Great. Thank you. A warm welcome to all of those here at the Prime Tower, and of course, also to all of you who have joined us online from home or from another office. I would also like to welcome the colleagues from the board who are here today, and I'm particularly pleased to introduce our new CFO, Marcel Kucher. Let me just start with a few highlights. What did we do in the first six months? Well, we were able to grow in construction 1.1%, increase in the property portfolio, and 6.7% for Swiss Prime Site Solutions, which has now led us to CHF 3.2 billion. Another important point is the decrease of vacancies, which was one of our objectives that were mentioned at the beginning of the year. We wanted to decrease below 5%, and we've achieved that.
Our current vacancy rate is 4.7%, which is a decrease of 0.4% compared with the end of last year. Compared with mid-2020, when we had a vacancy rate of 5.4%, we have improved by 0.7%. In terms of sq m, that means that we have reduced vacancies of around 10,000 sq m. Financing. We still have a very strong equity ratio of 47.3%, and don't forget the dividend payout of CHF 255 million, which took place in March. LTV is at 42% with a tendency to move further south, so to speak, and that is also one of our medium-term objectives. The results are going to be presented in more detail by Marcel Kucher, including Tertianum and also excluding Tertianum. These are three items that have changed considerably. The profit from the sale of Tertianum, which is not going to be incurred this year.
That's one element that has changed. We also have the sales from assisted living, which is the care business, which has changed. I think if you know our structure, you can quite easily understand the change here. There's been another change, which is rent income from Tertianum for the apartments from older people who have rented apartments from Tertianum, which incurred rents that were also included in our top line before. Marcel Kucher is going to explain how this now can be presented. We're deducting those items and then looking at a comparison of operative performance. We can see an increase of 6% to CHF 212 million and 42.3% to CHF 163.5 million in terms of profit. In 2021, we were still impacted by the COVID pandemic, as we heard, we are not quite out of the woods here yet.
We saw rent waivers of CHF 3.1 million in 2021. Also some sales decreases based on sales-related contracts from parking, which amounted to CHF 2.4 million, which brings us to a total of CHF 5.5 million. This was mainly based on hotels, particularly city hotels, which have sales-related components. The rent income in the first 6 months was very positive, 98% in rent collection, that shows that the measures taken by the government have been successful and that our tenants were able to resort to a very strong internal balance. That was the introduction on my part. I am going to come back later with an outlook. Now it's over to Marcel Kucher.
Thank you for the friendly welcome. I'm happy to be here in my new capacity as the CFO for the first year, presenting the first half-year figures to you. I'm particularly pleased to see some well-known faces in the auditorium. We're looking back on very strong figures in the first half-year, which I would like to give you some details about. René Zahnd mentioned it before. One of the key components is the which makes like-for-like comparison a little difficult, and we want you to see the underlying operating development. Let's begin with the operating income. As René said before, we've got assisted living that didn't apply anymore in the first half-year of 2021, and we have CHF 11 million of rent that Tertianum took in.
That is no longer there on a like-for-like basis, we are based on operating income of around CHF 341 million on a like-for-like basis, and we increased it by a respectable 6.3% to around CHF 360 million. All components contributed to this letting, an increase of around 2% on a like-for-like basis from CHF 209 to CHF 213 million. Development has been rather strong, especially with our project in Geneva. Real estate surface is more or less flat, bearing in mind that there is some seasonality depending on how you calculate the auxiliary costs. The situation has remained relatively even and flat. Retail, very gratifying, an increase in excess of 5%. I'll say more about this later. Despite several weeks of lockdown for the entire retail business and gastronomy restaurants were affected for a longer period of time, which caused more loss. Yet, we have growth of more than 5%.
Quite impressive growth of CHF 7.5 million in the asset management business, which is a plus of almost 60%. We'll give you more details about that in a minute. This positive increase on the revenue side was reflected very powerfully in EBIT and EBIT margin over on the right-hand side. Again, you need to adjust that. The CHF 204 million of sales proceeds in the first half year of 2020 and for the two months of contribution from Tertianum. On a like-for-like basis, we're around CHF 154.5 million, which was increased by almost 37% to CHF 211 million. Around half of it is attributable to proceeds from sale, and the other half due to underlying or operating performance in the first half year. I'll show you more about this later on. Moving on to profit without revaluations and deferred taxes.
