The Gross Asset Value (“GAV”) corresponds to the sum of fair value of all real estate assets held by the Group on the basis of the scope of consolidation and real estate financial investments, including holdings in real estate funds, loans and receivables from third parties active in real estate and shares in non-consolidated real estate companies.

On the basis of a review of the real estate portfolio by the independent appraiser and the fair value of the real estate financial investments, the GAV decreased from EUR 1,600 Million as of December 2011 to EUR 1,329 Million as of December 2012. The GAV breaks down to 75% Property Investments and 25% projects or land bank for the Development business line. As of December 2012, the Group introduced a new category labeled “Assets Held for Development”. It encompasses assets that were previously part of the rental portfolio which the Group is planning to fully redevelop in order to bring them to full operating performance.

 

GAV by business line as of December 2012 

Data in EUR Million

Gross Asset Value

Data in EUR Million