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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashEquivalents" xlink:label="CashEquivalents"/>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:label="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:title="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_PropertyExpenses" xlink:label="PropertyExpenses" xlink:title="PropertyExpenses"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_UnrecoverableRentalExpenses" xlink:label="UnrecoverableRentalExpenses" xlink:title="UnrecoverableRentalExpenses"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_RentalExpenseReinvoicedToTenants" xlink:label="RentalExpenseReinvoicedToTenants" xlink:title="RentalExpenseReinvoicedToTenants"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_RentalExpenseNotReinvoicedToTenants" xlink:label="RentalExpenseNotReinvoicedToTenants" xlink:title="RentalExpenseNotReinvoicedToTenants"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_OtherDirectOperatingExpenseFromInvestmentPropertyGeneratingRentalIncome" xlink:label="OtherDirectOperatingExpenseFromInvestmentPropertyGeneratingRentalIncome" xlink:title="OtherDirectOperatingExpenseFromInvestmentPropertyGeneratingRentalIncome"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="ImpairmentLossOfCustomerRelatedIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_NetPropertyIncome" xlink:label="NetPropertyIncome" xlink:title="NetPropertyIncome"/>
    <link:label xlink:type="resource" xlink:label="label_NetPropertyIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetPropertyIncome" xml:lang="en" id="label_NetPropertyIncome">Net property income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetPropertyIncome" xlink:to="label_NetPropertyIncome" xlink:title="label: NetPropertyIncome to label_NetPropertyIncome"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_DepreciationAndAmortisationExpenseIncludedInNetOverheadExpense" xlink:label="DepreciationAndAmortisationExpenseIncludedInNetOverheadExpense" xlink:title="DepreciationAndAmortisationExpenseIncludedInNetOverheadExpense"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_NetOverheadExpense" xlink:label="NetOverheadExpense" xlink:title="NetOverheadExpense"/>
    <link:label xlink:type="resource" xlink:label="label_NetOverheadExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetOverheadExpense" xml:lang="en" id="label_NetOverheadExpense">Net overhead expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetOverheadExpense" xlink:to="label_NetOverheadExpense" xlink:title="label: NetOverheadExpense to label_NetOverheadExpense"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_MiscellaneousOtherOperatingIncomeExpense" xlink:label="MiscellaneousOtherOperatingIncomeExpense" xlink:title="MiscellaneousOtherOperatingIncomeExpense"/>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeExpense" xlink:to="label_MiscellaneousOtherOperatingIncomeExpense" xlink:title="label: MiscellaneousOtherOperatingIncomeExpense to label_MiscellaneousOtherOperatingIncomeExpense"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_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"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_NetChargeToProvisionsForRentalGuarantee" xlink:label="NetChargeToProvisionsForRentalGuarantee" xlink:title="NetChargeToProvisionsForRentalGuarantee"/>
    <link:label xlink:type="resource" xlink:label="label_NetChargeToProvisionsForRentalGuarantee" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetChargeToProvisionsForRentalGuarantee" xml:lang="en" id="label_NetChargeToProvisionsForRentalGuarantee">Net charge to provisions for rental guarantee</link:label>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_ImpairmentLossReversalOfImpairmentLossOtherNoncurrentAssets" xlink:label="ImpairmentLossReversalOfImpairmentLossOtherNoncurrentAssets" xlink:title="ImpairmentLossReversalOfImpairmentLossOtherNoncurrentAssets"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_NetChargeToProvisionsForRisksAndContingencies" xlink:label="NetChargeToProvisionsForRisksAndContingencies" xlink:title="NetChargeToProvisionsForRisksAndContingencies"/>
