8. Properties held for sale
In the 1st half 2019, the consolidated Group company La Foncière de la Dixence SA was deconsolidated, together with the project “Hérémence”. Moreover, several apartments of “Route de Vermala 43/45” in Crans-Montana, “Route de Crans 89” in Lens and “Gstaadstrasse 6/8” in Saanen were sold. The increases relate to the acquisition of “Avenue Neuve 22” in Ardon and to ongoing construction activities at the properties “Gstaadstrasse 6/8” in Saanen, “Route de la Forêt Derrière” in Hérémence, “Chemin des Chantres 8” in St.-Sulpice and “Route de Crans 89” in Lens. The properties “Vermala 43/45” in Crans-Montana and “Route de Crans 87” in Lens were reclassified from residential properties (non-current assets, valued at fair value) and subsequently valued at the lower of this value (including construction costs after reclassification) or fair value.
In the 1st half 2018, the two properties “Rue de Zurich 35” in Geneva and “Rue du Vieux-Chêne 20/22” in Chêne-Bougeries were acquired in connection with the takeover of Société d’investissements immobiliers SII SA. The increases relate to ongoing construction activities at the properties “Gstaadstrasse 6/8” in Saanen, “Route de la Forêt Derrière” in Hérémence and “Chemin des Chantres 8” in St.-Sulpice. The property “Rue du Vieux-Chêne 20/22” and one apartment in the jointly (50%) held property “Rue du Prado 19” in Lens were sold. The property “Chemin des Chantres 8” was reclassified from investment properties under construction (non-current assets, valued at fair value) and subsequently valued at the lower of this value (including construction costs after reclassification) or fair value.