7 Real estate investments
Changes in real estate investments
| 2007 | 2006 | |
|---|---|---|
| Opening balance | 6,974 | 5,031 |
| Additions | 878 | 1,588 |
| Changes in the composition of the group | –2,919 | 1,497 |
| Transfers to and from Property in own use | –60 | 44 |
| Transfers to and from Other assets | 13 | |
| Fair value gains/(losses) | 168 | 175 |
| Disposals | –309 | –1,293 |
| Exchange rate differences | 84 | –68 |
| Closing balance | 4,829 | 6,974 |
In 2007 Changes in composition of the group relates mainly to the deconsolidation of Real estate funds as a result of the reduction of ING’s shareholding in these funds.
Real estate investments by insurance and banking operations
| 2007 | 2006 | |
|---|---|---|
| Insurance operations | 1,302 | 3,310 |
| Banking operations | 3,527 | 3,664 |
| 4,829 | 6,974 |
The total amount of rental income recognised in the profit and loss account for the year ended 31 December 2007 was EUR 402 million (2006: EUR 434 million). The total amount of contingent rent recognised in the profit and loss account for the year ended 31 December 2007 was EUR 14 million (2006: EUR 14 million).
The total amount of direct operating expenses (including repairs and maintenance) arising from Real estate investments that generated rental income for the year ended 31 December 2007 was EUR 64 million (2006: EUR 168 million). The total amount of direct operating expenses (including repairs and maintenance) arising from Real estate investments that did not generate rental income for the year ended 31 December 2007 was EUR 20 million (2006: EUR 32 million).
Appraisal of real estate investments during the last five years by independently qualified valuers (in percentages)
| year of appraisal | ||||||
|---|---|---|---|---|---|---|
| 2007 | 64 | |||||
| 2006 | 36 | |||||
| 2005 | 0 | |||||
| 2004 | 0 | |||||
| 2003 | 0 | |||||
| 100 | ||||||
