The financial data for the investments that are recognised according to the equity method, which have a book value of €39 million (2015: €183 million), are as follows:

Interests in joint ventures

Merseyrail Services Holding Company Ltd and Northern Rail Holdings Ltd

The Merseyrail concession and the Northern Rail concession are carried out under 50/50 joint arrangements with Serco, a listed British company. NS and Serco have joint control, each with a 50% financial interest in the holding entities. The concessions are held by independent entities in which the holding company has a 100% interest. The results of the holding companies are distributed 50-50 to NS and Serco.

Property funds

The Group has direct and indirect interests in the following limited partnerships:

The parties with a participating interest in the limited partnerships have raised a joint equity stake that is invested in property at shared costs and risks. The Group is also the controlling partner, investing and managing the equity at the shared costs and risks of the partners, with the managing partner being jointly and severally liable for the debts of the limited partners. The interests in the property funds are classified as joint ventures.

In 2016, the Basisfonds Stationslocaties C.V. sold the office portfolio for an amount of € 455 million (100%). This has led to a result of € 117 million for NS. Furthermore, € 212 million of capital was refunded from the property fund.

As regards the investments that have been recognised according to the equity method, there are no material contingent assets and/or liabilities. As regards the valuation of the interests in the joint ventures, there are no significant estimates or assessments.

Pursuant to Sections 379 and 414 of Book 2 of the Dutch Civil Code, a complete list of the Group's subsidiaries, associates and joint ventures has been filed with the office of the Trade Register in Utrecht.