19. Investment property - €112 million

Investment property at December 31, 2019, came to €112 million, a decrease of €23 million year on year.

Millions of euro

 
 

2019

Cost net of accumulated impairment

179

Accumulated depreciation

44

Balance at Dec. 31, 2018

135

Depreciation

(3)

Impairment losses

(24)

Other changes

4

Total changes

(23)

Cost net of accumulated impairment

157

Accumulated depreciation

45

Balance at Dec. 31, 2019

112


The Group’s investment property consists of properties in Italy, Spain, Brazil and Chile, which are free of restrictions on the sale of the investment property or the remittance of income and proceeds of disposal. In addition, the Group has no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements.
The change for the year was mainly due to impairment recognized on a number of assets of Enel Italia.

For more information on the valuation of investment property, see notes 47 “Assets measured at fair value”, and 47.1 “Fair value of other assets”.