11 Profit on Disposal of Properties
in € million |
2018 |
2019 |
|---|---|---|
|
|
|
Income from disposal of investment properties |
761.4 |
227.1 |
Carrying amount of investment properties sold |
-597.6 |
-158.0 |
Profit on disposal of investment properties |
163.8 |
69.1 |
|
|
|
Income from sale of assets held for sale |
336.1 |
283.6 |
Retirement carrying amount of assets held for sale |
-336.1 |
-283.6 |
Revaluation of assets held for sale |
68.5 |
59.7 |
Profit on disposal of assets held for sale |
68.5 |
59.7 |
|
232.3 |
128.8 |
|
|
|
The fair value adjustment of residential properties held for sale, for which a purchase contract had been signed but transfer of title had not yet taken place, led to a gain of € 59.7 million as of December 31, 2019 (2018: € 68.5 million).
Fair Value
Fair value is particularly relevant with regard to valuation in accordance with IAS 40 in conjunction with IFRS 13. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.