All amounts in € thousands
| | Note | 2014 | 2013 |
| Operating activities | | | |
| Rental receipts | | 40,392 | 35,103 |
| Service charge receipts | | 9,237 | 7,909 |
| Operating payments | | (10,094) | (7,164) |
| Service charge payments | | (8,702) | (9,236) |
| VAT received (paid) | | 164 | (842) |
| Interest received | | 21 | 5 |
| Cash flows from operating activities | | 31,018 | 25,775 |
| | | | |
| Investment activities | | | |
| Payments of investment property under construction | | (3,749) | - |
| Payments of investment property | | (131,400) | (753) |
| Cash flows from investment activities | | (135,149) | (753) |
| | | | |
| Finance activities | | | |
| Proceeds from the issue of share capital | | 144,000 | 1,000 |
| Repayment of share premium | | (22,000) | - |
| Dividends paid | | (26,700) | (31,726) |
| Cash flows from finance activities | | 95,300 | (30,726) |
| | | | |
| Net decrease in cash and cash equivalents | | (8,831) | (5,704) |
| Cash and cash equivalents at beginning of year | | 27,435 | 33,139 |
| Cash and cash equivalents at end of year | 15 | 18,604 | 27,435 |
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