8. Result on property sales

The result on property sales can be specified as follows:

 

2018

2017

Result on property sales of investment property

44

13

Total

44

13

The total result of €44 million (2017: €13 million) is related to the sale of the UCP-portfolio and individual unit sales.

As indicated in the accounting policies, results from the sale of individual units are based on the book value, which is derived from a specific allocation of the last determined property value before the sale. The sale price of the UCP-portfolio is approximately 15% higher than the last determined property value.  The sales price (excluding sales expenses) of all the units individually sold is approximately 10% higher than the average vacant value of all the units individually sold.