6 Investment property
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(CHF million) |
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Land |
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Projects in progress |
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Real estate |
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Total investment property |
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Cost |
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Balance as at 1 January 2025 |
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1.0 |
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2.4 |
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643.2 |
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646.6 |
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Additions |
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0.0 |
|
1.8 |
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155.0 |
|
156.8 |
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Transfers and reclassifications |
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1.2 |
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–1.3 |
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1.3 |
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1.2 |
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Balance as at 30 June 2025 |
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2.2 |
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2.9 |
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799.5 |
|
804.6 |
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Depreciation and impairment |
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Balance as at 1 January 2025 |
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0.0 |
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0.0 |
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–105.2 |
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–105.2 |
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Depreciation |
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0.0 |
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0.0 |
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–15.2 |
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–15.2 |
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Balance as at 30 June 2025 |
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0.0 |
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0.0 |
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–120.4 |
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–120.4 |
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Net carrying amount as at 1 January 2025 |
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1.0 |
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2.4 |
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538.0 |
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541.4 |
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Net carrying amount as at 30 June 2025 |
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2.2 |
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2.9 |
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679.1 |
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684.2 |
The Circle
Based on the nature of the contractual arrangement, the co-ownership structure of the Circle 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 (Zurich Airport Ltd.’s share: 51%).
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 730.3 million at the reporting date (31 December 2024: 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.
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.
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 building amounted to CHF 240.6 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.