    <link:label xlink:type="resource" xlink:label="label_NetChargeToProvisionsForRisksAndContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetChargeToProvisionsForRisksAndContingencies" xml:lang="en" id="label_NetChargeToProvisionsForRisksAndContingencies">Net charge to provisions for risks and contingencies </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetChargeToProvisionsForRisksAndContingencies" xlink:to="label_NetChargeToProvisionsForRisksAndContingencies" xlink:title="label: NetChargeToProvisionsForRisksAndContingencies to label_NetChargeToProvisionsForRisksAndContingencies"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xml:lang="en" id="label_ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">Profit loss from operating activities before share of profit loss of associates and joint ventures accounted for using equity method </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="label_ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="label: ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod to label_ProfitLossFromOperatingActivitiesBeforeShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_ProfitLossFromOperatingActivitiesAfterShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ProfitLossFromOperatingActivitiesAfterShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="ProfitLossFromOperatingActivitiesAfterShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_CostOfNetDebt" xlink:label="CostOfNetDebt" xlink:title="CostOfNetDebt"/>
    <link:label xlink:type="resource" xlink:label="label_CostOfNetDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfNetDebt" xml:lang="en" id="label_CostOfNetDebt">Cost of net debt </link:label>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_CostsOfDebt" xlink:label="CostsOfDebt" xlink:title="CostsOfDebt"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_DiscountingOfDebtAndReceivables" xlink:label="DiscountingOfDebtAndReceivables" xlink:title="DiscountingOfDebtAndReceivables"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_NetGainLossOnDisposalOfInvestments" xlink:label="NetGainLossOnDisposalOfInvestments" xlink:title="NetGainLossOnDisposalOfInvestments"/>
    <link:label xlink:type="resource" xlink:label="label_NetGainLossOnDisposalOfInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetGainLossOnDisposalOfInvestments" xml:lang="en" id="label_NetGainLossOnDisposalOfInvestments">Net gain loss on disposal of investments</link:label>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_InvestmentPropertyAtFairValue" xlink:label="IinvestmentPropertyAtFairValue" xlink:title="IinvestmentPropertyAtFairValue"/>
    <link:label xlink:type="resource" xlink:label="label_IinvestmentPropertyAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IinvestmentPropertyAtFairValue" xml:lang="en" id="label_IinvestmentPropertyAtFairValue">Investment property at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IinvestmentPropertyAtFairValue" xlink:to="label_IinvestmentPropertyAtFairValue" xlink:title="label: IinvestmentPropertyAtFairValue to label_IinvestmentPropertyAtFairValue"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_InvestmentPropertyAtAmortizedCost" xlink:label="InvestmentPropertyAtAmortizedCost" xlink:title="InvestmentPropertyAtAmortizedCost"/>
    <link:label xlink:type="resource" xlink:label="label_InvestmentPropertyAtAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentPropertyAtAmortizedCost" xml:lang="en" id="label_InvestmentPropertyAtAmortizedCost">Investment property at amortized cost </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentPropertyAtAmortizedCost" xlink:to="label_InvestmentPropertyAtAmortizedCost" xlink:title="label: InvestmentPropertyAtAmortizedCost to label_InvestmentPropertyAtAmortizedCost"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_RightOfUseOnInvestmentPropertyAtFairValue" xlink:label="RightOfUseOnInvestmentPropertyAtFairValue" xlink:title="RightOfUseOnInvestmentPropertyAtFairValue"/>
    <link:label xlink:type="resource" xlink:label="label_RightOfUseOnInvestmentPropertyAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightOfUseOnInvestmentPropertyAtFairValue" xml:lang="en" id="label_RightOfUseOnInvestmentPropertyAtFairValue">Right of use on investment property at fair value </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightOfUseOnInvestmentPropertyAtFairValue" xlink:to="label_RightOfUseOnInvestmentPropertyAtFairValue" xlink:title="label: RightOfUseOnInvestmentPropertyAtFairValue to label_RightOfUseOnInvestmentPropertyAtFairValue"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_InvestmentAndReceivablesAccountedForUsingEquityMethod" xlink:label="InvestmentAndReceivablesAccountedForUsingEquityMethod_3" xlink:title="InvestmentAndReceivablesAccountedForUsingEquityMethod"/>
