NOTES TO THE FINANCIAL STATEMENTS
4 Investment properties
Group and Trust
2014
2013
$’000
$’000
At 1 January
1,139,298 1,195,000
Acquisition of investment properties
143,170 101,022
Disposal of investment properties
(6,700)
(222,200)
Acquisition related costs
2,267
1,343
Capital expenditure incurred
16,320
1,492
Transfer from investment properties under development
57,958
28,785
1,352,313 1,105,442
Change in fair value during the year *
(5,433)
33,856
At 31 December
1,346,880 1,139,298
Investment properties (non-current)
1,335,180 1,132,598
Investment properties held for divestment (current)
11,700
6,700
1,346,880 1,139,298
The disclosure on determination of fair value in relation to investment properties is included in Note 22.
* The fair value loss of $5.4 million, together with an adjustment of $2.5 million (2013: Nil) to recognise rental income on a straight line basis
in accordance with FRS 17 Leases, aggregate to $7.9 million (2013: gain of $33.9 million) as disclosed in the Statement of Total Return.
Investment Property held for Divestment
An investment property with a carrying value of $11.7 million (2013: $6.7 million) as at 31 December 2014, has
been reclassified as an investment property held for divestment. This reclassification is required by FRS 105
Non-current Assets held for Sale and Discontinued Operations
as the divestment is planned within the next
12 months from the reporting date. The property held for divestment at 31 December 2013 was sold during
the year.
Security
As at the reporting date, certain investment properties have been mortgaged as security for loan facilities granted
by financial institutions to the Group (see Note 10). The value of the security per facility is as follows:
Group and Trust
2014
2013
$’000
$’000
Club Loan Facility
602,610 535,898
Term Loan Facility
246,400 248,900
Revolving Credit Facility
90,400
–
939,410 784,798
CAMBRIDGE INDUSTRIAL TRUST | ANNUAL REPORT 2014
136
