2.2 Statement of changes in property portfolio
CHF 1,000 | Residential properties | Commercial properties | Total investment properties | Properties held for sale | Total property portfolio |
|---|---|---|---|---|---|
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 | 13,907 | 50,257 | 64,163 | - | 64,163 |
Disposals | - | –2,335 | –2,335 | –4,791 | –7,125 |
Reclassifications | –9,439 | - | –9,439 | 11,203 | 1,763 |
Acquisition costs as at 30 June 2025 | 861,467 | 385,927 | 1,247,394 | 11,203 | 1,258,597 |
Revaluation as at 1 January 2025 | 763,480 | 31,972 | 795,451 | - | 795,451 |
Gains on valuations | 55,793 | 16,929 | 72,722 | - | 72,722 |
Losses on valuations | –1,133 | –1,074 | –2,207 | - | –2,207 |
Disposals | - | 704 | 704 | - | 704 |
Reclassifications | –1,763 | - | –1,763 | - | –1,763 |
Revaluation as at 30 June 2025 | 816,377 | 48,531 | 864,908 | - | 864,908 |
Portfolio value as at 30 June 2025 | 1,677,844 | 434,458 | 2,112,302 | 11,203 | 2,123,505 |
Portfolio value as at 1 January 2026 | 1,742,726 | 492,663 | 2,235,389 | 2,683 | 2,238,072 |
Acquisition costs as at 1 January 2026 | 887,729 | 438,550 | 1,326,280 | 2,683 | 1,328,963 |
Increases | 3,561 | 132 | 3,693 | - | 3,693 |
Acquisition costs as at 30 June 2026 | 891,291 | 438,682 | 1,329,973 | 2,683 | 1,332,656 |
Revaluation as at 1 January 2026 | 854,997 | 54,113 | 909,109 | - | 909,109 |
Gains on valuations | 35,895 | 8,908 | 44,803 | - | 44,803 |
Losses on valuations | –1,066 | –54 | –1,120 | - | –1,120 |
Revaluation as at 30 June 2026 | 889,826 | 62,966 | 952,792 | - | 952,792 |
Portfolio value as at 30 June 2026 | 1,781,117 | 501,648 | 2,282,765 | 2,683 | 2,285,448 |
As at 30 June 2026 and 2025, 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 the 1st half 2026, governmental grants amounting to CHF 0.1 million (1st half 2025: CHF 0.1 million) were received for energy-efficient renovation of residential properties and offset against the corresponding increases.
In the 1st half 2025, the properties “Rue des Vergers 47” in Aproz, “Route de Crans 87” in 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 properties “Route des Briesses 4” and “Route de Grinchon 1” in Crans-Montana were reclassified from residential investment properties to properties held for sale.