7 Profit on Disposal of Properties

in € million

 

2016

 

2015

 

 

 

 

 

Income from disposal of investment properties

 

366.7

 

448.7

Carrying amount of investment properties sold

 

-317.0

 

-381.4

Profit on disposal of investment properties

 

49.7

 

67.3

Income from sale of assets held for sale

 

861.2

 

277.3

Retirement carrying amount of assets held for sale

 

-860.7

 

-277.3

Revaluation of assets held for sale

 

52.0

 

51.7

Profit on disposal of assets held for sale

 

52.5

 

51.7

 

 

102.2

 

119.0

The adjustment of investment properties held for sale for which a purchase contract had been signed but for which transfer of title had not yet taken place led to a gain of € 52.0 million as of December 31, 2016 (2015: € 51.7 million).

The total profit on disposal of property is offset by the following expenses. Transaction costs, mainly for own personnel, sales commissions as well as other sales incidentals in the line items personnel expenses, cost of materials and other operating expenses.

Fair Value
Valuation pursuant to IAS 40 in conjunction with IFRS 13. The estimated value of an asset. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.