41. Assets held for sale

Assets held for sale before reclassification 31 December 2015 31 December 2014
Groups held for sale - 188,747
Assets - 440,761
Intangible assets - 4,745
Tangible assets - 6,864
Financial assets - 342,639
Receivables, including insurance receivables - 32,106
Reinsurers’ share in technical provisions - 19,864
Estimated subrogations - 6,988
Change in deferred tax assets - 1,591
Deferred acquisition costs - 15,399
Accruals - 2,216
Other assets - 2
Cash and cash equivalents - 8,347
Liabilities directly associated with assets qualified as held for sale - 252,014
Technical provisions - 215,057
Provisions for employee benefits - 1,464
Other liabilities - 28,721
Accruals and deferred income - 6,772
Other assets held for sale 1,506,048 165,849
Tangible assets 44,221 51,534
Investment property 1,461,827 114,315
Assets and asset groups held for sale 1,506,048 606,610
Liabilities directly associated with assets qualified as held for sale - 252,014

As at 31 December 2014, the item "Groups held for sale" included assets and liabilities of PZU Lithuania that were sold by means of a transaction described in Note 2.4.1.

As at 31 December 2015, the item "Investment property" included mainly the property held for sale by property investment funds as a result of achieving the expected investment horizon ( in the amount of PLN 1,345,100 thousand). As at 31 December 2014, this item presented mainly the assets held by PZU and PZU Życie for sale as part of the portfolio optimization project. The table on the following page presents a summary of major properties for sale with their relevant parameters, which were included in the valuation. For comparison, fair values as at 31 December 2014 were also recognized, previously presented in the item "Investment property".

No. Name of the property Fair value as at 31 December 2015 Fair value as at 31 December 2014 1) Measurement approach Unobservable data Ranges of unobservable data as at 31 December 2015 Ranges of unobservable data as at 31 December 2014
1. Warehouse and office buildings, Łódź 253,100 220,990 Income approach using the investment method and the cash flows discounting technique Monthly rental rate per 1 m2 (office space in warehouse facilities)
Monthly rental rate per 1 m2 (warehouse space)
Capitalization rate
EUR 7.50 – 9.00
EUR 2.50 - 4.00
2)
EUR 7.50 – 9.00
EUR 2.60 – 3.60
2)
2. Office complex, Gdańsk 165,400 168,910 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 (office space)
Capitalization rate
EUR 12.00 – 16.00
2)
EUR 12.00 – 16.00
2)
3. Office building, Warsaw 134,400 140,240 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 (office space )
Monthly rental rate (parking lot)
Capitalization rate
EUR 12.00 – 34.00
EUR 65.00 – 150.00
2)
EUR 7.98 – 22.00
EUR 23.46 – 150.00
2)
4. Warehouse and office buildings, Gdańsk 130,600 85,070 Income approach using the investment method and the cash flows discounting technique Monthly rental rate per 1 m2 (office space in warehouse facilities)
Monthly rental rate per 1 m2 (warehouse space)
Capitalization rate
EUR 7.50 – 9.00
EUR 2.90 – 3.80
2)
EUR 8.00 – 9.00
EUR 2.60 – 3.60
2)
5. Warehouse and office building, Nowa Wieś Wrocławska 127,600 124,370 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 (office space in warehouse facilities)
Monthly rental rate per 1 m2 (warehouse space)
Capitalization rate
EUR 7.50 – 9.00
EUR 2.50 – 4.20
2)
EUR 8.00 – 9.00
EUR 2.40 – 4.20
2)
6. Warehouses, Czeladź 125,800 129,500 Income approach using the investment method and the cash flows discounting technique Monthly rental rate per 1 m2 (office space in warehouse facilities)
Monthly rental rate per 1 m2 (warehouse space)
Capitalization rate
EUR 7.50 – 9.00
EUR 2.90 – 4.30
2)
EUR 8.00 – 9.00
EUR 3.00 – 4.40
2)
7. Shopping center, Pabianice 92,300 97,250 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 of retail space depending on the surface size rented
Capitalization rate
3)
2)
3)
2)
8. Retail park, Iława 69,200 69,100 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 of retail space depending on the surface size rented
Capitalization rate
3)
2)
3)
2)
9. Warehouse and office buildings, Łódź 65,400 62,780 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 (office space in warehouse facilities) Monthly rental rate per 1 m2 (warehouse space)
Capitalization rate
EUR 7.50 – 9.00 EUR 2.50 - 4.00
2)
EUR 7.50 – 9.00
EUR 2.60 – 3.60
2)
10. Warehouse and office building, Nowa Wieś Wrocławska 65,100 60,50 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 (office space in warehouse facilities)
Monthly rental rate per 1 m2 (warehouse space)
Capitalization rate
EUR 7.50 – 9.00
EUR 2.50 - 4.00
2)
EUR 8.00 – 9.00
EUR 2.40 – 4.20
2)
11. Warehouse and office building, Błonie 41,800 44,180 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 (office space in warehouse facilities)
Monthly rental rate per 1 m2 (warehouse space)
Capitalization rate
EUR 7.50 – 9.00
EUR 2.50 – 3.60
2)
EUR 7.00 – 8.00
EUR 2.10 – 3.00
2)
12. Retail building, Nowy Targ 39,100 39,040 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 of retail space depending on the surface size rented
Capitalization rate
3)
2)
3)
2)
13. Retail park, Lublin 35,300 38,650 Income approach using the investment method and the income stream discounting technique Monthly rental rate per 1 m2 of retail space depending on the surface size rented
Capitalization rate
3)
2)
3)
2)
14. Other 116,727   n/a n/a n/a n/a
  Total 1,461,827        

1) In the consolidated financial statements for 2014, these properties were presented as investment properties.

2) Capitalization rate was established upon the analysis of return rates in transactions concerning similar properties and with consideration of risk perception by potential investors on the real property market.

3) The market rent for the property was determined based on a market analysis of retail space in similarly located buildings with similar characteristics to the property which is being measured, in particular is was based on rental rates in contracts signed for the shopping center in question.