8 Result on property sales

The result on property sales is made up as follows:

 

2017

2016

Result on property sales of investment property

13

14

Total

13

14

The total result of €13 million (2016: €14 million) is related to individual unit sales.

As indicated in the accounting policies, the result on the sale of individual units is based upon 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 units sold is approximately 3.5% higher than the average vacant value of the complex (of which the sold units are part of) as per the latest external appraisal.