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Financial statements

13 Investment property under construction

  

2018

 

2017

At the beginning of the year

 

11,941

 

13,166

Investments

 

7,529

 

14,764

Transfer to investment property

 

(21,482)

 

(14,076)

Transfer from investment property

 

12,898

 

-

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

2,012

 

(1,913)

 

In profit or loss

 

2,012

 

(1,913)

In other comprehensive income

 

-

 

-

Transfers out of level 3

 

-

 

-

Total investment property under construction (level 3)

 

12,898

 

11,941

Lease incentives

 

-

 

-

At the end of the year

 

12,898

 

11,941

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

 

2018

2017

Investment property under construction at fair value

12,898

11,941

Investment property under construction at amortised cost

-

-

As at 31 December

12,898

11,941

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

Investments and investment property under construction

2018

2017

Experience

-

-

Convenience

7,529

14,764

Other

-

-

Total investments and investment property under construction

7,529

14,764

Transfers to investment property

2018

2017

Rosmalen (2017: Amsterdam)

(21,482)

(14,076)

Total transfers to investment property

(21,482)

(14,076)

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

 

2018

2017

Gross initial yield

6.8%

7.0%

Net initial yield

5.6%

6.4%

Long-term vacancy rate

6.0%

0.3%

Average 10-years inflation rate (NRVT)

0.5%

0.5%

Estimated average percentage of completion

26.1%

61.0%

Current average rent (€/m²)

208

228

Construction costs (€/m²)

1,014

3,558

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