This website uses cookies to remember your personal preferences and gather statistics. Click here for more information about cookies.

Yes, I agree No, I do not agree X

Financial statements

13 Investment property under construction

  

2017

 

2016

At the beginning of the year

 

44,645

 

-

Transfer from investment property

 

-

 

34,531

Investments

 

28,662

 

2,400

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

54,125

 

7,714

 

In profit or loss

 

54,125

 

7,714

In other comprehensive income

 

-

 

-

Transfer to investment property

 

-

 

-

Transfers out of level 3

 

-

 

-

At the end of the year

 

127,432

 

44,645

 

2017

2016

Investment property under construction at fair value

127,432

44,645

Investment property under construction at amortised cost

-

-

As at 31 December

127,432

44,645

Investment property is not (re)developed within the Office Fund but via external parties or within Bouwinvest Office Development B.V. As at 31 December 2017 the investment property under construction relates to Hourglass, Building 1931 and Buidling 1962 (Amsterdam).

The net valuation gain (loss) for the year included a positive fair value adjustment of € 52,975 (2016: € 7,714) relating to investment property under construction that is measured at fair value at the end of the reporting period.

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

Investments

2017

2016

Amsterdam

28,662

2,400

Total investments

28,662

2,400

The significant assumptions with regard to the valuations are set out below.

 

2017

2016

Gross initial yield

5.6%

5.3%

Net initial yield

3.9%

4.8%

Long-term vacancy rate

0.0%

0.0%

Inflation rate

0.5%

1.0%

Estimated average percentage of completion

N/A

N/A

Current average rent (€/m²)

359

317

Construction costs (€ per m²)

4,005

2,167

  • Share this article