The company’s investment property includes a freehold property in Greece which is being constructed for future letting to third parties and/or for capital appreciation. During the construction phase, expenditure on the property, including the cost of land, directly attributable construction costs and directly attributable professional fees, is capitalised as “investment property under construction” within non‑current assets. Such expenditure is capitalised only to the extent that it is directly attributable to bringing the asset to the condition necessary for it to be capable of operating in the manner intended by management.
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.