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Financial statements

13 Investment property under construction

  

2015

 

2014

At the beginning of the year

 

207,867

 

146,945

Investments

 

52,723

 

30,900

Transfer to investment property

 

(85,239)

 

(9,511)

Transfer from investment property

 

-

 

9,279

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

19,831

 

30,254

 

In profit or loss

 

19,831

 

30,254

In other comprehensive income

 

-

 

-

Transfers out of level 3

 

-

 

-

Total investment property under construction (level 3)

 

195,182

 

207,867

Lease incentives

 

(2,131)

 

-

At the end of the year

 

193,051

 

207,867

 

2015

2014

Investment property under construction at fair value

193,051

207,867

Investment property under construction at amortised cost

-

-

As at 31 December

193,051

207,867

Investment property is not developed within the Retail Fund but via external parties or within Bouwinvest Development B.V. Investment property under construction relates to Damrak, Mosveld, Stadionplein (Amsterdam), Goverwelle (Gouda) and Molenhoekpassage (Rosmalen).

Investments and investment property under construction

2015

2014

High street retail

21,629

30,900

Shopping centres

31,094

-

Other retail location

-

-

Total investments and investment property under construction

52,723

30,900

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

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

 

2015

2014

Gross initial yield

4,75% - 7,5%

4.3% - 8.2%

Net initial yield

4,5% - 6,8%

4.0% - 6.9%

Long-term vacancy rate

0.0%

0.0%

Average 10 – year inflation rate (IPD Nederland)

1.5%

1.9%

Estimated average percentage of completion

72.0%

49.1%

Current average rent (€/m2)

319

360

Construction costs (€/m2)

2,218

2,325

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