Investors, business and government must be prepared to write off a further €37bn on their Dutch commercial property investments, according to civil engineering group Arcadis in Tuesday’s Trouw.

In total, the Netherlands’ offices, schools, retail outlets and hospitals are worth some €254bn, €46bn below official valuations, Arcadis says.
The company bases its claims on an analysis of new valuations made when a company appeals against local property taxes.
But companies have only written off 20% of the over-valuations so far and must still cut €37bn to make their books reflect the true value of their property portfolio, Arcadis said.