All amounts in € thousands
| | Note | 2014 | 2013 |
| Operating activities | | | |
| Rental receipts | | 158,730 | 153,575 |
| Service charge receipts | | 2,442 | 2,669 |
| Operating payments | | (51,946) | (60,369) |
| Service charge payments | | (3,032) | (3,502) |
| VAT received (paid) | | (1,506) | 849 |
| Interest received | | 42 | 6 |
| Cash flows from operating activities | | 104,730 | 93,228 |
| | | | |
| Investment activities | | | |
| Proceeds from sale of investment property | | 116,394 | 57,181 |
| Payments of investment property | 12 | (652) | (965) |
| Payments of investment property under construction | 13 | (117,354) | (87,979) |
| Cash flows from investment activities | | (1,612) | (31,763) |
| | | | |
| Finance activities | | | |
| Proceeds from the issue of share capital | | 84,000 | 27,500 |
| Dividends paid | | (101,483) | (102,626) |
| Cash flows from finance activities | | (17,483) | (75,126) |
| | | | |
| Net increase/ (decrease) in cash and cash equivalents | | 85,635 | (13,661) |
| Cash and cash equivalents at beginning of year | | 12,481 | 26,142 |
| Cash and cash equivalents at end of year | 15 | 98,116 | 12,481 |
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