9. Result on property sales

The result on property sales can be specified as follows:

 

2019

2018

Result on property sales of investment property

13

44

Total

13

44

The total result of €13 million (2018: €44 million) is related to the portfolio sales 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 sales price (excluding sales expenses) of all the units individually sold is approximately 15% higher than the average vacant value of all the units individually sold.