4 Revaluation to fair value of self-constructed or developed investment property
Development property is investment property under construction and valued at fair value under the fair value option of IAS 40. Therefore no adjustment had to be made as per 31 December 2023.
5 Revaluation to fair value of investment property held for sale
Assets in this category are measured under IFRS at the lower of cost or net realisable value in the financial statements.
6 Revaluation to fair value of property that is leased to tenants under a finance lease
Property that is leased to tenants under a finance lease is initially measured on a net investment basis and subsequently re-measured based on an amortisation pattern reflecting a constant rate of return.
7 Revaluation to fair value of real estate held as inventory
Properties intended for sale and accounted for under IAS 2 (Inventory) are measured at the lower of cost or net realisable value in the financial statements.
8 Revaluation to fair value of other investments in real assets
Under IAS16, other investments in real assets are normally accounted for at cost.
9 Revaluation to fair value of indirect investments not consolidated
Indirect investments in real estate, such as investments in associations and joint ventures, have different accounting treatments and carrying values under IFRS. Such investments can be valued at cost, fair value or NAV.
10 Revaluation to fair value of financial assets and liabilities (including revaluation to fair value of debt obligations)
Financial assets and liabilities such as debt obligations are generally measured at amortised cost, taking into account any impairment when applicable.
12 Set-up costs
Set-up costs (i.e. establishment expenses) are charged immediately to income after the initial closing date.
14 Contractual fees
A liability represents a present obligation.
15 Revaluation to fair value of savings of purchaser’s costs such as transfer taxes
This adjustment represents the positive impact on NAV of the possible reduction of transfer taxes and purchaser’s costs for the seller based on the expected sale via the sale of shares.