13 Investment property under construction
| | 2014 | 2013 |
| At the beginning of the year | 146,945 | 84,477 |
| Investments | 30,900 | 11,622 |
| Transfer to investment property | (9,511) | - |
| Transfer from investment property | 9,279 | - |
| Net gain (loss) from fair value adjustments on investment property under construction | 30,254 | 50,846 |
| In profit or loss | 30,254 | 50,846 |
| In other comprehensive income | - | - |
| Transfers out of level 3 | - | - |
| At the end of the year | 207,867 | 146,945 |
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| | 2014 | 2013 |
| Investment property under construction at fair value | 207,867 | 146,945 |
| Investment property under construction at amortised cost | - | - |
| As at 31 December | 207,867 | 146,945 |
Download XLSThe Fund has an agreement with Bouwinvest Development B.V., which develops part of the investment property for the Fund. Investment property under construction relates to Damrak and Nieuwendijk (Amsterdam), Molenhoekpassage (Rosmalen) and Zuidtraverse, Rotterdam.
| Investments and investment property under construction | 2014 | 2013 |
| High street retail | 30,900 | 8,065 |
| Shopping centres | - | 3,557 |
| Other retail locations | - | - |
| Total investments and investment property under construction | 30,900 | 11,622 |
Download XLSThe investment property under construction is valued by external valuation experts.
The significant assumptions made relating to the valuations are set out below.
| | 2014 | 2013 |
| Gross initial yield | 4.3% - 8.2% | 4.3% - 6.7% |
| Net initial yield | 4.0% - 6.9% | 4.0% - 6.0% |
| Long-term vacancy rate | 0.0% | 0.0% |
| Average 10 – years inflation rate (IPD Nederland) | 1.9% | 2.1% |
| Estimated average percentage of completion | 49.1% | 24.0% |
| Current average rent (€/m2) | 360 | 388 |
| Construction costs (€/m2) | 2,325 | 2,130 |
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