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11. Properties held for sale

In CHF 1,000

2018

2017

Acquisition costs as at 1 January

35,805

18,141

Changes in scope of consolidation

7,850

6,529

Increases

28,601

15,172

Capitalisation of borrowing costs

19

Disposals

–9,063

–11,383

Reclassifications

6,283

7,328

Acquisition costs as at 31 December

69,476

35,805

In 2018, the two properties “Rue de Zurich 35” in Geneva and “Rue du Vieux-Chêne 20–22” in Chêne-Bougeries were acquired as part of the takeover of Société d’investissements immobiliers SII SA with the intention to resale. The increases relate to ongoing construction activities of the properties “Saanen”, “Hérémence” and “Chemin des Chantres 8” in St.-Sulpice. The properties "Rue de Zurich 35", “Rue du Vieux-Chêne 20–22”, one apartment in the jointly held (50%) property “Rue du Prado 19” in Lens and one apartment of "Hérémence" were sold. The property “Chemin des Chantres 8” was reclassed from investment properties under construction and the property “Route de Crans 87a” in Lens was reclassed from residential properties.

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.