7 Earnings from revaluation of investment real estate
CHF million |
| 1st half-year |
| 1st half-year |
|
|
|
|
|
Higher valuation of yield-producing properties |
| 31.0 |
| 24.7 |
Higher valuation of investment real estate under construction |
| 5.6 |
| 13.1 |
Lower valuation of yield-producing properties |
| –21.2 |
| –28.7 |
Lower valuation of investment real estate under construction |
| –3.0 |
| –3.9 |
Earnings from revaluation of investment real estate |
| 12.4 |
| 5.2 |
CHF 26.5 million of the higher valuation of yield-producing properties relates to commercial real estate and CHF 4.5 million to residential real estate (1st half-year 2013: CHF 4.8 million and CHF 19.9 million respectively). CHF –21.0 million of the lower valuation of yield-producing properties relates to commercial real estate and CHF –0.2 million to residential real estate (1st half-year 2013: CHF –28.7 million and CHF 0.0 million respectively).
The average capital-weighted discount rates as at 30 June 2014 for the entire portfolio of yield-producing properties amount to 4.78% (31.12.2013: 4.84%). The average capital-weighted capitalisation rates as at 30 June 2014 amount to 4.78% (31.12.2013: 4.84%).
As was the case the previous year, Jones Lang LaSalle AG is acting as the real estate valuer on a mandate basis.