The positive effect here is even larger, which is due to more favorable financing terms. The financing rate went down from 1.1% to 0.9%, the expenditure we had caused a more considerable increase. Finally, return on equity. A great leap there, especially on a like-for-like basis, bringing us to 8.5%. Our guidance was between 6% and 8%. Due to our strong operating figures, we are at the upper end of our guidance range. Compared to the previous year, we had a strong operating improvement. These were some of the highlights. Let me hand it back to René for more details, I'll be back in a minute.
Thank you. That was the comparison of 2020 and 2021 half year results. Now we have some deep dives in our business. Let's start with real estate business. We spoke about vacancy rates. Earlier, we were able to reduce those by 10,000 square meters. The total that we were able to let or relet in the first half of 2021 was 47,000 square meters, some at higher rates. We've already communicated that Google is going to be the new anchor tenant of the redevelopment project at Müllerstrasse in Zurich. We also have some successful rentals in Alto Pont-Rouge with CMS and Westhive as anchor tenants. We also have some additional reservations and expressions of interest, which will lead us to a very high vacancy rate.
Well, 10 days ago, we were able to sign a new rental contract with Lonza for our project in Stücki Park. Another building of the Finger Docks that we have been able to rent out. What about sales? We were able to purchase an attractive plot in Zurich for logistics use. We'll get back to that later. In terms of purchasing existing buildings, we are somewhat conservative at the moment. We recently made an offer for a property nearby, and we just wanted to pay half of what was eventually paid for the property. If that would be a yield of 1.7% net. Needless to say that that's not interesting to us. That is why we will continue to invest into our own developments. We have sold another property in Zurich, Stadelhofen. It was strictly speaking, one property that we sold in two parts.
One was sold at the end of 2020. Now we have sold the second part, that will be in the books of 2021. We've also sold another building in Plan-les-Ouates in Geneva, namely Building E, which we sold to Hans Wilsdorf Foundation. Building A is currently now sold in condominium ownership. Here we have a rate of 85% already. Now here's a bit of an overview because maybe it was a little confusing. Here you can see 2017, Building C was sold to Hans Wilsdorf Foundation, C and D, in fact. In March this year, we sold Building E. Building A is being sold in condominiums. We have currently sold 85% of that. Building B, at the center here, is going to be kept in our portfolio for letting. The property portfolio is summarized here.
First of all, our like-for-like rental income has been increased, as Marcel mentioned earlier, and the revaluations are also interesting, not the CHF 144 this year, but when we started a year ago, retail bashing, office bashing, all these things were happening and there was a negative revaluation. At the end of 2020, we were up at CHF 200 million again. That was a difference of a quarter of a billion for the same portfolio over the space of just six months. That goes to show how crazy the COVID situation was, and the market then recovered towards the end of the year. You may remember that in July or August when we sold the Lattcenter, a retail building, at an attractive rate. This gave some impetus to the transaction market and returned us to the pre-COVID level. Now, comparing this with the second lockdown.
Well, during the first lockdown, the market was in turmoil. There were no transactions. Nothing was happening. During the second lockdown, however, there were no effects at all. Transactions continued. Some were even able to achieve higher prices. The market adjusted and got used to the situation. There was no turmoil anymore. This is also reflected in the revaluation of CHF 144 million. Of course, the net yield on property is very positive, which continues to be 3.2%. Despite the upwards revaluation, the net yield remained the same. This was due to the reduction of the discount rate, primarily from office buildings in prime locations. I think once again you can say location, location. The better the location, the higher the potential for a positive revaluation. I've already mentioned the vacancy rates. I'm not going to say any more about that now.
It will come as no surprise that our properties are still in the same location as they were a year ago. Let me just remind you that in the medium term, we wanted to make some changes to the use types. We wanted to shift retail to 20% by increasing office and logistics infrastructure. I'm showing you this slide to show you that we have compensated already. Infrastructure has risen from 6%-9%, and this also includes the Building E in Plan-les-Ouates, which is also a logistics building, even though it looks like an office building. West-Log is also a logistics building. We are following our strategy and implementing our strategy towards more office and more logistics space. During COVID, we weren't able to sell retail space. I think that is obvious. Let's take a look at the profile of rental contracts, the maturities.
