13 Investment property under construction 2017 2016At the beginning of the year 13,166 195,182Investments 14,764 21,033Transfer to investment property (14,076) (232,447)Transfer from investment property - -Net gain (loss) from fair value adjustments on investment property under construction(1,913) 29,398 In profit or loss (1,913) 29,398In other comprehensive income - -Transfers out of level 3 - -Total investment property under construction (level 3) 11,941 13,166Lease incentives - (455)At the end of the year 11,941 12,711 20172016Investment property under construction at fair value11,94112,711Investment property under construction at amortised cost--As at 31 December11,94112,711Investment property is not (re)developed within the Retail Fund but via external parties or within Bouwinvest Development B.V. or Bouwinvest Retail Development B.V.Investments and investment property under construction20172016Experience-12,825Convenience14,7648,208Other--Total investments and investment property under construction14,76421,033The investment property under construction is valued by external valuation experts.Transfers to investment property20172016Amsterdam (2016: Rosmalen)(14,076)(232,447)Total transfers to investment property(14,076)(232,447)The significant assumptions with regard to the valuations are set out below. 20172016Gross initial yield7.0%6.7%Net initial yield6.4%6.0%Long-term vacancy rate0.3%0.6%Average 10 – year inflation rate (IPD Nederland)0.5%1.0%Estimated average percentage of completion61.0%82.0%Current average rent (€/m²)228199Construction costs (€/m²)3,558588 Share this article