16. Property, plant and equipment

 

Buildings

Others

Total

As at 1 January 2017

3

1

4

Investments

2

-

2

Transfer from IPUC

10

-

10

Disposal of former head office

(3)

-

(3)

Revaluation

1

-

1

As at 31 December 2017

13

1

14

    

Investments

1

1

2

Transfer within PP&E

(2)

2

-

Depreciations

(1)

(1)

(2)

Revaluation

2

-

2

As at 31 December 2018

13

3

16

The economic life of the head office of Vesteda in Amsterdam ‘De Boel’ is set at twenty-five years and the residual value amounts to €5 million. An independent valuation expert valued the building at fair value for an amount of €13 million. For the determination of the fair value, we refer you to the explanation provided in Note 4.

De Boel cost specification

  • Cost price de Boel: €11 million

  • Accumulated depreciation: €0 million

  • Accumulated revaluation: €2 million

  • Balance: €13 million

The investments made in 2018 are largely related to the fixtures & fittings (amortisation period of 10 years) and furniture (amortisation period of five years) for the new office.

The value of the other property, plant and equipment amounts to €3 million (2017: €1 million).

Other property, plant and equipment specification

  • Acquisition costs: €22 million

  • Cumulative depreciation: €19 million

  • Gross carrying amount: €3 million