Need help with pg 93 bpp revision kit

Hello:
Here is the question:
Pinto is a publicly listed company. The following financial statements of Pinto are available:
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR YEAR ENDED 31 MARCH 20X8
(extract)
$’000
Profit before tax 440
Income tax expense (160)
Profit for the year 280
Other comprehensive income
Gains on property revaluation 100
Total comprehensive income 380

STATEMENTS OF FINANCIAL POSITION (extracts) AS AT
31 March 20X8 31 March 20X7
$’000 $’000 $’000 $’000
Non-current assets (note (i))
Property, plant and equipment 2,880 1,860
Investment property 420 400
3,300 2,260
Equity and liabilities
Equity shares of 20 cents each (note (iii)) 1,000 600
Share premium 600 Nil
Revaluation surplus 150 50
Retained earnings 1,440 2,190 1,310 1,360
3,190 1,960
Non-current liabilities
6% loan notes nil 400
Deferred tax 50 50 30 430
Current liabilities
Trade payables 1,410 1,050
Bank overdraft nil 120
Warranty provision 200 100
Current tax payable 150 1,760 nil 1,270
Total equity and liabilities 5,000 3,660

The following supporting information is available:

(i) An item of plant with a carrying amount of $240,000 was sold at a loss of $90,000 during the year. Depreciation of $280,000 was charged (to cost of sales) for property, plant and equipment in the year ended 31 March 20X8. Pinto uses the fair value model in IAS 40 Investment property. There were no purchases or sales of investment property during the year.

(ii) A dividend of 3 cents per share was paid on 1 January 20X8.

(iii) $60,000 was included in Pinto’s profit before tax for the year ended 31 March 20X8 in respect of income and gains on investment property.

You are preparing a statement of cash flows for Pinto for the year to 31 March 20X8.

—————-

I have a problem with part 3
(iii) $60,000 was included in Pinto’s profit before tax for the year ended 31 March 20X8 in respect of income and gains on investment property.
I don’t remember having come across investment property in the lectures.

Can you explain it ?