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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_periodEndLabel_labelen" xml:lang="en">Cash and cash equivalents if different from statement of financial positionat end of period</link:label>
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CurrentContractAssetsOrLiabilities_Ext_label_labelen" xml:lang="en">Current Contract Assets Or Liabilities_Ext</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractAssetsOrLiabilities_Ext" xlink:to="CurrentContractAssetsOrLiabilities_Ext_label_labelen" xlink:type="arc" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="InvestmentAndReceivablesAccountedForUsingEquityMethod_label_labelen" xml:lang="en">Investment and receivables accounted for using equity method </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAndReceivablesAccountedForUsingEquityMethod" xlink:to="InvestmentAndReceivablesAccountedForUsingEquityMethod_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetChargeToProvisionsForCurrentAssets" xlink:href="altareit-2023-12-31.xsd#altareit_NetChargeToProvisionsForCurrentAssets" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetChargeToProvisionsForCurrentAssets_label_labelen" xml:lang="en">Net charge to provisions for current assets </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetChargeToProvisionsForCurrentAssets" xlink:to="NetChargeToProvisionsForCurrentAssets_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetFinancialIndebtednessAndSecurities_Ext" xlink:href="altareit-2023-12-31.xsd#altareit_NetFinancialIndebtednessAndSecurities_Ext" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetFinancialIndebtednessAndSecurities_Ext_label_labelen" xml:lang="en">Net Financial Indebtedness And Securities_Ext</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialIndebtednessAndSecurities_Ext" xlink:to="NetFinancialIndebtednessAndSecurities_Ext_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NoncurrentAdvancesFromGroupShareholdersAndPartners" xlink:href="altareit-2023-12-31.xsd#altareit_NoncurrentAdvancesFromGroupShareholdersAndPartners" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NoncurrentAdvancesFromGroupShareholdersAndPartners_label_labelen" xml:lang="en">Noncurrent advances from group shareholders and partners </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAdvancesFromGroupShareholdersAndPartners" xlink:to="NoncurrentAdvancesFromGroupShareholdersAndPartners_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DisposalOfNoncurrentAssetsAndReimbursementOfAdvancesAndDownPaymentsNetOfTransactionCosts" xlink:href="altareit-2023-12-31.xsd#altareit_DisposalOfNoncurrentAssetsAndReimbursementOfAdvancesAndDownPaymentsNetOfTransactionCosts" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="DisposalOfNoncurrentAssetsAndReimbursementOfAdvancesAndDownPaymentsNetOfTransactionCosts_label_labelen" xml:lang="en">Disposal of noncurrent assets and reimbursement of advances and down payments net of transaction costs </link:label>
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    <link:loc xlink:type="locator" xlink:label="EquityProfitLossAttributableToNonControllingInterests" xlink:href="altareit-2023-12-31.xsd#altareit_EquityProfitLossAttributableToNonControllingInterests" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EquityProfitLossAttributableToNonControllingInterests_label_labelen" xml:lang="en">Equity profit loss attributable to non controlling interests </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityProfitLossAttributableToNonControllingInterests" xlink:to="EquityProfitLossAttributableToNonControllingInterests_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetPropertyIncome" xlink:href="altareit-2023-12-31.xsd#altareit_NetPropertyIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetPropertyIncome_label_labelen" xml:lang="en">Net property income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetPropertyIncome" xlink:to="NetPropertyIncome_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OperatingWorkingCapitalRequirement_Ext" xlink:href="altareit-2023-12-31.xsd#altareit_OperatingWorkingCapitalRequirement_Ext" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OperatingWorkingCapitalRequirement_Ext_label_labelen" xml:lang="en">Operating Working Capital Requirement_Ext</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingWorkingCapitalRequirement_Ext" xlink:to="OperatingWorkingCapitalRequirement_Ext_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements" xlink:href="altareit-2023-12-31.xsd#altareit_BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements_label_labelen" xml:lang="en">Bank Overdrafts Classified As Cash Equivalents In Cash Flow Statements </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements" xlink:to="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements_label_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements_periodEndLabel_labelen" xml:lang="en">Bank Overdrafts Classified As Cash Equivalents In Cash Flow Statements </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements" xlink:to="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements_periodEndLabel_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements_periodStartLabel_labelen" xml:lang="en">Bank Overdrafts Classified As Cash Equivalents In Cash Flow Statements - Period start</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements" xlink:to="BankOverdraftsClassifiedAsCashEquivalentsInCashFlowStatements_periodStartLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CostOfNetDebt" xlink:href="altareit-2023-12-31.xsd#altareit_CostOfNetDebt" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CostOfNetDebt_label_labelen" xml:lang="en">Cost of net debt </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfNetDebt" xlink:to="CostOfNetDebt_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InvestmentPropertyAtAmortizedCost" xlink:href="altareit-2023-12-31.xsd#altareit_InvestmentPropertyAtAmortizedCost" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="InvestmentPropertyAtAmortizedCost_label_labelen" xml:lang="en">Investment property at amortized cost </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentPropertyAtAmortizedCost" xlink:to="InvestmentPropertyAtAmortizedCost_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CostsOfDebt" xlink:href="altareit-2023-12-31.xsd#altareit_CostsOfDebt" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CostsOfDebt_label_labelen" xml:lang="en">Costs of debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsOfDebt" xlink:to="CostsOfDebt_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="altareit-2023-12-31.xsd#altareit_ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_label_labelen" xml:lang="en">Impairment loss of customer related intangible assets recognised as of acquisition date </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ReservesAndRetainedEarningMember" xlink:href="altareit-2023-12-31.xsd#altareit_ReservesAndRetainedEarningMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ReservesAndRetainedEarningMember_label_labelen" xml:lang="en">Reserves And Retained Earning [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReservesAndRetainedEarningMember" xlink:to="ReservesAndRetainedEarningMember_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AssetsAndImpairmentTests_Ext" xlink:href="altareit-2023-12-31.xsd#altareit_AssetsAndImpairmentTests_Ext" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AssetsAndImpairmentTests_Ext_label_labelen" xml:lang="en">Assets And Impairment Tests_Ext</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAndImpairmentTests_Ext" xlink:to="AssetsAndImpairmentTests_Ext_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InvestmentPropertyAtFairValue" xlink:href="altareit-2023-12-31.xsd#altareit_InvestmentPropertyAtFairValue" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="InvestmentPropertyAtFairValue_label_labelen" xml:lang="en">Investment property at fair value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentPropertyAtFairValue" xlink:to="InvestmentPropertyAtFairValue_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ProfitLossBeforeTaxAndBeforeNetInterestExpenseOrIncome" xlink:href="altareit-2023-12-31.xsd#altareit_ProfitLossBeforeTaxAndBeforeNetInterestExpenseOrIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ProfitLossBeforeTaxAndBeforeNetInterestExpenseOrIncome_label_labelen" xml:lang="en">Profit loss before tax and before net interest expense or income </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTaxAndBeforeNetInterestExpenseOrIncome" xlink:to="ProfitLossBeforeTaxAndBeforeNetInterestExpenseOrIncome_label_labelen" xlink:type="arc" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="RetainedEarningsAndOtherReservesAttributableToOwnersOfParent_label_labelen" xml:lang="en">Retained earnings and other reserves attributable to owners of parent</link:label>
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    <link:loc xlink:type="locator" xlink:label="CurrentAdvancesFromGroupShareholdersAndPartners" xlink:href="altareit-2023-12-31.xsd#altareit_CurrentAdvancesFromGroupShareholdersAndPartners" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CurrentAdvancesFromGroupShareholdersAndPartners_label_labelen" xml:lang="en">Current advances from group shareholders and partners  </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAdvancesFromGroupShareholdersAndPartners" xlink:to="CurrentAdvancesFromGroupShareholdersAndPartners_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="EquityProfitLossAttributableToOwnersOfParent" xlink:href="altareit-2023-12-31.xsd#altareit_EquityProfitLossAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="EquityProfitLossAttributableToOwnersOfParent_label_labelen" xml:lang="en">Equity profit loss attributable to owners of parent </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityProfitLossAttributableToOwnersOfParent" xlink:to="EquityProfitLossAttributableToOwnersOfParent_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="RightOfUseOnInvestmentPropertyAtFairValue" xlink:href="altareit-2023-12-31.xsd#altareit_RightOfUseOnInvestmentPropertyAtFairValue" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightOfUseOnInvestmentPropertyAtFairValue" xlink:to="RightOfUseOnInvestmentPropertyAtFairValue_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetGainLossOnDisposalOfInvestments" xlink:href="altareit-2023-12-31.xsd#altareit_NetGainLossOnDisposalOfInvestments" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetGainLossOnDisposalOfInvestments_label_labelen" xml:lang="en">Net gain loss on disposal of investments</link:label>
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="IssuanceOfDebtAndOtherFinancialLiabilities_label_labelen" xml:lang="en">Issuance of debt and other ?nancial liabilities </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfDebtAndOtherFinancialLiabilities" xlink:to="IssuanceOfDebtAndOtherFinancialLiabilities_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="MiscellaneousOtherOperatingIncomeExpense" xlink:href="altareit-2023-12-31.xsd#altareit_MiscellaneousOtherOperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MiscellaneousOtherOperatingIncomeExpense_label_labelen" xml:lang="en">Miscellaneous other operating income expense</link:label>
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherIntangibleAssetsOtherThanCustomerRelationshipGoodwillAndBrandNames_label_labelen" xml:lang="en">Other Intangible Assets other than Customer Relationship Goodwill and Brand names</link:label>
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