Changes in value of the portfolio
In 2009 the value of the operational property portfolio fell from € 5,562.9 million to € 5,516.0 million. This decline is the balance of a downward revaluation of € 371.2 million and net acquisitions (€ 235.9 million), investments (€ 33.6 million), changes in consolidation (€ 30.8 million), the coming on-stream of development and redevelopment projects (€ 116.7 million), disposals (€ 91.5 million negative) and exchange differences (€ 1.1 million negative).
The value of the property portfolio in development, including land, fell from € 247.5 million to € 194.5 million. This decline reflects an impairment of € 22.4 million, a positive revaluation for properties under development of € 3.8 million, investments in pipeline projects of € 72.8 million, a drop of € 162.9 million because of projects becoming operational (€ 72.4 million of which concerns Les Portes de Chevreuse in Coignières, which became operational in the third quarter), a rise of € 46.2 million relating to the transfer of the IKEA property in Turin to the development portfolio and other net changes including capitalised interest totalling € 7.1 million.
As per 1 January 2009 the revised IAS40 was adopted, in which is stated that development projects have to be valued at fair value. The net effect of this adoption was € 2.4 million, which has been accounted for as direct equity movement.
Source: Annual Report 2009, Chapter Review of Operations, page 44 (PDF, 6.362 kB)
Add to My report