Investments
The long-term key targets of our strategy are growth, profitability, solvency and customer satisfaction. Due to the challenging market situation, our short-term focus has been on maintaining the company’s profitability and ensuring a good availability of financing at competitive prices. As the market situation will improve, we have the capability to pursue growth with a multi-channel approach and quickly react to opportunities thanks to our optimised financing structure.
In 2024, we did not make new investment decisions nor did we start new modernisation projects. At the end of 2024, we started the construction of a project, which is based on a previously signed binding preliminary agreement.
| M€ | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2020 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2017 |
| Fair value of investment properties at 1 Jan | 8,038.8 | 8,150.2 | 8,327.5 | 6,863.1 | 6,260.8 | 5,093.2 | 4,710.2 | 4,298.9 |
| Acquisition of investment properties * | 48.1 | 159.9 | 478.9 | 339.5 | 348.7 | 288.6 | 338.9 | 338.6 |
| Modernisation investments | 4.1 | 26.7 | 22.5 | 11.9 | 27.1 | 30.7 | 23.7 | 25.4 |
| Disposals of investment properties | -2.5 | -12.0 | -1.3 | -2.5 | -4.2 | -26.0 | -109.6 | -82.2 |
| Capitalised borrowing costs | 0.6 | 4.2 | 4.6 | 5.4 | 3.8 | 1.9 | 2.6 | 3.3 |
| Transfer from property, plant and equipment | 0.0 | – | – | 0.0 | 1.2 | – | 0.0 | 0.0 |
| Profit/loss on fair value of investment properties* | -134.0 | -295.4 | -682.0 | 1,105.7 | 225.8 | 872.4 | 127.5 | 126.2 |
| Fair value of investment properties, at the end of period | 7,960.0 | 8,038.8 | 8,150.2 | 8,327.5 | 6,863.1 | 6,260.8 | 5,093.2 | 4,710.2 |
*⁾ Not including leases for plots of land.
Page updated 3 March 2025