All amounts in € thousands
| | Note | 2015 | 2014 |
Operating activities | | | |
Rental receipts | | 165,729 | 158,730 |
Service charge receipts | | 2,501 | 2,442 |
Operating payments | | (50,214) | (51,946) |
Service charge payments | | (2,783) | (3,032) |
VAT received (paid) | | (682) | (1,506) |
Interest received | | - | 42 |
Cash flows from operating activities | | 114,551 | 104,730 |
| | | | |
Investment activities | | | |
Proceeds from sale of investment property | 12 | 6,258 | 116,394 |
Payments of investment property | 12 | (237) | (652) |
Payments of investment property under construction | 13 | (177,321) | (117,354) |
Cash flows from investment activities | | (171,300) | (1,612) |
| | | | |
Finance activities | | | |
Proceeds from the issue of share capital | | 192,500 | 84,000 |
Dividends paid | | (104,060) | (101,483) |
Cash flows from finance activities | | 88,440 | (17,483) |
| | | | |
Net increase in cash and cash equivalents | | 31,691 | 85,635 |
Cash and cash equivalents at beginning of year | | 98,116 | 12,481 |
Cash and cash equivalents at end of year | 15 | 129,807 | 98,116 |