11. Properties held for sale

Audited information

CHF 1,000

2021

2020

Acquisition costs as at 1 January

21,501

40,965

Changes in scope of consolidation

-

–2,613

Increases

169

4,192

Disposals

–4,767

–10,700

Reclassifications

-

–10,342

Acquisition costs as at 31 December

16,904

21,501

Increases consisted of purchases of buildings and ongoing construction activities in development properties.

In 2021, several apartments of “Route de Crans 89” in Lens, “Gstaadstrasse 6/8” in Saanen and “Avenue Neuve 22” in Ardon, were sold.

In January 2020, the shareholding in the proportional consolidated company Raffaele Investissement SA was increased from 50% to 100%. Hence, the property “Le Prado” was thereafter fully consolidated until August 2020, when 100% of the shares of Raffaele Investissement SA were sold. Moreover, several apartments of “Avenue Neuve 22” in Ardon, “Gstaadstrasse 6/8” in Saanen, “Route de Crans 89” in Lens and “Route de Vermala 43/45” in Crans-Montana were sold in 2020. The property “Chemin des Chantres 8” in St-Sulpice was reclassified as residential property.