Rental income CHF 23 million (–20%). Profit of CHF 10 million on the sale of eight properties with a total value of CHF 242 million. Vacancy rate rose to 17.1% compared with 10.5% due to the integration of “Imagine” in Paris after completion of the renovation. Valuations of strategic portfolio adjusted upwards by CHF 1.3 million, non-strategic portfolio revalued downwards by CHF 15.7 million. Investment of CHF 38 million in strategic portfolio. Renovation projects in Paris and Berne on schedule.
Operating resultat in line with budget. Net loss of CHF 15 million compared with loss of CHF 22 million in prior-year period. Interest rate hedging transactions of CHF 4 million reversed through the income statement. LTV improved from 65.7% to 63.7%. EPRA equity ratio rose from 29.1% to 32.4%, EPRA NAV at CHF 4.14 (CHF 4.57).