The median maturity is six years. These expiry dates are evenly distributed over the next few years. 82% of those contracts that are about to expire were extended already in 2021. 31 of those due to expire in 2022 have also already been extended. We are not going to have any big changes here, so we're certainly on track. Now, I will talk about our development business a little later, but let me now concentrate on services and start by asset management. On the left-hand side, you can see very clearly the growth rate that we have achieved. This is due to the assets managed by Swiss Prime Site Solutions. We are currently at CHF 3.2 billion, CHF 2.8. The main client is the Swiss Prime Investment Foundation. The remaining assets are for smaller direct clients. We have a development pipeline here of approximately CHF 400 million.
Now taking a look at the results of the foundation so far, I would like to congratulate them, congratulate their asset managers. Reducing the vacancy rate to 3.3% is a record low. That certainly is an excellent situation. Taking a look across the border into the rest of Europe, the first product, SPIF Living+, has been very successful. This is assisted living abroad. It's the first international product of the foundation. More are in development. Second one is certainly going to be communicated in the second half of this year. I was hoping to be able to show you the FINMA document for the approval of the application fund management and fund products.
I haven't got it quite yet, but we have been told that it's underway, and that means that we will be able to start with the first product in the fourth quarter of this year, and we're confident it will be well-received in the market. We've also managed to attract additional new clients. I can't mention the names yet, but these are clients we want to grow who will bring in a volume between CHF 600 million and CHF 1 billion. Asset management is the growth driver within the organization, and it's only just starting out. Now one more thing you all know about Löwenhof in Switzerland. It is the most beautiful building on Bahnhofstrasse, apart from the Jelmoli building. Of course, I need to say that.
Well, before the foundation took over the building, the potential was CHF 10 million, then the total rental potential was labeled at CHF 12 million. Today, the asset management team has managed to bring that up by 16% above the potential. That is a great achievement. By the way, they did that on their own without marketers. Additional tenants were attracted, rental contracts were signed for several years. Now the entire building has been rented out. Congratulations to the team. That was really an excellent job. That's on asset management. You may have noticed that you don't have any information on Wincasa and Jelmoli in your documentation. Well, I'll say a few words about it. Well, Wincasa, as we already mentioned, is relatively flat.
We are on budget. Let me tell you that we are now in the last major year of digital investments. The investments into digital infrastructure are going to lead to a digital Wincasa for the mass business, residential business. It will lead to the concentration of management on commercial properties. The effect is going to be the following. Next year, we will be able to achieve an EBIT margin of 12%. I'm very positive about that. That is the objective 12%-15% EBIT margin from managed Wincasa business. We are on the same level as last year, this year, that's the way it was planned. Next year, we should be able to see the effects of the investments into the digital infrastructure backbone. Where Jelmoli is concerned, well, we already mentioned the higher sales despite the second lockdown.
Well, don't forget, the second lockdown was shorter than the first one. That's not quite true. Fact is, the full lockdown is shorter, six weeks and not eight weeks. Let's not forget that restaurants were closed for 10 weeks, so for them, the lockdown lasted longer. This is important because there are 11 restaurants or gastronomy sites at Jelmoli, which also attract visitors. The increase in sales is particularly impressive. This was because we were able to increase the conversion rate. That means more customers coming to the shop are actually buying customers, not just trying to get out of the rain. Those customers who buy also buy more. This is the sale per customer. Both of those items were increased. They were not just higher than last year, but also higher than in 2019.
We are optimistic that we are on the right track here with Jelmoli. I will talk about that a little more at the end of the year. Much about the services. Before talking about the projects, let me just briefly talk about ESG. Just the most important points. Stakeholders. We already mentioned rent waivers, and in September, we're going to have the third stakeholder dialogue that we're very much looking forward to. We have invited Dmitry. We have invited the tenants, those tenants who are going to end up paying, and we look forward to the discussion with those tenants. Of course, one question is going to be how we're going to deal with sales-based rental rates, and also whether there's any logical connection between this, whether maybe as an owner, we could also have part of the sales via an e-business.
