11 – Investment property under development
| € million) |
2008 |
2007 |
| Balance as at 1 January |
228.1 |
|
250.8 |
|
| Investments |
146.9 |
|
96.7 |
|
| Sales |
-1.3 |
|
-1.3 |
|
| Transfer to investment portfolio |
-110.0 |
|
-130.0 |
|
| Capitalised interest |
9.3 |
|
12.1 |
|
| Revaluations |
-20.7 |
|
– |
|
| Other |
-4.8 |
|
-0.2 |
|
| Balance as at 31 December |
|
247.5 |
|
228.1 |
In 2008, the Group completed the construction/renovation of Pieter Vreedeplein in Tilburg, Eschmarke in Enschede in the Netherlands and 365 in Ankara in Turkey. These assets were therefore reclassified as investment property. Investment property under development includes € 157.6 million for land that is carried at fair value.
Source: Annual Report 2008, Chapter Financial Statements, page 165 (PDF, 179 kB)
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