3. Non-current assets held for sale

VVO Group is shifting its focus to the Lumo service business. Under the preliminary agreement signed on 30 November 2015, VVO Group sells 8,631 cost principle rental apartments located around Finland to Kiinteistö OY Y-Asunnot which is part of the Y-Foundation. The management considers it very likely that the deal will be completed in the first quarter of 2016. The sales price is the transfer price confirmed by the Housing Finance and Development Centre of Finland (ARA), approximately EUR 75 million.

Non-current assets held for sale

M €	31 Dec 2015	31 Dec 2014
Investment properties	534,3	0,0
Investments in associated companies	3,0	0,0
Receivables	1,2	0,0
Liquid assets	2,6	0,0
Assets total	541,0	0,0

Liabilities	460,7	0,0
Trade and other payables	6,4	0,0
Liabilities total	467,1	0,0

Net asset value	73,9	0,0

The investment properties have been subsequently measured at fair value in the financial statements (fair value hierarchy level 3). The balance sheet value method was used as the valuation technique.

The collateral and contingent liabilities related to these items are presented in Note 28.