| | | 2016 | | 2015 |
At the beginning of the year | | - | | 6,201 |
Transfer from investment property | | 34,531 | | - |
Investments | | 2,400 | | 1,479 |
Net gain (loss) from fair value adjustments on investment property under construction | 7,714 | | 477 | |
In profit or loss | | 7,714 | | 477 |
In other comprehensive income | | - | | - |
Transfer to investment property | | - | | (8,157) |
Transfers out of level 3 | | - | | - |
At the end of the year | | 44,645 | | - |
| | 2016 | 2015 |
Investment property under construction at fair value | 44,645 | - |
Investment property under construction at amortised cost | - | - |
As at 31 December | 44,645 | - |
Investment property is not (re)developed within the Office Fund but via external parties or within Bouwinvest Office Development B.V. or Bouwinvest Development B.V. As at 31 December 2016 the investment property under construction relates to The Olympic 1931 and The Olympic 1962 (Amsterdam).
The net valuation gain (loss) for the year included a positive fair value adjustment of € 7,714 (2015: € 477) 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.
The specifications of transfers from investments and also the transfers to investment property are set out below.
Investments | 2016 | 2015 |
Amsterdam | 2,400 | 1,479 |
Total investments | 2,400 | 1,479 |
The specifications of transfers from investments and also the transfers to investment property are set out below.
| | 2016 | 2015 |
Gross initial yield | 5.3% | N/A |
Net initial yield | 4.8% | N/A |
Long-term vacancy rate | 0.0% | N/A |
Inflation rate | 1.0% | N/A |
Estimated average percentage of completion | N/A | N/A |
Current average rent (€/m²) | 317 | N/A |
Construction costs (€ per m²) | 2,167 | N/A |