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Operations and Property Assets 1 January – 31 December 2013

Net operating income from all of Sponda’s property assets totalled EUR 190.9 (192.2) million in 2013 and EUR 47.4 (47.4) million in October–December. Of this total, office premises accounted for 55%, shopping centres for 17%, logistics premises for 14%, Russia for 11% and the Real Estate Funds unit for 3%.

On 31 December 2013, Sponda had a total of 176 leasable properties, with an aggregate leasable area of approximately 1.4 million m². Of this, some 53% is office premises, 11% shopping centres and 33% logistics premises. Some 3% of the leasable area of the properties is located in Russia.

The fair values of Sponda’s investment properties are confirmed as a result of the company’s own cash flow-based yield value calculations. The assessment method complies with International Valuation Standards (IVS). The data used in the calculations of fair value is audited at least twice a year by external experts to ensure that the parameters and values used in calculations are based on market observations.

At the end of 2013, an external consultant assessed the values of Sponda’s investment properties in Finland (Catella) and in Russia (CB Richard Ellis). The change in the fair value of investment properties in 2013 was EUR -16.1 (24.9) million for the full year. The negative change in fair value in 2013 was attributable to exchange rate fluctuations and maintenance expenses in Russia. The changes in maintenance expenses are itemised in the table Valuation gains/losses on fair value assessment.