These are very interesting questions and of course, also very controversial. We look forward to a lively discussion on that. We also did an employee survey in the first part of the year with a very high rate of participation of approximately 80%. This has shown that my employees are very motivated in all areas. Finance. Well, you know about the Green Bonds, which generated CHF 600 million from within eight weeks, until February 2021, with a very interesting coupon. That is to show that sustainability is a topic that is going to stay, that is here to stay, and maybe even become more important. I think we're very well-positioned for that. We are ready. We have already communicated our objective to have a carbon neutral portfolio by 2040, and we're going to achieve that.
Of course, that is going to require certain investments, as you will see in the CapEx requirements that we've entered into the portfolio. Carbon neutrality is not just Scope one and , but one, two, three. Please compare this with other, is Scope one, Scope two, or Scope three? We are going for Scopes one, two, three. Another topic is the increase of deployment of photovoltaic systems on our roofs, ideally across 40 sites in our portfolio. Infrastructure is, of course, also related to ecology. We've already mentioned Müllerstraße and the Google project. Well, Müllerstraße is about the circular economy. It's about the idea of the circular economy. The idea is that all materials that are used are documented in a list, and this material has a price and a value.
This has to be included when you build a building, you have to make sure that you don't use foam because you can't dismantle that at the end of the building's life. We want to have everything recyclable in terms of a circular economy. That means that we will never again have to pay for demolitions. Of course, we won't have to pay demolition companies because they will be able to use the material and reuse the material that comes from these demolitions. This is a great idea for the environment, and it also means that construction technology has to change a little, and the value of a property at the end of its life cycle will also be affected by this. Then the last bullet point here, innovation. Let me just mention new work and also healthy buildings. These are two programs that we've introduced.
Tenants don't just want secure buildings with secure access, but they also want healthy buildings. For example, in terms of ventilation, as maybe you noticed when you came up in the lift here today, we have that here. That's something that's certainly going to increase in importance. All of that, I don't have to mention everything here, but we are also rolling out our e-charging stations, and now we're rolling out photovoltaic systems. We are also going to go for two certifications, the SNBS, that's the standard for sustainable building Switzerland. It's a very interesting standard. We are also going to apply for the BREEAM certificate, which an international certificate, which will help us in evaluations and be evaluated in terms of sustainability. Now three more slides on projects.
I've already mentioned that we are going to continue to concentrate on our own developments, because this is where you can achieve the yield. We're very pleased with our projects here. Let me start with those under construction. They're all on schedule and with a high occupancy rate. The 1st one on the left is Tertianum building in Montet. Then you can see on the time axis how this changes a little bit. The end date, the project execution is the year where we will take over the building. Stücki Park one and two, compared with our previous presentations, we only had Stücki Park one under construction. Now due to the additional rental contract with Lonza, we have been able to start construction on two more buildings. one is almost finished, and two is now under construction.
Alto Pont-Rouge, this is an office building directly on the new CEVA line. We have 21% already under a rental contract, we also have reservations of 50%. This is just on ground, the construction is now on ground level, so we still have a couple of years left for the remaining 50% rental contracts. Then we also have Paradiso and Zurich Mullerstrasse. Those were our projects under construction. Now on to the planned projects, which is only part of our portfolio. On the left-hand side, you can see JED, the new build, it hasn't started yet. It's currently being marketed, and we're planning to start next year. You can see here that it is in building and zoning regulation, so we can plan without having to apply for special development approvals. Next one is Tertianum in Olten.
We now have the final design plan, and the building application has been submitted. We are expecting to get approval within a month which will be valid immediately, and so we may even be able to start construction a little sooner than shown here on the table. Maaglive in Zurich, we spoke about that at the end of last year. The project is on schedule. Sarsteil is the CHF 8 million property that we bought this year. Those of you who know Zurich will know that the pink building to the left of it is the new ZSC stadium. Also the West-Log logistics building is just right to the Sarsteil. Obviously this is also going to be another logistics building. Rheingasse in Augst in Baselland. Here we have already received authorization of the zone plan, and the two-stage study commission is in progress.
We received the approval for building from the Christoph Merian Stiftung. It's a very interesting new project, we are expecting CHF 11.5 million rental income for Dreispitz in Münchenstein. Those are our planned projects. Onto the slide that we are particularly proud of. Let's start with the column in the middle. Of the projects that we announced a few years ago, we have already quite a lot of them as part of our portfolio. We had a pipeline of CHF 2 million then, and we still have a pipeline of CHF 2 million. How do we do that? Those are projects that primarily come from our own properties, so buildings that we already owned. We only bought 1 project, Saarstahl, as I just mentioned, at CHF 18 million. Until now, we've always said that we now have CHF 104 million additional rental potential.
