NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 5 INVESTMENT PROPERTIES Group Trust 2023 2022 2023 2022 $’000 $’000 $’000 $’000 At 1 January 23,744,817 21,431,071 7,902,400 7,814,943 Acquisitions 1 (Note 32) – 2,419,446 – – Capital expenditure 117,290 138,012 67,732 29,299 Net change in fair value of investment properties 113,561 (90,438) 195,410 58,158 Straight-lining of rental adjustments 26,505 21,430 – – Translation difference 22,736 (174,704) – – At 31 December 24,024,909 23,744,817 8,165,542 7,902,400 1 Includes acquisition fees and acquisition related expenses of $84,351,000 Security As at 31 December 2023, the Group’s investment properties with a total carrying amount of $1,953.4 million (2022: $2,027.4 million) were pledged as security to banks to secure bank facilities (refer to Note 15). As at 31 December 2023 and 2022, all investment properties held by the Trust are unencumbered. Fair value hierarchy The fair value of investment properties was determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the properties being valued. External valuation of the investment properties is conducted at least once a year. The fair value measurement for investment properties for the Group and Trust have been categorised as Level 3 fair values based on the inputs to the valuation techniques used. Group Trust 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Fair value of investment properties (based on valuation reports) 23,999,040 23,718,287 8,161,000 7,896,700 Add: Right-of-use asset classified within investment properties 346 529 346 529 Add: Carrying amount of lease liabilities 25,523 26,001 4,196 5,171 Carrying amount of investment properties 24,024,909 23,744,817 8,165,542 7,902,400 208 CAPITALAND INTEGRATED COMMERCIAL TRUST
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