The value of the total portfolio in the Netherlands fell from € 2,055 million at year-end 2007 to € 1,986 million at year-end 2008. 96.4% of the total portfolio is invested in shopping centres and retail outlets, with the remaining 3.6% being invested in offices which are (strategically) linked to the shopping centres. Projects with a total value of € 77.7 million were transferred from the pipeline to operations, while investments totalling € 70.3 million were made in both the pipeline and the portfolio (see below). Projects were sold for a total of € 117.5 million.