169 / 222
165
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.
The extreme values and the weighed average of the asumptions used in 2013 are mentioned for information purposes. Following the rotation
of experts and the perimeter changes which occurred during the year, the values are not always comparable.
(x €1,000)
Asset category
Fair value at
31.12.2014
Valuation method
Unobservable data (a)
Extreme values
(weighed average)
2014
Extreme values
(weighed average)
2013
OFFICES
1,311,976
Antwerp
64,945
Discounted estimated
rental value
Estimated rental value (ERV)
121 - 165 (146)€/m²
117 - 162 (142)€/m²
Capitalisation rate
7.20% - 8.50% (7.53%)
7.10% - 8.65% (8.11%)
Brussels CBD
378,917
Discounted estimated
rental value
Estimated rental value (ERV)
160 - 276 (222)€/m²
162 - 277 (213)€/m²
Capitalisation rate
5.10% - 6.75% (5.75%) 5.30% - 7.20% (5.80%)
Brussels
Decentralised
547,432
Discounted cash flow
Estimated rental value (ERV)
171 - 203 (198)€/m²
145 - 152 (148)€/m²
Capitalisation rate
4.25% - 4.50% (4.47%)
1.55% - 8.00% (3.91%)
Capitalisation rate of the
final net ERV
6.00% - 7.10% (6.96%) 6.40% - 8.00% (6.99%)
Inflation rate
2.00%
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
66 - 203 (166)€/m²
70 - 190 (160)€/m²
Capitalisation rate
6.00% - 8.80% (7.28%) 5.80% - 8.75% (7.32%)
Brussels Periphery/
Satellites
141,703
Discounted estimated
rental value
Estimated rental value (ERV)
60 - 189 (140)€/m²
50 - 178 (138)€/m²
Capitalisation rate
7.25% - 8.50% (7.89%) 5.75% - 9.00% (7.80%)
Other Regions
113,278
Discounted estimated
rental value
Estimated rental value (ERV)
130 - 179 (139)€/m²
114 - 141 (124)€/m²
Capitalisation rate
5.75% - 7.00% (6.49%) 5.70% - 7.25% (6.35%)
Offices under
development
65,701
Residual value
Estimated rental value (ERV)
99 - 225 (207)€/m²
99 - 225 (192)€/m²
Capitalisation rate of the
final net ERV
5.25% - 9.35% (6.50%) 5.76% - 9.35% (6.06%)
Costs to completion
(b)
(b)
Inflation rate
2.00%
2.00%
HEALTHCARE REAL
ESTATE
1,289,103
Belgium
804,956
Discounted cash flow
Estimated rental value (ERV)
64 - 187 (121)€/m²
52 - 189 (116)€/m²
Capitalisation rate
6.80% - 7.30% (7.00%) 6.25% - 7.70% (6.89%)
Capitalisation rate of the
final net ERV
7.00% - 9.25% (7.82%) 6.75% - 9.25% (7.73%)
Inflation rate
2.00%
2.00%
Discounted estimated
rental value
Estimated rental value (ERV)
53 - 187 (121)€/m²
52 - 189 (116)€/m²
Capitalisation rate
5.60% - 7.25% (6.12%)
5.65% - 7.00% (6.11%)
(a)
The net rental income is detailled in Note 6.
(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.