Real estate property and fair value

VVO Group owned a total of 40,674 (40,462) rental apartments at period end. The VVO Non-subsidised segment accounted for 19,933 (19,736) of these homes and the VVO State-subsidised segment for 20,741 (20,726). At the end of the review period, VVO owned apartments in 42 (42) municipalities.

At the end of the review period, the fair value of VVO’s investment properties stood at EUR 3.9 (3.6) billion, with an increase in fair value of EUR 156.6 (81.3) million during the period. The change includes EUR 47.2 million in net valuation gains on the fair value assessment of investment properties. The fair value of the Group’s investment properties is determined quarterly on the basis of the company’s own evaluation. An external expert gives a statement on the valuation of VVO’s investment properties. The last valuation statement was issued on the situation as at 30 June 2015. The criteria for determining fair value are presented in the Notes to the Interim Report.

At period end, the plot reserve held by the Group totalled about 110,000
floor sq m (110,000 floor sq m) and its fair value was approximately EUR 44.2 (34.4) million.