2.2Statement of changes in property portfolio
CHF 1,000 | Residential properties | Commercial properties | Properties under construction | Total investment properties | Properties held for sale | Total property portfolio |
|---|---|---|---|---|---|---|
Portfolio value as at 1 January 2024 | 1,361,482 | 147,012 | 263 | 1,508,757 | 9,269 | 1,518,026 |
Acquisition costs as at 1 January 2024 | 633,325 | 172,659 | 263 | 806,248 | 9,269 | 815,516 |
Increases | 229,233 | 147,340 | 20 | 376,593 | 34 | 376,627 |
Disposals | –5,558 | - | –283 | –5,841 | –4,512 | –10,353 |
Reclassifications | - | 18,006 | - | 18,006 | - | 18,006 |
Acquisition costs as at 31 December 2024 | 857,000 | 338,005 | - | 1,195,005 | 4,791 | 1,199,796 |
Revaluation as at 1 January 2024 | 728,157 | –25,648 | - | 702,509 | - | 702,509 |
Gains on valuations | 51,377 | 58,809 | - | 110,186 | - | 110,186 |
Losses on valuations | –4,112 | –1,189 | - | –5,301 | - | –5,301 |
Disposals | –11,942 | - | - | –11,942 | - | –11,942 |
Revaluation as at 31 December 2024 | 763,480 | 31,972 | - | 795,451 | - | 795,451 |
Portfolio value as at 31 December 2024 | 1,620,480 | 369,977 | - | 1,990,457 | 4,791 | 1,995,247 |
Portfolio value as at 1 January 2025 | 1,620,480 | 369,977 | - | 1,990,457 | 4,791 | 1,995,247 |
Acquisition costs as at 1 January 2025 | 857,000 | 338,005 | - | 1,195,005 | 4,791 | 1,199,796 |
Increases | 32,899 | 102,880 | - | 135,779 | 9 | 135,788 |
Disposals | - | –2,335 | - | –2,335 | –4,791 | –7,125 |
Reclassifications | –2,170 | - | - | –2,170 | 2,674 | 504 |
Acquisition costs as at 31 December 2025 | 887,729 | 438,550 | - | 1,326,280 | 2,683 | 1,328,963 |
Revaluation as at 1 January 2025 | 763,480 | 31,972 | - | 795,451 | - | 795,451 |
Gains on valuations | 99,768 | 35,797 | - | 135,565 | - | 135,565 |
Losses on valuations | –7,747 | –14,360 | - | –22,107 | - | –22,107 |
Disposals | - | 704 | - | 704 | - | 704 |
Reclassifications | –504 | - | - | –504 | - | –504 |
Revaluation as at 31 December 2025 | 854,997 | 54,113 | - | 909,109 | - | 909,109 |
Portfolio value as at 31 December 2025 | 1,742,726 | 492,663 | - | 2,235,389 | 2,683 | 2,238,072 |
As at 31 December 2025 and 2024, the valuation of investment properties was carried out by CBRE (Geneva) SA in accordance with national and international standards and guidelines.
Increases consisted of value-enhancing renovations, purchases of buildings and investments.
In 2025, governmental grants amounting to CHF 0.3 million (2024: CHF 0.1 million) were received for energetic renovation of residential properties and offset against the corresponding increases. The properties ‘Rue des Vergers 47’ in Aproz, ‘Route de Crans 87’, Lens, one residential unit at ‘Grand-Place 12/14’ in Crans-Montana and one residential unit at ‘Oberi Märetmattestrasse 3’ in Saanen (properties held for sale) were sold. The property ‘Route des Briesses 4’ in Crans-Montana was reclassified from residential investment properties to properties held for sale.
In 2024, the properties ‘Alte Bahnhofstrasse 5/7’ in Mägenwil and ‘Obere Holzgasse 8/9’ in Hausen AG were reclassified from tangible fixed assets (owner-occupied properties) and intangible assets (right to use an underground car park) to commercial properties. Moreover, the residential property ‘Chemin de l’Ecu 15/17a’ in Châtelaine and three residential units at ‘Gstaadstrasse 6/8, Oberi Märetmattestrasse 3’ in Saanen (properties held for sale) were sold.