16. Property, plant and equipment
Buildings | Others PP&E | Total | |
As at 1 January 2019 | 13 | 3 | 16 |
Investments | - | 1 | 1 |
Transfer within PP&E | - | - | - |
Depreciations | - | (1) | (1) |
Revaluation | 1 | - | 1 |
Right of use | - | 3 | 3 |
As at 31 December 2019 | 14 | 6 | 20 |
Investments | - | - | - |
Transfer within PP&E | - | - | - |
Depreciations | - | - | - |
Revaluation | - | - | - |
Right of use | - | - | - |
As at 31 December 2020 | 14 | 6 | 20 |
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 €14.0 million. For the determination of the fair value, we refer you to the explanation provided in Note 4.
De Boel cost specification
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Cost price de Boel: €11 million
-
Accumulated depreciation: €1 million
-
Accumulated revaluation: €4 million
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Balance: €14 million
The investments made in 2020 are largely related to the fixtures & fittings (amortisation period of 10 years) and furniture (amortisation period of five years) for the office De Boel.
The value of the other property, plant and equipment amounts to €6 million (2019: €6 million). Under the application of IFRS 16 Leases, the right of use of car lease contracts and office lease contracts is valued at €3 million.
Other property, plant and equipment specification
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Acquisition costs: €8 million
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Cumulative depreciation: €6 million
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Right of use lease contracts: €3 million
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Gross carrying amount: €6 million