10 Investment property
(CHF million) | Land | Project costs | Buildings and engineering structures plus movables | Total investment property | ||||
Cost | ||||||||
Balance as at 1 January 2024 | 1.0 | 0.5 | 645.5 | 647.0 | ||||
Additions | 0.0 | 4.2 | 0.0 | 4.2 | ||||
Disposals | 0.0 | 0.0 | –4.6 | –4.6 | ||||
Transfer and reclassification | 0.0 | –2.3 | 2.3 | 0.0 | ||||
Balance as at 31 December 2024 | 1.0 | 2.4 | 643.2 | 646.6 | ||||
Balance as at 1 January 2025 | 1.0 | 2.4 | 643.2 | 646.6 | ||||
Additions | 0.0 | 3.9 | 155.1 | 159.0 | ||||
Disposals | 0.0 | 0.0 | –0.1 | –0.1 | ||||
Transfer and reclassification | 1.1 | –5.9 | 17.3 | 12.5 | ||||
Balance as at 31 December 2025 | 2.1 | 0.4 | 815.5 | 818.0 | ||||
Depreciation and impairment | ||||||||
Balance as at 1 January 2024 | 0.0 | 0.0 | –81.6 | –81.6 | ||||
Depreciation | 0.0 | 0.0 | –27.3 | –27.3 | ||||
Disposals | 0.0 | 0.0 | 3.7 | 3.7 | ||||
Transfer and reclassification | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Balance as at 31 December 2024 | 0.0 | 0.0 | –105.2 | –105.2 | ||||
Balance as at 1 January 2025 | 0.0 | 0.0 | –105.2 | –105.2 | ||||
Depreciation | 0.0 | 0.0 | –33.9 | –33.9 | ||||
Disposals | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Transfer and reclassification | 0.0 | 0.0 | –10.6 | –10.6 | ||||
Balance as at 31 December 2025 | 0.0 | 0.0 | –149.7 | –149.7 | ||||
Net carrying amount as at 31 December 2024 | 1.0 | 2.4 | 538.0 | 541.4 | ||||
Net carrying amount as at 31 December 2025 | 2.1 | 0.4 | 665.8 | 668.3 |
The Circle
A co-ownership structure exists for the Circle property, in which Zurich Airport Ltd. holds a 51% stake and Swiss Life AG holds a 49% stake. Based on the nature of the contractual arrangement, this co-ownership structure is classified as a joint operation in accordance with IFRS 11. The share of the rights to the assets and the share of the obligations for the liabilities of the co-ownership structure are therefore recognised and presented in the relevant line items in the consolidated financial statements of the Zurich Airport Group.
The share of the property is classified as investment property in accordance with IAS 40. In this context, the Zurich Airport Group has decided to apply the cost model.
The share of the fair value of the Circle was CHF 722.2 million at the reporting date (previous year: CHF 744.6 million). The value was determined by an external expert using the discounted cash flow method (Level 3) and taking into account the highest and best use. Under this method, the fair value is determined on the basis of the total expected future net income (before tax, interest payments, depreciation and amortisation) discounted to the present date. A risk-adjusted discount rate is set depending on the risks and rewards and in line with market rates.
Acquisition of the Radisson Blu building
In May 2025, Zurich Airport Ltd. acquired the Radisson Blu building from the previous owner Al Maha Real Estate AG for CHF 155.0 million. The building constructed under a building right from 2005 was previously subject to a building rights agreement effective until 2080, and the Radisson Blu hotel was opened following completion of the building in 2008. Due to the premature reversion to Zurich Airport Ltd., the building rights agreement has now been rescinded (see note 9, Right-of-use assets).
The property is classified as investment property in accordance with IAS 40. In this context, the Zurich Airport Group has decided to apply the cost model. As at the reporting date, the share of the current fair value of the Radisson Blu property amounted to CHF 243.6 million. The value was determined by an external expert using the discounted cash flow method (Level 3) and taking into account the highest and best use.
