12 Intangible Assets

The increase in intangible assets from € 2,637.1 million as of December 31, 2017, to € 3,705.7 million as of June 30, 2018, mainly results from the goodwill in the amount of € 691.0 million that arose from the acquisition of the BUWOG Group and from the goodwill in the amount of € 299.5 million that arose from the acquisition of Victoria Park.

Additionally, the brand name BUWOG Group for the development business was identified within the framework of the purchase price allocation for the BUWOG Group as a material asset with indefinite useful life and recognized at a value of € 66.6 million.