Investments
Our strategic target is to invest EUR 200-400 million yearly. Our growth investments are allocated to new development, the conversion of properties to residential use and the acquisition of completed residential properties. We have the capability to pursue growth with a multi-channel approach and quickly react to opportunities thanks to our optimised financing structure.
We estimate, that investments in development projects amount to approximately EUR 15–18 million in 2024. In accordance with the saving programme launched in August 2023, we will not make new investment decisions nor will we launch new modernization projects.
| M€ | 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 | 8,150.2 | 8,327.5 | 6,863.1 | 6,260.8 | 5,093.2 | 4,710.2 | 4,298.9 |
| Acquisition of investment properties * | 159.9 | 478.9 | 339.5 | 348.7 | 288.6 | 338.9 | 338.6 |
| Modernisation investments | 26.7 | 22.5 | 11.9 | 27.1 | 30.7 | 23.7 | 25.4 |
| Disposals of investment properties | -12.0 | -1.3 | -2.5 | -4.2 | -26.0 | -109.6 | -82.2 |
| Capitalised borrowing costs | 4.2 | 4.6 | 5.4 | 3.8 | 1.9 | 2.6 | 3.3 |
| Transfer from property, plant and equipment | – | – | 0.0 | 1.2 | – | 0.0 | 0.0 |
| Profit/loss on fair value of investment properties* | -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 | 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 15 February 2024