    <link:label xlink:type="resource" xlink:label="label_InvestmentAndReceivablesAccountedForUsingEquityMethod_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentAndReceivablesAccountedForUsingEquityMethod" xml:lang="en" id="label_InvestmentAndReceivablesAccountedForUsingEquityMethod_3">Investment and receivables accounted for using equity method </link:label>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_CurrentDerivativeFinancialAssetsHeldForTrading" xlink:label="CurrentDerivativeFinancialAssetsHeldForTrading" xlink:title="CurrentDerivativeFinancialAssetsHeldForTrading"/>
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialAssetsHeldForTrading" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDerivativeFinancialAssetsHeldForTrading" xml:lang="en" id="label_CurrentDerivativeFinancialAssetsHeldForTrading">Current derivative financial assets held for trading </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialAssetsHeldForTrading" xlink:to="label_CurrentDerivativeFinancialAssetsHeldForTrading" xlink:title="label: CurrentDerivativeFinancialAssetsHeldForTrading to label_CurrentDerivativeFinancialAssetsHeldForTrading"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_RetainedEarningsAndOtherReservesAttributableToOwnersOfParent" xlink:label="RetainedEarningsAndOtherReservesAttributableToOwnersOfParent" xlink:title="RetainedEarningsAndOtherReservesAttributableToOwnersOfParent"/>
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsAndOtherReservesAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarningsAndOtherReservesAttributableToOwnersOfParent" xml:lang="en" id="label_RetainedEarningsAndOtherReservesAttributableToOwnersOfParent">Retained earnings and other reserves attributable to owners of parent</link:label>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_EquityProfitLossAttributableToOwnersOfParent" xlink:label="EquityProfitLossAttributableToOwnersOfParent" xlink:title="EquityProfitLossAttributableToOwnersOfParent"/>
    <link:label xlink:type="resource" xlink:label="label_EquityProfitLossAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityProfitLossAttributableToOwnersOfParent" xml:lang="en" id="label_EquityProfitLossAttributableToOwnersOfParent">Equity profit loss attributable to owners of parent </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityProfitLossAttributableToOwnersOfParent" xlink:to="label_EquityProfitLossAttributableToOwnersOfParent" xlink:title="label: EquityProfitLossAttributableToOwnersOfParent to label_EquityProfitLossAttributableToOwnersOfParent"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_RetainedEarningsAndOtherReservesAttributableToNonControllingInterests" xlink:label="RetainedEarningsAndOtherReservesAttributableToNonControllingInterests" xlink:title="RetainedEarningsAndOtherReservesAttributableToNonControllingInterests"/>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsAndOtherReservesAttributableToNonControllingInterests" xlink:to="label_RetainedEarningsAndOtherReservesAttributableToNonControllingInterests" xlink:title="label: RetainedEarningsAndOtherReservesAttributableToNonControllingInterests to label_RetainedEarningsAndOtherReservesAttributableToNonControllingInterests"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_EquityProfitLossAttributableToNonControllingInterests" xlink:label="EquityProfitLossAttributableToNonControllingInterests" xlink:title="EquityProfitLossAttributableToNonControllingInterests"/>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityProfitLossAttributableToNonControllingInterests" xlink:to="label_EquityProfitLossAttributableToNonControllingInterests" xlink:title="label: EquityProfitLossAttributableToNonControllingInterests to label_EquityProfitLossAttributableToNonControllingInterests"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_ParticipatingLoansAndAdvancesFromAssociates" xlink:label="ParticipatingLoansAndAdvancesFromAssociates" xlink:title="ParticipatingLoansAndAdvancesFromAssociates"/>
