The first-time valuation of Intershop’s investment and development property portfolio by CBRE (Zurich) AG has resulted in net valuation gains of approx. CHF 200 million for the first half of 2025. After deducting deferred taxes, Intershop expects a contribution to earnings of approx. CHF 147 million.
More than 80 percent of the net change is attributable to real estate in the city of Zurich. The drivers include the reduction in discount rates and a reassessment of development potential.
The portfolio share in the Greater Zurich region has increased to approx. 55 percent, while the figure for the city of Zurich is just under 40 percent.
The market value of the investment and development property portfolio has increased to CHF 1.8 billion. The capital-weighted real discount rate has fallen from 3.68 percent at the end of 2024 to 3.19 percent as at the half year.
The revaluations strengthen the balance sheet and increase the company’s flexibility.
The expectations for the 2025 financial year, as announced in the 2024 Annual Report, are confirmed.
Intershop will include detailed valuation information in its half-year report, which is due to be published on 26 August 2025.