(CHF million) | Land | Real estate | Projects in progress | Total investment property | ||||
|---|---|---|---|---|---|---|---|---|
Cost | ||||||||
Balance as at 1 January 2026 | 2.1 | 815.5 | 0.4 | 818.0 | ||||
Additions | 0.0 | 0.0 | 0.6 | 0.6 | ||||
Transfers and reclassifications | 0.0 | 0.7 | –0.7 | 0.0 | ||||
Balance as at 30 June 2026 | 2.1 | 816.2 | 0.3 | 818.6 | ||||
Depreciation and impairment | ||||||||
Balance as at 1 January 2026 | 0.0 | –149.7 | 0.0 | –149.7 | ||||
Depreciation | 0.0 | –18.0 | 0.0 | –18.0 | ||||
Balance as at 30 June 2026 | 0.0 | –167.7 | 0.0 | –167.7 | ||||
Net carrying amount as at 1 January 2026 | 2.1 | 665.8 | 0.4 | 668.3 | ||||
Net carrying amount as at 30 June 2026 | 2.1 | 648.5 | 0.3 | 650.9 |
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 (incl. land) was CHF 724.2 million at the reporting date (31 December 2025: CHF 722.2 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.
In May 2025, Zurich Airport Ltd. acquired the Radisson Blu building at Zurich Airport from the previous owner Al Maha Real Estate AG. Until that point in time, the building, constructed under a building right from 2005, was subject to a building rights agreement effective until 2080. The Radisson Blu hotel was opened following completion of the building in 2008. The building rights agreement was rescinded due to its premature reversion to Zurich Airport Ltd.
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 current fair value of the Radisson Blu building (incl. land) at the reporting date was CHF 254.6 million (31 December 2025: 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.