    <link:label xlink:type="resource" xlink:label="label_ParticipatingLoansAndAdvancesFromAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ParticipatingLoansAndAdvancesFromAssociates" xml:lang="en" id="label_ParticipatingLoansAndAdvancesFromAssociates">Participating loans and advances from associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingLoansAndAdvancesFromAssociates" xlink:to="label_ParticipatingLoansAndAdvancesFromAssociates" xlink:title="label: ParticipatingLoansAndAdvancesFromAssociates to label_ParticipatingLoansAndAdvancesFromAssociates"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_NoncurrentContractualFeesOnInvestmentProperty" xlink:label="NoncurrentContractualFeesOnInvestmentProperty" xlink:title="NoncurrentContractualFeesOnInvestmentProperty"/>
    <link:label xlink:type="resource" xlink:label="label_NoncurrentContractualFeesOnInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentContractualFeesOnInvestmentProperty" xml:lang="en" id="label_NoncurrentContractualFeesOnInvestmentProperty">Noncurrent contractual fees on investment property </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentContractualFeesOnInvestmentProperty" xlink:to="label_NoncurrentContractualFeesOnInvestmentProperty" xlink:title="label: NoncurrentContractualFeesOnInvestmentProperty to label_NoncurrentContractualFeesOnInvestmentProperty"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_NoncurrentDepositsAndSecurityInterestsReceived" xlink:label="NoncurrentDepositsAndSecurityInterestsReceived" xlink:title="NoncurrentDepositsAndSecurityInterestsReceived"/>
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDepositsAndSecurityInterestsReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentDepositsAndSecurityInterestsReceived" xml:lang="en" id="label_NoncurrentDepositsAndSecurityInterestsReceived">Noncurrent deposits and security interests received </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDepositsAndSecurityInterestsReceived" xlink:to="label_NoncurrentDepositsAndSecurityInterestsReceived" xlink:title="label: NoncurrentDepositsAndSecurityInterestsReceived to label_NoncurrentDepositsAndSecurityInterestsReceived"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_CurrentFinancialLiabilitiesExcludingDerivative" xlink:label="CurrentFinancialLiabilitiesExcludingDerivative" xlink:title="CurrentFinancialLiabilitiesExcludingDerivative"/>
    <link:label xlink:type="resource" xlink:label="label_CurrentFinancialLiabilitiesExcludingDerivative" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentFinancialLiabilitiesExcludingDerivative" xml:lang="en" id="label_CurrentFinancialLiabilitiesExcludingDerivative">Current financial liabilities excluding derivative</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFinancialLiabilitiesExcludingDerivative" xlink:to="label_CurrentFinancialLiabilitiesExcludingDerivative" xlink:title="label: CurrentFinancialLiabilitiesExcludingDerivative to label_CurrentFinancialLiabilitiesExcludingDerivative"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_CurrentAdvancesFromGroupShareholdersAndPartners" xlink:label="CurrentAdvancesFromGroupShareholdersAndPartners" xlink:title="CurrentAdvancesFromGroupShareholdersAndPartners"/>
    <link:label xlink:type="resource" xlink:label="label_CurrentAdvancesFromGroupShareholdersAndPartners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAdvancesFromGroupShareholdersAndPartners" xml:lang="en" id="label_CurrentAdvancesFromGroupShareholdersAndPartners">Current advances from group shareholders and partners  </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAdvancesFromGroupShareholdersAndPartners" xlink:to="label_CurrentAdvancesFromGroupShareholdersAndPartners" xlink:title="label: CurrentAdvancesFromGroupShareholdersAndPartners to label_CurrentAdvancesFromGroupShareholdersAndPartners"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_CurrentContractualFeesOnInvestmentProperty" xlink:label="CurrentContractualFeesOnInvestmentProperty" xlink:title="CurrentContractualFeesOnInvestmentProperty"/>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractualFeesOnInvestmentProperty" xlink:to="label_CurrentContractualFeesOnInvestmentProperty" xlink:title="label: CurrentContractualFeesOnInvestmentProperty to label_CurrentContractualFeesOnInvestmentProperty"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_CurrentDerivativeFinancialLiabilitiesHeldForTrading" xlink:label="CurrentDerivativeFinancialLiabilitiesHeldForTrading" xlink:title="CurrentDerivativeFinancialLiabilitiesHeldForTrading"/>
