168 / 220
162
/
Annual Accounts /
Notes to the Consolidated Accounts
Asset category
Fair value at
31.12.2013
Valuation method
Unobservable data (a)
Extreme values (weighted
average)
France and the Netherlands
429,380 Discounted cash flow
Estimated rental value (ERV)
53 -224 (131)€/m²
Discount rate
5.75% - 8.00% (5.77%)
Capitalisation rate of the final net ERV
6.00% - 12.31% (7.11%)
Inflation rate
1.75% - 2.12% (2.10%)
Discounted estimated
rental value
Estimated rental value (ERV)
53 - 224 (130)€/m²
Capitalisation rate
3.32% - 25.35% (6.64%)
Healthcare real estate
under development
50,896 Residual value
Estimated rental value (ERV)
80 - 198 (127)€/m²
Capitalisation rate
5.00% - 7.25% (6.08%)
Costs to completion
(b)
Inflation rate
2.00%
PROPERTY OF DISTRIBUTION
NETWORKS
532,818
Pubstone Belgium
272,243 Discounted cash flow
Estimated rental value (ERV)
13 - 307 (77)€/m²
Discount rate
6.85%
Capitalisation rate of the final net ERV
7.10%
Inflation rate
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
13 - 307 (77)€/m²
Capitalisation rate
4.00% - 9.50% (6.15%)
Pubstone Netherlands
150,650 Discounted estimated
rental value
Estimated rental value (ERV)
47 - 415 (205)€/m²
Capitalisation rate
4.50% - 7.60% (5.82%)
Cofinimur I France
109,925 Discounted cash flow
Estimated rental value (ERV)
80 - 700 (147)€/m²
Discount rate
6.00%
Capitalisation rate of the final net ERV
4.91% - 14.07% (8.02%)
Inflation rate
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
80 - 700 (147)€/m²
Capitalisation rate
4.60% - 27.20% (7.00%)
OTHER
61,135
Other
61,135 Discounted cash flow
Estimated rental value (ERV)
121 - 261 (209)€/m²
Discount rate
6.05% - 6.50% (6.33%)
Capitalisation rate of the final net ERV
7.25% - 7.75% (7.44%)
Inflation rate
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
41 - 261 (194)€/m²
Capitalisation rate
4.75% - 8.50% (6.07%)
TOTAL
3,347,009
(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.