13 Investment property under construction 2018 2017At the beginning of the year 11,941 13,166Investments 7,529 14,764Transfer to investment property (21,482) (14,076)Transfer from investment property 12,898 -Net gain (loss) from fair value adjustments on investment property under construction2,012 (1,913) In profit or loss 2,012 (1,913)In other comprehensive income - -Transfers out of level 3 - -Total investment property under construction (level 3) 12,898 11,941Lease incentives - -At the end of the year 12,898 11,941Investment property under construction is not (re)developed within the Retail Fund but via external parties or Bouwinvest Retail Development B.V. 20182017Investment property under construction at fair value12,89811,941Investment property under construction at amortised cost--As at 31 December12,89811,941The investment property under construction is valued by external valuation experts.Investments and investment property under construction20182017Experience--Convenience7,52914,764Other--Total investments and investment property under construction7,52914,764Transfers to investment property20182017Rosmalen (2017: Amsterdam)(21,482)(14,076)Total transfers to investment property(21,482)(14,076)The significant assumptions with regard to the valuations are set out below. 20182017Gross initial yield6.8%7.0%Net initial yield5.6%6.4%Long-term vacancy rate6.0%0.3%Average 10-years inflation rate (NRVT)0.5%0.5%Estimated average percentage of completion26.1%61.0%Current average rent (€/m²)208228Construction costs (€/m²)1,0143,558 Share this article