20. Investment property - €103 million

Investment property at December 31, 2020 came to €103 million, a decrease of €9 million year on year.

Millions of euro  
Cost net of accumulated impairment losses 157
Accumulated depreciation 45
Balance at Dec. 31, 2019 112
Investments 1
Exchange differences (3)
Depreciation (2)
Impairment losses (7)
Other changes 2
Total changes (9)
Cost net of accumulated impairment losses 159
Accumulated depreciation 56
Balance at Dec. 31, 2020 103


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 losses recognized on a number of assets of Endesa and the depreciation of the Brazilian real.

For more information on the valuation of investment property, see notes 48 “Assets and liabilities measured at fair value”, and 48.2 “Assets not measured at fair value in the statement of financial position”.