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialLiabilitiesHeldForTrading" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDerivativeFinancialLiabilitiesHeldForTrading" xml:lang="en" id="label_CurrentDerivativeFinancialLiabilitiesHeldForTrading">Current derivative financial liabilities held for trading </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialLiabilitiesHeldForTrading" xlink:to="label_CurrentDerivativeFinancialLiabilitiesHeldForTrading" xlink:title="label: CurrentDerivativeFinancialLiabilitiesHeldForTrading to label_CurrentDerivativeFinancialLiabilitiesHeldForTrading"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_AdjustmentsForNetInterestExpenseOrIncomeAndDividends" xlink:label="AdjustmentsForNetInterestExpenseOrIncomeAndDividends" xlink:title="AdjustmentsForNetInterestExpenseOrIncomeAndDividends"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_ProfitLossBeforeTaxAndBeforeNetInterestExpenseOrIncome" xlink:label="ProfitLossBeforeTaxAndBeforeNetInterestExpenseOrIncome" xlink:title="ProfitLossBeforeTaxAndBeforeNetInterestExpenseOrIncome"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_DisposalOfNoncurrentAssetsAndReimbursementOfAdvancesAndDownPaymentsNetOfTransactionCosts" xlink:label="DisposalOfNoncurrentAssetsAndReimbursementOfAdvancesAndDownPaymentsNetOfTransactionCosts" xlink:title="DisposalOfNoncurrentAssetsAndReimbursementOfAdvancesAndDownPaymentsNetOfTransactionCosts"/>
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    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_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"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_IssuanceOfDebtAndOtherFinancialLiabilities" xlink:label="IssuanceOfDebtAndOtherFinancialLiabilities" xlink:title="IssuanceOfDebtAndOtherFinancialLiabilities"/>
    <link:label xlink:type="resource" xlink:label="label_IssuanceOfDebtAndOtherFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuanceOfDebtAndOtherFinancialLiabilities" xml:lang="en" id="label_IssuanceOfDebtAndOtherFinancialLiabilities">Issuance of debt and other ﬁnancial liabilities </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfDebtAndOtherFinancialLiabilities" xlink:to="label_IssuanceOfDebtAndOtherFinancialLiabilities" xlink:title="label: IssuanceOfDebtAndOtherFinancialLiabilities to label_IssuanceOfDebtAndOtherFinancialLiabilities"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_RepaymentOfBorrowingsAndOtherFinancialLiabilities" xlink:label="RepaymentOfBorrowingsAndOtherFinancialLiabilities" xlink:title="RepaymentOfBorrowingsAndOtherFinancialLiabilities"/>
    <link:label xlink:type="resource" xlink:label="label_RepaymentOfBorrowingsAndOtherFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentOfBorrowingsAndOtherFinancialLiabilities" xml:lang="en" id="label_RepaymentOfBorrowingsAndOtherFinancialLiabilities">Repayment of borrowings and other ﬁnancial liabilities </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfBorrowingsAndOtherFinancialLiabilities" xlink:to="label_RepaymentOfBorrowingsAndOtherFinancialLiabilities" xlink:title="label: RepaymentOfBorrowingsAndOtherFinancialLiabilities to label_RepaymentOfBorrowingsAndOtherFinancialLiabilities"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_NetInflowsOutflowsInSecurityDepositsAndGuaranteesReceived" xlink:label="NetInflowsOutflowsInSecurityDepositsAndGuaranteesReceived" xlink:title="NetInflowsOutflowsInSecurityDepositsAndGuaranteesReceived"/>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetInflowsOutflowsInSecurityDepositsAndGuaranteesReceived" xlink:to="label_NetInflowsOutflowsInSecurityDepositsAndGuaranteesReceived" xlink:title="label: NetInflowsOutflowsInSecurityDepositsAndGuaranteesReceived to label_NetInflowsOutflowsInSecurityDepositsAndGuaranteesReceived"/>
    <link:loc xlink:type="locator" xlink:href="altarea-2020-12-31.xsd#altarea_ReservesAndRetainedEarningMember" xlink:label="ReservesAndRetainedEarningsMember" xlink:title="ReservesAndRetainedEarningsMember"/>
    <link:label xlink:type="resource" xlink:label="label_ReservesAndRetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReservesAndRetainedEarningsMember" xml:lang="en" id="label_ReservesAndRetainedEarningsMember">Reserves And Retained Earning [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReservesAndRetainedEarningsMember" xlink:to="label_ReservesAndRetainedEarningsMember" xlink:title="label: ReservesAndRetainedEarningsMember to label_ReservesAndRetainedEarningsMember"/>
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