All amounts in € thousands
| | Note | 2014 | 2013 |
| Operating activities | | | |
| Rental receipts | | 38,134 | 42,586 |
| Service charge receipts | | 1,761 | 2,884 |
| Operating payments | | (10,582) | (5,101) |
| Service charge payments | | (1,702) | (2,329) |
| VAT received (paid) | | (2,837) | 1,534 |
| Interest received | | 5 | 4 |
| Cash flows from operating activities | | 24,779 | 39,578 |
| | | | |
| Investment activities | | | |
| Proceeds from sales of investment property | | - | 941 |
| Payments of investment property under construction | | (22,214) | (11,622) |
| Payments of investment property | | (45,199) | (18,878) |
| Net cash inflow on disposal of participation | | 525 | - |
| Cash flows from investment activities | | (66,888) | (29,559) |
| | | | |
| Finance activities | | | |
| Proceeds from the issue of share capital | | 81,000 | 14,000 |
| Dividends paid | | (27,647) | (41,467) |
| Cash flows from finance activities | | 53,353 | (27,467) |
| | | | |
| Net increase/(decrease) in cash and cash equivalents | | 11,244 | (17,448) |
| Cash and cash equivalents at beginning of year | | 7,758 | 25,206 |
| Cash and cash equivalents at end of year | 16 | 19,002 | 7,758 |
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