7 Profit on the Disposal of Properties
Profit on the Disposal of Properties
in € million | Jan. 1–June 30, 2022 | Jan. 1–June 30, 2023 | |||
Income from the disposal of properties | 103.3 | 146.4 | |||
Carrying amount of properties sold | -66.5 | -113.4 | |||
Profit from the disposal of investment properties | 36.8 | 33.0 | |||
Income from the sale of assets held for sale | 2,801.8 | 91.7 | |||
Retirement carrying amount of assets held for sale | -2,796.7 | -90.7 | |||
Change in value from properties sold | 38.3 | 20.4 | |||
Profit from the disposal of assets held for sale | 43.4 | 21.4 | |||
80.2 | 54.4 | ||||
The fair value adjustment of residential properties held for sale, for which a purchase contract had been signed but transfer of title had not yet taken place, led to a gain of € 20.4 million as of June 30, 2023 (H1 2022: € 38.3 million).
The year-on-year drop in the profit on, and retirement carrying amount from, the disposal of assets held for sale is due primarily to the disposal of properties as part of the Berlin Deal in the first quarter of 2022 (see further information in the 2022 Annual Report in note [D28] Investment Properties).