13 Investment property under construction

At the beginning of the year146,94584,477
Transfer to investment property(9,511)-
Transfer from investment property9,279-
Net gain (loss) from fair value adjustments on investment property under construction30,25450,846
In profit or loss30,25450,846
In other comprehensive income- -
Transfers out of level 3- -
At the end of the year207,867146,945
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Investment property under construction at fair value207,867146,945
Investment property under construction at amortised cost- -
As at 31 December207,867146,945
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The Fund has an agreement with Bouwinvest Development B.V., which develops part of the investment property for the Fund. Investment property under construction relates to Damrak and Nieuwendijk (Amsterdam), Molenhoekpassage (Rosmalen) and Zuidtraverse, Rotterdam.

Investments and investment property under construction20142013
High street retail30,9008,065
Shopping centres- 3,557
Other retail locations- -
Total investments and investment property under construction30,90011,622
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The investment property under construction is valued by external valuation experts.

The significant assumptions made relating to the valuations are set out below.

Gross initial yield4.3% - 8.2%4.3% - 6.7%
Net initial yield4.0% - 6.9%4.0% - 6.0%
Long-term vacancy rate0.0%0.0%
Average 10 – years inflation rate (IPD Nederland)1.9%2.1%
Estimated average percentage of completion49.1%24.0%
Current average rent (€/m2)360388
Construction costs (€/m2)2,3252,130
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