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Annual Statements

Financial reporting

Price winner 2012 in the category non-listed

Home Annual Statements Financial Statements 2012 Notes to the consolidated financial statements Notes to the consolidated balance sheet Assets held for sale

25. Assets held for sale

Land which is intended to be sold is presented as assets held for sale. At year-end 2011, this was the A4 zone West, an extensive logistics site adjacent to the A4 motorway to the south of the Amsterdam Airport Schiphol cargo zones. In December 1999 and December 2009, the municipality of Haarlemmermeer, Schiphol Real Estate B.V. and SADC decided in cooperation agreements (SOK I and SOK II respectively) to acquire and allocate plots in the A4 Zone West area.

The land acquired in 1999 was financed equally by the three partners. In 2012 some of this land was contributed to GEM A4 Zone West C.V. for EUR 56.7 million (Schiphol Real Estate B.V.’s share being EUR 18.9 million) including financing and acquisition costs. A further EUR 6.7 million of land will be contributed (including EUR 2.2 million by Schiphol Real Estate B.V.). In 2008 and 2010, the municipality of Haarlemmermeer decided to acquire four plots, financing the acquisition by a loan from Bank Nederlandse Gemeenten. When this land is contributed to GEM A4 Zone West C.V., which was incorporated in 2011 and in which Schiphol Real Estate B.V. has a direct interest of 33%, the associated costs will be settled between the parties involved and Schiphol Real Estate B.V. will be required to pay in limited partner’s capital of EUR 13.3 million, plus financing and acquisition costs.

In addition, in 2011 Schiphol Group sold part of the land it had previously financed which had a carrying amount of EUR 2.0 million to the province of North-Holland in connection with the construction of the N201 provincial road in the A4 Zone West area. Schiphol Real Estate B.V. subsequently contributed this amount to the GEM A4 Zone West C.V. as a limited partner’s capital contribution. The increase in assets held for sale arose from the increased value of land contributed, as explained above, and the purchase of a plot of land by GEM A4 zone West CV.