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15. Investment property under construction

 

2021

2020

As at 1 January

174

194

Acquisitions property under construction

-

-

Capital expenditure on property under construction

121

99

Transfer to investment property

(149)

(116)

Revaluation

32

4

Transfer from provisions

(1)

(7)

As at 31 December

177

174

As set out in Note 3, in arriving at their estimates of market values, the external independent real estate valuation experts used their market knowledge and professional judgment, rather than relying exclusively on comparable historical transaction data.

The fair value of the assets under construction is driven by the net future cash flow generated by the assets, in combination with the discount rate development. The generated cash flow includes the net rental income plus the net sales proceeds from the sale of individual units.

The future costs until completion amount to €319 million (2020: €220 million). This amount is included in construction contracts in Note 31.