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Financial statements

13 Investment property under construction

  

2015

 

2014

At the beginning of the year

 

65,896

 

57,213

Investments

 

177,321

 

117,354

Transfers to investment property

 

(65,022)

 

(114,467)

Net gain (loss) from fair value adjustments on investment property under construction

27,384

 

5,796

 

In profit or loss

 

27,384

 

5,796

In other comprehensive income

 

-

 

-

Transfers out of level 3

 

-

 

-

At the end of the year

 

205,579

 

65,896

 

2015

2014

Investment property under construction at fair value

205,579

65,896

Investment property under construction at amortised cost

-

-

As at 31 December

205,579

65,896

The Fund has an agreement with Bouwinvest Development B.V., which develops part of the investment property for the Fund. Investment property under construction developed by Bouwinvest Development B.V. relates to Feniks & Het Baken (Amsterdam), Stadionplein (Amsterdam) en Vlondertuinen ('s-Hertogenbosch). The other property under construction is being developed by third parties. For a list of the investment property under construction and investment commitments, see Note 20.

The total gain (loss) for the year included an unrealised gain of € 30,867 (2014: € 10,722) relating to investment property under construction that are measured at fair value at the end of the reporting period.

The investment property under construction is valued by external valuation experts.

The specifications of transfers from investments and also the transfers to investment property are set out below.

Investments

2015

2014

Randstad

167,307

85,474

Mid East

1,793

8,549

Brabantstad

6,708

2,974

Non-core regions

1,513

20,357

Total investments

177,321

117,354

Transfers to investment property

2015

2014

Randstad

54,142

(87,664)

Mid East

5,370

(12,536)

Brabantstad

5,510

(14,267)

Non-core regions

-

-

Total transfers to investment property

65,022

(114,467)

The significant assumptions made relating to the valuations are set out below.

2015

    
 

Randstad

Mid East

Brabantstad

Total

Gross initial yield

4.5% - 5.6%

N/A

5.5% - 5.6%

4.5% - 5.6%

Net initial yield

3.2% - 4.8%

N/A

4.4% - 5.1%

3.2% - 5.1%

Long-term vacancy rate

5.3%

N/A

2.5%

4.8%

Long-term growth rental rate

2.5%

N/A

2.2%

2.4%

Average 10-year inflation rate (IPD Nederland)

1.5%

N/A

1.5%

1.5%

Estimated average development profit on completion

49.4%

N/A

22.5%

45.0%

Estimated average percentage of completion

3.8%

N/A

7.1%

4.3%

Current average rent (€/m²)

13.92

N/A

11.92

13.51

Construction costs (€/m²)

3,145.42

N/A

2,363.64

2,983.36

2014

    
 

Randstad

Mid East

Brabantstad

Total

Gross initial yield

5.0% - 6.2%

5.5%

5.3%

5.0% - 6.2%

Net initial yield

3.9% - 4.9%

4.6%

4.7%

3.9% - 4.9%

Long-term vacancy rate

1.0%

2.5%

1.6%

1.1%

Long-term growth rental rate

2.7%

2.7%

2.4%

2.6%

Average 10-year inflation rate (IPD Nederland)

1.9%

1.9%

1.9%

1.9%

Estimated average development profit on completion

(1.3)%

7.0%

(9.2)%

(1.3)%

Estimated average percentage of completion

27.6%

66.8%

62.8%

30.0%

Current average rent (€/m²)

12.47

6.98

7.34

11.62

Construction costs (€/m²)

2,774.83

1,405.06

1,747.21

2,575.16

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