13 Investment property under construction 2016 2015At the beginning of the year 195,182 207,867Investments 21,033 52,723Transfer to investment property (232,447) (85,239)Transfer from investment property - - Net gain (loss) from fair value adjustments on investment property under construction29,398 19,831 In profit or loss 29,398 19,831In other comprehensive income - - Transfers out of level 3 - - Total investment property under construction (level 3) 13,166 195,182Lease incentives (455) (2,131)At the end of the year 12,711 193,051 20162015Investment property under construction at fair value12,711193,051Investment property under construction at amortised cost- - As at 31 December12,711193,051Investment property is not (red)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 construction20152015Experience12,82521,629Convenience8,20831,094Other- - Total investments and investment property under construction21,03352,723The investment property under construction is valued by external valuation experts. The significant assumptions made relating to the valuations are set out below. 20162015Gross initial yield6.7%4.8% - 7.5%Net initial yield6.0%4.5% - 6.8%Long-term vacancy rate0.6%0.0%Average 10 – year inflation rate (IPD Nederland)1.0%1.5%Estimated average percentage of completion82.0%72.0%Current average rent (€/m²)199319Construction costs (€/m²)5882,218 Share this article