciationExpense" xlink:label="OtherDepreciationExpense" xlink:title="OtherDepreciationExpense"/>
    <link:label xlink:type="resource" xlink:label="label_OtherDepreciationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherDepreciationExpense" xml:lang="en" id="label_OtherDepreciationExpense">Other depreciation expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDepreciationExpense" xlink:to="label_OtherDepreciationExpense" xlink:title="label: OtherDepreciationExpense to label_OtherDepreciationExpense"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_NetChargeToProvisionsForRisksAndContingencies" xlink:label="NetChargeToProvisionsForRisksAndContingencies" xlink:title="NetChargeToProvisionsForRisksAndContingencies"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_CostOfNetDebt" xlink:label="CostOfNetDebt" xlink:title="CostOfNetDebt"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_CostsOfDebt" xlink:label="CostsOfDebt" xlink:title="CostsOfDebt"/>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsOfDebt" xlink:to="label_CostsOfDebt" xlink:title="label: CostsOfDebt to label_CostsOfDebt"/>
    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_NetGainLossOnDisposalOfInvestments" xlink:label="NetGainLossOnDisposalOfInvestments" xlink:title="NetGainLossOnDisposalOfInvestments"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_InvestmentPropertyAtFairValue" xlink:label="IinvestmentPropertyAtFairValue" xlink:title="IinvestmentPropertyAtFairValue"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_RightOfUseOnInvestmentPropertyAtFairValue" xlink:label="RightOfUseOnInvestmentPropertyAtFairValue" xlink:title="RightOfUseOnInvestmentPropertyAtFairValue"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_IssuanceOfDebtAndOtherFinancialLiabilities" xlink:label="IssuanceOfDebtAndOtherFinancialLiabilities" xlink:title="IssuanceOfDebtAndOtherFinancialLiabilities"/>
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    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_CustomerRelationship" xlink:label="CustomerRelationship" xlink:title="CustomerRelationship"/>
    <link:label xlink:type="resource" xlink:label="label_CustomerRelationship" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomerRelationship" xml:lang="en" id="label_CustomerRelationship">Customer Relationship</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerRelationship" xlink:to="label_CustomerRelationship" xlink:title="label: CustomerRelationship to label_CustomerRelationship"/>
    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames" xlink:label="OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames" xlink:title="OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames"/>
    <link:label xlink:type="resource" xlink:label="label_OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames" xml:lang="en" id="label_OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames">Other Intangible Assets other than Customer Relationship Goodwill and Brand names</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames" xlink:to="label_OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames" xlink:title="label: OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames to label_OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames"/>
    <link:loc xlink:type="locator" xlink:href="altareit-2022-12-31.xsd#altareit_NetChangeInInvestmentsAndDerivativeFinancialInstruments" xlink:label="NetChangeInInvestmentsAndDerivativeFinancialInstruments" xlink:title="NetChangeInInvestmentsAndDerivativeFinancialInstruments"/>
    <link:label xlink:type="resource" xlink:label="label_NetChangeInInvestmentsAndDerivativeFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetChangeInInvestmentsAndDerivativeFinancialInstruments" xml:lang="en" id="label_NetChangeInInvestmentsAndDerivativeFinancialInstruments">Net change in investments and derivative ﬁnancial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetChangeInInvestmentsAndDerivativeFinancialInstruments" xlink:to="label_NetChangeInInvestmentsAndDerivativeFinancialInstruments" xlink:title="label: NetChangeInInvestmentsAndDerivativeFinancialInstruments to label_NetChangeInInvestmentsAndDerivativeFinancialInstruments"/>
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</link:linkbase>
