/ 1 2 9
NOTES TO THE FINANCIAL STATEMENTS
C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
4.
Investment properties
Group
Trust
Note
2015
2014
2015
2014
$’000
$’000
$’000
$’000
At 1 January
1,346,880 1,139,298 1,346,880 1,139,298
Acquisition of investment properties
19,133 143,170
19,133 143,170
Acquisition of subsidiary
22
38,000
–
–
–
Acquisition related costs
338
2,267
338
2,267
Capital expenditure incurred
14,139
16,320
14,139
16,320
Transfer from investment property
under development
–
57,958
–
57,958
Disposal of investment property
–
(6,700)
–
(6,700)
1,418,490 1,352,313 1,380,490 1,352,313
Change in fair value during the year*
(490)
(5,433)
(790)
(5,433)
At 31 December
1,418,000 1,346,880 1,379,700 1,346,880
Investment properties (non-current)
1,377,400 1,335,180 1,339,100 1,335,180
Investment properties held for
divestment (current)
40,600
11,700
40,600
11,700
1,418,000 1,346,880 1,379,700 1,346,880
The disclosure on determination of fair value in relation to investment properties is included in Note 21.
* The fair value loss of $0.5 million (2014: $5.4 million), together with an adjustment of $2.1 million (2014: $2.5 million) to recognise rental
income on a straight line basis in accordance with FRS 17 Leases, aggregate to $2.6 million (2014: $7.9 million) as disclosed in the Statement
of Total Return.
Investment Properties held for Divestment
Two investment properties at a total carrying value of $40.6 million (2014: $11.7 million) as at 31 December 2015,
have been reclassified as investment properties held for divestment. This reclassification is required by FRS 105
Non-current Assets held for Sale and Discontinued Operations as the divestments are planned within the next 12
months from the reporting date.
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 9). The value of the security per facility is as follows:
Group and Trust
2015
2014
$’000
$’000
Term Loan Facility
246,400 246,400
Club Loan Facility
–
602,610
Revolving Credit Facility
–
90,400
246,400 939,410
