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Asset category
Fair value
31.12.2015
Valuation method
Unobservable data
1
Extreme values
(weighted average) at
31.12.2015
Extreme values
(weighted average at
31.12.2014
OFFICES
1,241,149
Antwerp
65,635 Discounted Estimated
Rental Value
Estimated Rental Value (ERV)
120- 165 (146) EUR/m²
121 - 165 (146) EUR/m²
Capitalisation rate 7.20% - 8.40% (7.49%) 7.20 % - 8.50 % (7.53 %)
Brussels CBD
364,245 Discounted Estimated
Rental Value
Estimated Rental Value (ERV)
171 - 273 (228) EUR/m² 160 - 276 (222) EUR/m²
Capitalisation rate 5.00% - 6.60% (5.77%) 5.10 % - 6.75 % (5.75 %)
Decentralised Brussels
511,657 Discounted cash flow
Estimated Rental Value (ERV)
171 - 203 (198) EUR/m² 171 - 203 (198) EUR/m²
Discount rate 4.25% - 4.50% (4.47%) 4.25 % - 4.50 % (4.47 %)
Capitalisation rate of the final
net ERV
6.60% - 7.65% (7.51%) 6.00 % - 7.10 % (6.96 %)
Inflation rate
2.00%
2.00 %
Discounted Estimated
Rental Value
Estimated rental value (ERV)
57 - 203 (161) EUR/m² 66 - 203 (166) EUR/m²
Capitalisation rate 6.00% - 8.95% (7.33%) 6.00 % - 8.80 % (7.28 %)
Brussels Periphery/
Satellites
138,827 Discounted Estimated
Rental Value
Estimated Rental Value (ERV)
60 - 189 (139) EUR/m²
60 - 189 (140) EUR/m²
Capitalisation rate 7.30% - 8.55% (7.90%) 7.25 % - 8.50 % (7.89 %)
Other regions
115,261 Discounted Estimated
Rental Value
Estimated rental value (ERV)
130 - 186 (140) EUR/m² 130 - 179 (139) EUR/m²
Capitalisation rate 5.75% - 7.00% (6.48%) 5.75 % - 7.00 % (6.49 %)
Offices under
development
45,524
Residual value
Estimated Rental Value (ERV)
99 - 225 (201) EUR/m² 99 - 225 (207) EUR/m²
Capitalisation rate of the final
net ERV
5.25% - 9.35% (6.39%) 5.25 % - 9.35 % (6.50 %)
Costs to completion
2
2
Inflation rate
2.00%
2.00 %
PROPERTY OF
DISTRIBUTION NETWORKS
538,124
Pubstone Belgium
274,299 Discounted cash flow
Estimated Rental Value (ERV)
13 - 319 (79) EUR/m²
13 - 307 (77) EUR/m²
Discount rate
6.70%
6.25 %
Capitalisation rate of the final
net ERV
6.95%
6.55 %
Inflation rate
1.80%
2.00 %
Discounted Estimated
Rental Value
Estimated Rental Value (ERV)
13 - 319 (79) EUR/m²
13 - 307 (77) EUR/m²
Capitalisation rate 3.50% - 11.50% (5.61%) 3.50 % - 8.50 % (5.63 %)
Pubstone Netherlands
147,117 Discounted Estimated
Rental Value
Estimated Rental Value (ERV)
41 - 495 (208) EUR/m² 47 - 495 (207) EUR/m²
Capitalisation rate 3.65% - 12.00% (6.03%) 4.50 % - 7.60 % (5.44 %)
Cofinimur I France
116,708 Discounted cash flow
Estimated Rental Value (ERV)
85 - 700 (150) EUR/m² 85 - 700 (150) EUR/m²
Discount rate 5.50% - 8.00% (5.51%) 6.00 % - 8.00 % (6.01 %)
Capitalisation rate of the final
net ERV
4.28% - 13.53% (7.43%) 4.73 % - 14.04 % (7.80 %)
Inflation rate 0.90% - 1.79% (1.51%) 1.67 % - 2.00 % (1.98 %)
Discounted Estimated
Rental Value
Estimated Rental Value (ERV)
85 - 700 (150) EUR/m² 85 - 700 (150) EUR/m²
Capitalisation rate 4.36% - 36.20% (6.71%)
4.36 % - 36.20 %
(6.98 %)
OTHER
26,793
Other
26,793 Discounted Estimated
Rental Value
Estimated Rental Value (ERV) UR43 - 128 (110) EUR/m² 43 - 369 (163) EUR/m²
Capitalisation rate 4.00% - 8.25% (6.75%) 4.00 % - 8.50 % (6.45 %)
TOTAL
3,134,353
1
Net rental income is incorporated in Note 6.
2
The costs necessary for the completion of a building are directly related to each project (amounts and degree of progress).
180
ANNUAL ACCOUNTS /
Notes to the consolidated accounts