We have now CHF 1.46 billion in the development pipeline. CHF 360 million are still in the reserves. That simply means that we haven't started the project in any concrete terms. This has always been our objective. We have generated additional developments from our own portfolio, which will also generate, of course, additional rental income. Now back to the figures with Marcel.
Thank you very much. I'll be pleased to show you more about the positive developments that René mentioned and their impact on key figures. You saw these figures before. I won't dwell on them any longer. It's the same figures. I'll give you more details about individual components of them. Let's begin with operating income. There are four components worth mentioning. On the one hand, we've got the impact of COVID at CHF 3.1 million, which is rather modest for us. Almost all our tenant inquiries were brought to a positive settlement. We were confronted with around 250 requests and found agreements with those tenants that led to rent waivers in the amount of CHF 3.1 billion. René mentioned it before.
Add to this, an estimated loss of turnover rents of CHF 2.4 million compared to 2019, primarily due to loss of car park income, because there was less frequency and, of course, less frequency in restaurants, not in retail, where sales was very good. Rental income grew by 2.2%, at a like-for-like growth of 0.5%. EPRA figures are slightly different. EPRA is without COVID and the like-for-like is always going back for two years. The properties that were transferred to our portfolio are excluded here. EPRA only accounts for around 80% of our portfolio. As René showed you before, we transferred some of the properties into our portfolio in recent years. Like-for-like is only short term, and positive growth is 0.5%, driven by the reduction of vacancies from 0.4%-0.7%, and from 5.4%-4.7% year-on-year. Asset management, we mentioned that before.
Strong performance in asset management with a plus of 56% on income and an even stronger impact of plus 85% in EBIT. This is a strong growth business that generates great revenue and disproportionately high profit. René mentioned, we are assuming that this will be the same in the future. This was only the beginning, as you have just heard. To conclude with retail, we have positive trends there, a plus of 5.3% on income despite the lockdown. René mentioned that on a like-for-like basis for July and Jelmoli, without the additional sales at the airport, we have growth of 8% compared to 2019, which impressively shows that retail in prime locations is doing well, is working well even in times of COVID-19.
When Kauser is not in there, not because we need to report anything badly, but it's been constant, and that's why we're not showing it here. Going into the details of like-for-like and rental income in particular, you can see here the reconciliation we had from 2020 to 2021. First of all, the difference of CHF 11 million, which we mentioned before. These are the components that were dropped with the sale of Tertianum and accounted for CHF 11 million. The sales that you see here, the strong impact from modifications and modernizations and completion of projects, and the CHF 3.1 million of COVID-19 related impact. The CHF 1.1 is really the 0.5% of like-for-like. This is the change on the portfolio. Now, I have to give you a CFO chart with lots of figures, of course. I won't go into the details of all of them.
You have the three columns reported in 2020, then like-for-like, excluding Tertianum for 2020, and our first half year in 2021. Going down from operating income to profit. The first figure I'd like to highlight is revaluation of CHF 144.5 million compared to the CHF 47 million in the last first half year in 2020. From the point of view of the CFO, let me mention that the CHF 145 million of revaluation were achieved at a constant net yield of 3.2%. In other words, we earned that ourselves. We increased revenue adjusted for cost and net yield remained constant. We've got profit from sale of investment properties, which we communicated, Espace Tourbillon, as René mentioned, with the one building and the one at Stadelhofen of around CHF 36 million.
Finally, a figure I would like to comment on is operating expenditure on a like-for-like basis of CHF 193 million, ended up at CHF 188 million. Two components are responsible for that, the strong cost focus we had and the constant cost base on which we generated additional revenue. On the other hand, this also includes depreciation we had in last year on expected loss of rents, which were not in the top line, not all of them. The first half year of 2020, we had provisions for losses, which we don't require anymore. We have completed all the requests, and everything has gone down into the revenue. A final comment on this page on financial expenditure.
