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Financial statements

13 Investment property under construction

  

2017

 

2016

At the beginning of the year

 

13,166

 

195,182

Investments

 

14,764

 

21,033

Transfer to investment property

 

(14,076)

 

(232,447)

Transfer from investment property

 

-

 

-

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

(1,913)

 

29,398

 

In profit or loss

 

(1,913)

 

29,398

In other comprehensive income

 

-

 

-

Transfers out of level 3

 

-

 

-

Total investment property under construction (level 3)

 

11,941

 

13,166

Lease incentives

 

-

 

(455)

At the end of the year

 

11,941

 

12,711

 

2017

2016

Investment property under construction at fair value

11,941

12,711

Investment property under construction at amortised cost

-

-

As at 31 December

11,941

12,711

Investment property is not (re)developed within the Retail Fund but via external parties or within Bouwinvest Development B.V. or Bouwinvest Retail Development B.V.

Investments and investment property under construction

2017

2016

Experience

-

12,825

Convenience

14,764

8,208

Other

-

-

Total investments and investment property under construction

14,764

21,033

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

Transfers to investment property

2017

2016

Amsterdam (2016: Rosmalen)

(14,076)

(232,447)

Total transfers to investment property

(14,076)

(232,447)

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

 

2017

2016

Gross initial yield

7.0%

6.7%

Net initial yield

6.4%

6.0%

Long-term vacancy rate

0.3%

0.6%

Average 10 – year inflation rate (IPD Nederland)

0.5%

1.0%

Estimated average percentage of completion

61.0%

82.0%

Current average rent (€/m²)

228

199

Construction costs (€/m²)

3,558

588

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