41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 204
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
NOTES TO THE FINANCIAL STATEMENTS continued
Section 3: Asset management continued
3.1 Wholly owned property assets continued
The fair value of the Group’s wholly owned properties and the movements in the carrying value of the Group’s wholly
owned property portfolio during the year ended 31 December 2022 are shown in the table below.
2022
At 1 January 2022
Investment
property
(owned)
£m
Investment
property
(leased)
£m
Investment
property
(under
development)
£m
Total
£m
3,095.1
97.7
324.1
3,516.9
Additions
71.1
–
–
71.1
Cost capitalised
38.6
1.9
187.7
228.2
5.9
6.4
Interest capitalised
Transfer from investment property under development
Transfer from work in progress
0.5
–
326.5
–
–
–
4.9
–
–
Disposals
(14.5)
(326.5)
–
4.9
(14.5)
Valuation gains
168.6
19.4
188.0
Valuation losses
(62.5)
(9.3)
(12.8)
(84.6)
Net valuation gains/(losses)
106.1
(9.3)
6.6
103.4
202.7
3,916.4
Carrying and market value at 31 December 2022
3,623.4
–
90.3
The fair value of the Group’s wholly owned properties and the movements in the carrying value of the Group’s wholly
owned property portfolio during the year ended 31 December 2021 are shown in the table below.
2021
At 1 January 2021
Cost capitalised
Interest capitalised
Transfer from work in progress
Investment
property
(owned)
£m
Investment
property
(leased)
£m
Investment
property
(under
development)
£m
Total
£m
3,614.7
101.8
187.2
3,903.7
43.1
7.0
79.3
129.4
–
–
5.2
5.2
–
–
2.1
2.1
Transfer to assets classified as held for sale
(228.2)
–
–
(228.2)
Disposals
(401.1)
–
–
(401.1)
Valuation gains
125.6
–
52.3
177.9
Valuation losses
(59.0)
(11.1)
(2.0)
(72.1)
Net valuation gains/(losses)
66.6
(11.1)
50.3
105.8
3,095.1
97.7
324.1
3,516.9
Carrying and market value at 31 December 2021
Total assets classified as held for sale at 31 December 2021 of £228.2 million are comprised entirely of investment
property (owned). Assets classified as held for sale are reported within the operations segment, and represents a
portfolio of properties intended to be sold within the next 12 months.
Included within investment properties at 31 December 2022 are £28.4 million (2021: £28.8 million) of assets held under
a long leasehold and £0.1 million (2021: £0.1 million) of assets held under short leasehold.
Total interest capitalised in investment properties (owned) and investment properties under development at
31 December 2022 was £63.5 million (2021: £57.4 million) on a cumulative basis. Total internal costs capitalised in
investment properties (owned) and investment properties under development was £81.7 million at 31 December 2022
(2021: £74.3 million) on a cumulative basis.
Investment property (under development) includes interests in land not currently under construction totalling
£136.3 million (2021: £18.0 million).
