PPS Integrated Report 2021 Notes to the Consolidated Financial Statements | 158 Notes to the Consolidated Financial Statements (continued) for the year ended 31 December 2021 3. INVESTMENT PROPERTY Group 2021 2020 R’m R’m Opening net book amount 460 501 Additions 2 4 Revaluation deficit (31) (45) Transfer to Assets held for sale (60) – Net carrying value at end of year 371 460 Investment properties were valued using the discounted cash flow of future income streammethod. Investment property is carried at fair value and is classified as level 3 in terms of the IFRS 13 hierarchy. Refer to note 37.5 for further information. 4. ASSETS HELD FOR SALE Group 2021 2020 R’m R’m Opening net book amount – – Transfer from investment property 60 – Closing net book amount 60 – In 2021, the Trustees of the Board of PPS Property Fund Trust approved the sale of the investment property Erf 414 Wendywood as part of a strategic business objective of the Property Trust. Accordingly, the investment property is presented as a property for sale with an agreement entered into in December 2021 and final transfer was effective 1 March 2022. The asset held for sale is stated at fair value less costs to sell. The non-recurring fair value measurement of the asset held for sale has been categorised as a Level 3 fair value, based on the inputs to the valuation technique used. The asset held for sale was valued using the discounted cash flow of future income stream method. Refer to note 37.5 for further information.
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