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Notes to the Consolidated Accounts
\ Annual Accounts
Quantitative information related to the determination of the fair value of investment properties,
based on unobservable data (level 3)
The quantitative information in the following tables is taken from the different reports produced by the independent real estate experts. The figures are
extreme values and the weighed average of the asumptions used in the determination of the fair value of investment properties. The lowest discount
rates apply to specific situations.
(x €1,000)
Asset category
Fair value at
31.12.2013
Valuation method
Unobservable data (a)
Extreme values (weighted
average)
OFFICES
1,524,811
Antwerp
61,847 Discounted estimated
rental value
Estimated rental value (ERV)
117 - 162 (142)€/m²
Capitalisation rate
7.10% - 8.65% (8.11%)
Brussels CBD
548,569 Discounted cash flow
Estimated rental value (ERV)
195 - 277 (246)€/m²
Discount rate
0.50% - 4.60% (3.44%)
Capitalisation rate of the final net ERV
6.05% - 6.90% (6.44%)
Inflation rate
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
162 - 277 (213)€/m²
Capitalisation rate
5.30% - 7.20% (5.80%)
Brussels Decentralised
582,029 Discounted cash flow
Estimated rental value (ERV)
145 - 152 (148)€/m²
Discount rate
1.55% - 8.00% (3.91%)
Capitalisation rate of the final net ERV
6.40% - 8.00% (6.99%)
Inflation rate
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
70 - 190 (160)€/m²
Capitalisation rate
5.80% - 8.75% (7.32%)
Brussels Periphery/
Satellites
143,336 Discounted estimated
rental value
Estimated rental value (ERV)
50 - 178 (138)€/m²
Capitalisation rate
5.75% - 9.00% (7.80%)
Other Regions
111,323 Discounted cash flow
Estimated rental value (ERV)
114 - 141 (117)€/m²
Discount rate
4.65% - 8.00% (5.78%)
Capitalisation rate of the final net ERV
6.45% - 8.00% (6.65%)
Inflation rate
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
114 - 141 (124)€/m²
Capitalisation rate
5.70% - 7.25% (6.35%)
Offices under development
77,707 Residual value
Estimated rental value (ERV)
99 - 225 (192)€/m²
Capitalisation rate of the final net ERV
5.76% - 9.35% (6.06%)
Costs to completion
(b)
Inflation rate
2.00%
HEALTHCARE REAL ESTATE
1,228,245
Belgium
747,969 Discounted cash flow
Estimated rental value (ERV)
52 - 189 (116)€/m²
Discount rate
6.25% - 7.70% (6.89%)
Capitalisation rate of the final net ERV
6.75% - 9.25% (7.73%)
Inflation rate
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
52 - 189 (116)€/m²
Capitalisation rate
5.65% - 7.00% (6.11%)
(a)
The net rental income is detailed in Note5.
(b)
The costs required for the completion of a property are specific to each project and depend on the degree of progress of the works.