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

In the 1st half 2021, several apartments of “Route de Crans 89” in Lens, “Gstaadstrasse 6/8” in Saanen and “Avenue Neuve 22” in Ardon, were sold.

In the 1st half 2020, several apartments of “Route de Vermala 43/45” in Crans-Montana, “Route de Crans 89” in Lens, “Gstaadstrasse 6/8” in Saanen and “Avenue Neuve 22” in Ardon, were sold. The shareholding in the proportional consolidated company Raffaele Investissement SA was increased from 50% to 100% in January 2020. Hence, the property “Rue du Prado 19” is thereafter fully consolidated.