THE UNITE GROUP PLC Annual Report and Accounts 2024 174 FINANCIAL STATEMENTS Valuation process continued The fair value of the Group’s wholly-owned properties and the movements in the carrying value of the Group’s wholly-owned property portfolio during the year ended 31 December 2023 are shown in the table below. 2023 Investment property (owned) Investment property (leased) Investment property under development Total £m £m £m £m At 1 January 2023 3,623.4 90.3 202.7 3,916.4 Additions - - - - Cost capitalised 66.5 4.8 58.9 130.2 Interest capitalised - - 8.4 8.4 Transfer from investment property under development 88.7 - (88.7) - Transfer from work in progress - - - - Transfer to assets held for sale (33.5) - - (33.5) Disposals - - - - Valuation gains 121.1 - 32.4 153.5 Valuation losses (151.7) (10.4) (39.0) (201.1) Net valuation gains/(losses) (30.6) (10.4) (6.6) (47.6) Committed fire safety and external facade works (20.2) (20.2) Carrying value at 31 December 2023 3,694.3 84.7 174.7 3,953.7 Assets classified as held for sale at 31 December 2024 are comprised of £92.6 million of investment property (owned). Assets held for sale are reported within the Property segment and represent a portfolio of properties (split across the Group and joint ventures) intended to be sold within the next 12 months. Total interest capitalised in investment properties (owned) and investment properties under development at 31 December 2024 was £81.9 million (2023: £66.4 million) on a cumulative basis. Total internal costs capitalised in investment properties (owned) and investment properties under development was £84.4 million at 31 December 2024 (2023: £77.1 million) on a cumulative basis. Interests in land not currently under construction totalling £13.5 million (2023: £8.3 million). Capital Commitments The Company has contractual commitments of £324.7 million due within one year (2023: £282.9 million) and £263.0 million due within two to four years (2023: £208.5 million). This relates to land, property, plant, and equipment as well as committed development costs. NOTES TO THE FINANCIAL STATEMENTS continued