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 202331 Dec 202231 Dec 202131 Dec 202031 Dec 201931 Dec 201831 Dec 2017
Fair value of investment properties at 1 Jan8,150.28,327.56,863.16,260.85,093.24,710.24,298.9
Acquisition of investment properties *159.9478.9339.5348.7288.6338.9338.6
Modernisation investments26.722.511.927.130.723.725.4
Disposals of investment properties-12.0-1.3-2.5-4.2-26.0-109.6-82.2
Capitalised borrowing costs4.
Transfer from property, plant and equipment0.
Profit/loss on fair value of investment properties*-295.4-682.01,105.7225.8872.4127.5126.2
Fair value of investment properties, at the end of period 8,038.88,150.28,327.56,863.16,260.85,093.24,710.2

*⁾ Not including leases for plots of land.

Page updated 15 February 2024