IREIT Global
annual report 2014
For the reporting period from 1 November 2013 (date of constitution) to 31 December 2014
Notes to the
Financial Statements
6.
FINANCIAL DERIVATIVES
(Continued)
As at 31 December 2014, the notional amount of the contract entered into was approximately
EUR 6.42 million at a forward EUR/SGD rate of 1.68 with a settlement date on 23 March 2015.
The fair value of the financial derivative falls under Level 2 of the fair value hierarchy.
7.
INVESTMENT PROPERTIES
Group
31 December
2014
Notes
EUR’000
At 1 November 2013 (date of constitution)
–
Acquisition of investment properties
(a)
283,100
Costs directly attributable to the acquisition of
investment properties
19,934
Acquisition costs of investment properties
303,034
Change in fair value of investment properties during the period
(12,434)
Fair value of investment properties as at 31 December 2014
(b)
290,600
(a) This relates to the acquisition of the properties as at the Listing Date.
The fair values of the Group’s investment properties at 31 December 2014 have been
determined on the basis of valuations carried out on 31 December 2014 by independent
valuers Messrs Colliers International Property Advisers UK LLP and Cushman & Wakefield
LLP, having appropriate recognised professional qualifications and recent experience in the
location and category of the properties being valued, and are not related to the Group. The
fair value was determined based on the capitalisation of net income method and discounted
cash flows method. In estimating the fair value of the properties, the highest and best use
of the properties is their current use.
