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Assets held for sale by classification before transfer31 December 201731 December 2016
Groups held for sale1131,027
Investment property901,002
Deferred tax assets62
Cash and cash equivalents1742
Other assets22
Liabilities related directly to assets classified as held for sale333
Deferred tax liability-15
Other liabilities318
Other assets held for sale201129
Property, plant and equipment10439
Investment property9790
Assets and groups of assets held for sale3171,189
Liabilities related directly to assets classified as held for sale333

The “Investment property” line item and the “Groups held for sale” section presented mainly the properties held by real estate sector mutual funds as held for sale, since the expected investment horizon has been reached. As the investment plans changed, the properties, which were worth PLN 887 million as at 31 December 2016, were reclassified to investment property.

The following table presents the list of the largest properties held for sale along with important parameters that were taken into account in measurement.

All properties shown in the table below have been valued with the income approach using the investment method and simple capitalization technique. This valuation uses non-observable inputs such as:

  • capitalization rate – determined through analysis of rates of return obtained in transactions for similar properties;
  • monthly rental rate per 1m2 of relevant space or for one parking space (rental rates for respective properties are presented in the table below).


No.Property nameFair value as at 31 December 2017Fair value as at 31 December 2016 Type of spaceScope of unobservable data as at 31 December 2017Scope of unobservable data as at 31 December 2016
1.Warehouse buildings, Czeladź92115Office in warehouse facilities WarehouseEUR 6.50 – 9.00   EUR 2.80 – 3.50EUR 7.00 – 9.00   EUR 2.90 – 3.60
2.Office building under development, Wrocław371)Office Construction costsEUR 14.00 – 16.00 2)EUR 11.00 – 14.50 2)
3Other58977 3)n/an/an/a

1) As at 31 December 2016, this property was classified as investment property. At that date, its fair value was PLN 34 million.
2) Construction costs were determined based on market construction costs less costs incurred as at the date of measurement.
3) Properties of the total value of PLN 887 million reclassified to investment property. Their current valuations and data ranges used in the valuation as at 31 December 2017 are presented in section 9.2.


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