17. Property, plant and equipment

 

Buildings

Others PP&E

Total

As at 1 January 2018

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

    

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

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 5.

De Boel cost specification

  • Cost price de Boel: €11 million

  • Accumulated depreciation: €0 million

  • Accumulated revaluation: €3 million

  • Balance: €14 million

The investments made in 2019 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 €6 million (2018: €3 million). Under the application of IFRS16 Leases, the right of use of car lease contracts and office lease contracts is valued at €3 million.

Other property, plant and equipment specification

  1. Acquisition costs: €23 million

  2. Cumulative depreciation: €20 million

  3. Right of use lease contracts: €3 million

  4. Gross carrying amount: €6 million