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

  

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

  • Share this article