You can see the figures here, a reduction by CHF 6 million from CHF 29 million to CHF 23 million on the basis of better refinancing achieved in the market and lower interest rates on these amounts. Moving on to the balance sheet. The assets. The largest item there is our real estate portfolio. Obviously, you can see how it performed in the first half year based on the fair value at the end of 2020. Moving on to the fair value at the end of the first half year of 2021. You will recall the last Capital Markets Day when we said we're going to focus on profit densification rather than growth of our portfolio, and you can see nicely what this means in practice.
Looking at the two figures, CHF 140 million of sales and then investments, and if you add this up, the order of magnitude of around CHF 140 million, you can see that the portfolio has more or less remained the same. At CHF 36 million of sales proceeds that we generated because with our own developments, we were able to maintain the portfolio, thus we were able to streamline the portfolio at appealing sales proceeds. This gives us capital recycling that is shown here impressively in the first half year. I mentioned already the rest of it, 3.2% of net yields on our investment properties. Moving on to the other side of the balance sheet, financing. You can see that we've remained constant below the line as far as financing structure is concerned.
There was a slight shift towards more unsecured components, in particular bonds, which I think is a shift that will perhaps be a little stronger, a little more powerful in future with more flexibility. We are going to take out financing in the capital markets. You can see that we issued a Green Bond and increased two bonds in the first half year at 0.375% of interest compared to 0.9% on borrowed capital. There is a huge potential there, as you can see. At 5.1 years of duration, we're on the positive side. We've got good certainty and visibility in terms of financing. Going down to the equity ratio on the balance sheet. The development has been flat.
As you can see here, we're slightly above the year-end figure, but we have paid out the dividend in the first half-year of CHF 255 million and earned everything back with the CHF 275 million of profit, which made sure our return on equity has remained flat. 47%, 48%, very stable and exceeding the objective that we set for ourselves. Return on equity at 8.4%, I've mentioned that before. Like-for-like, excluding the unique sales proceeds, this is a strong increase in excess of six percentage points and exceeding the range that we have communicated. Finally, 2 EPRA figures, adjusted EPRA EPS on the one hand. Adjusted because that's what EPRA wants. If developments are part of your operating business, you need to show that.
We are showing adjusted EPRA EPS primarily with a great increase of 19% over the previous year. I would like to introduce a figure that is not very usual, very standard in Switzerland, but I've seen that in many analyst report funds for operations, FFO, which is fairly standard in a European setting, just to show you what the cash profit is. I'm showing it here at CHF 190 per share. Of course, we can discuss about its composition in detail, but this goes to show you how much cash we generate as a company that does not include sales, FFO I that is, without sales of properties, but including the normal developing business, which we consider part of our regular business. In conclusion, EPRA NTA is one of the figures that shows many reports as a benchmark for the intrinsic value of the stock.
We increased that by 1%, from 95% to a little more than 96%. This is the basis we can expect for performance, share price performance. In Switzerland, you'd probably have to add 10% of a positive component. I think SPS stocks have a great potential. Let me hand it back to René for some expectations and an outlook. Thank you, Marcel. Let me take you back to the chart that we showed you in presenting the figures of 2020. The guidance was for an increase in rental income on a like-for-like basis and reduction of the vacancy rate, and we then introduced a new dividend calculation. Where do we stand today? What can we say on that? Where do we stand in terms of outlook? Well, for the second half of the year, by the end of 2021, we expect further growth of assets under management, AUM.
There's no specific guidance on that, though. We expect stable development of vacancy. We don't want to go down to 4.7% to go back up to 5% again. We assume that vacancies will remain below 5% in the long run, and that will be stable between 4.6% and 4.8%. We're not doing badly with the 4.7% that apply currently. I think 4% is feasible. We shouldn't rest on our laurels. There is potential in vacancies that we need to skim off in the long run. In terms of financing, we certainly want to have more unencumbered assets, which is one of our medium-term objectives, which we're going to pursue, in particular with Marcel Kucher. We expect further revaluation gains by the end of the year.
Yes, we do expect that in the amount of, well, I'm not a prophet, but I would assume that CHF 100 million would be feasible. Could be more than that. Always assuming that we won't have another lockdown, which would surprise me. Under the proviso of not having another lockdown, of things remaining the same as they are today, there'll be more revaluation gains by the end of the year. COVID-19 impact will be rather moderate if there's no further lockdown. You all heard about the ruling in the 1st instance, where a tenant filed a complaint about the rent that was not owed, his rent that was not owed, and the ruling was against it. That would help us if there is another lockdown, because there's always a risk trade-off whether you can win a case or not. I think the ruling is well-founded.
