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10. Properties held for sale

In CHF 1,000

2017

2016

Acquisition costs as at 1 January

18,141

14,116

Changes in scope of consolidation

6,529

-

Increases

15,172

724

Capitalisation of borrowing costs

19

-

Disposals

–11,383

–913

Reclassifications

7,328

4,213

Acquisition costs as at 31 December

35,805

18,141

In 2017, the residential properties “Chemin du Marquisat 15” in St-Sulpice, “Chamblandes; PPE” in Pully and one apartment in the jointly held (50%) property “Le Prado” in Lens were sold. The land “Saanen”, previously undeveloped plots of land, was reclassified as property held for sale.

On 21 November 2017, Investis increased its stake in the company La Foncière de la Dixence SA from 50% to 75%. Thus the consolidation method changed from proportional consolidation to full consolidation, which resulted in an addition from changes in scope of consolidation of CHF 6.5 million. The project company is in charge of planning and financing the Dixence Resort development project in Hérémence. 

In 2016, two apartments in the jointly held (50%) property “Le Prado” in Lens were sold. The plot “Hérémence” was transferred from undeveloped plots of land to properties held for sale.