| December 31 | |||||||||
| 2017 | 2016 | ||||||||
| NIS in millions | |||||||||
| Balance as of January 1 | 56,550 | 71,404 | |||||||
| Acquisitions and capital expenditures | 1,913 | 4,348 | |||||||
| Transfer from (to) investment property under development, net | (25 | ) | 775 | ||||||
| Dispositions | (1,712 | ) | (1,440 | ) | |||||
| Transfer to assets held for sale due to discontinued operation | - | (19,754 | ) | ||||||
| Deconsolidation | (23,272 | ) | - | ||||||
| Transfer to fixed assets | (20 | ) | - | ||||||
| Valuation gains, net *) | 560 | 2,189 | |||||||
| Foreign exchange differences | (1,147 | ) | (972 | ) | |||||
| Balance as of December 31 | 32,847 | 56,550 | |||||||
| Composition: | |||||||||
| Investment property | 32,428 | 55,982 | |||||||
| Assets classified as held for sale (Note 7) | 419 | 568 | |||||||
| 32,847 | 56,550 | ||||||||
| *) | In 2017, includes a net revaluation gain of NIS 500 million which was recognized in profit or loss as part of net income from discontinued operations, net. In 2016, includes a net revaluation gain of NIS 1,837 million which was recognized in profit or loss as part of net income from discontinued operations, net. |