It didn't refer only specifically to the COVID-19 situation, but to Roman law, rebus sic stantibus. In other words, can you ask for a reduction of rent if external circumstances have changed dramatically? The court looked into the matter and said the lockdown situation was rather moderate, which would not mean there was a strong discrepancy between the rental agreement made and the current situation, and that ought to help us. Whether this will stand through all the instances of legislation, we don't know. Of jurisdiction, we don't really know. Before I move on to further outlooks, in particular about office and retail space, let me mention one point I would like to correct. It wouldn't really be ambitions. I have AVP here. They wrote about the services segment, that in the medium term, an EBIT contribution from services was expected to be at CHF 30 million. That's wrong.
CHF 50 million is the correct figure. Just to mention that. CHF 30 from asset management and CHF 20 from Wincasa, and a flat result from Jelmoli. That's the expectations we have, and I personally have, for the services segment 2025. Just a few words on the outlook. I talked about office space already, working from home, that's, of course, a day-to-day subject matter in the headlines. What we believe is that Switzerland will not be the same as some of the surrounding countries. Switzerland has the shortest commuter times in Europe. We do not have mega cities. We do not have mega buildings. We have part-time work. We're familiar with part-time work, which is important psychologically. We're used to having people work part-time. When planning for office space, we've been planning with an occupancy rate of 0.7. A maximum of 0.7% of the workforce actually has a fixed workplace.
We've always assumed that some people will work from home, even before COVID-19, and that mobile work is admissible. Mobile work means you can work from home or on the road, and we do expect compensation of surface area. Those who will go to work, we'd expect to get a little more surface area, also to withdraw to with inside a building. Sorry to say so, but most people expect to have a sexy office. The office has got to offer something appealing and space for interaction with colleagues. Of course, good locations will be helpful. They will be POI, point of interest. People, employees will expect when moving the building, that there's something going on around the building. These locations will remain appealing. They will be further upgraded.
When you have office space somewhere out in the sticks, it may be a little difficult, but we're very positive as far as the office space market is concerned. Employees like to go back to the office for an exchange with other employees, and there's many things you can't do working from home. This especially applies for new joiners. I'm firmly convinced, and I'm not all that old, but you can tell me what you like. Working from home is not efficient in the long run, full stop. In the first lockdown, everyone was pleased to simply be able to log on, but that's not efficient yet. I'm convinced in terms of Switzerland, that good office locations will not suffer from the trend towards working from home in the long run, and that trend will not be as marked as in other countries.
On retail, stationary retail, brick-and-mortar retail is not dead, as we have seen. Of course, there's increasing pressure from online retail, which will not decrease, but rather increase. There's also the situation that brick-and-mortar retail will be able to generate more sales, as we're seeing in the case of Jelmoli. More and more offices, more and more businesses want to move to cities. Lidl, for instance, is doing so in Bern. Things you wouldn't have thought possible a short time ago. Who had the first Lidl in a city? That was us, by the way. It looks a little nicer here than in Bern. There is IKEA, suddenly wants to be in the city. We saw it outside in Lissaj in Spreitenbach. Always high frequency locations. With high frequency locations always have a future, so we're positive on that.
With the people we have on the team, we can manage almost everything. My outlook is certainly positive as far as the remaining months in this year is concerned. Let's take a breath now. We are at the end of our presentation. Let's begin with the questions. Can we get it organized as such? We may have questions coming in through the phone. I do not want to have chaos here. Let's begin with questions from the audience here, and I will pass on the questions to colleagues who are here should they refer to details I cannot answer. We will then, following that, take questions coming in through the phone. Yes, begin. Let's begin here in the hall.
Good morning, Pascal.
Dora from Stifel. You spoke about upwards valuation. Have there been any downwards revaluations in the portfolio? The second question on Swiss Prime Site Solutions. You were very optimistic about the growth this year and next year. You are now at CHF 1.2 billion. You mentioned CHF 4 billion by the end of the year during the capital markets day. Is that objective still achievable? Are you still going for it? On Espace Tourbillon, the sale of Building A, would that be an option? A comment on your capital recycling approach. It sounds a little like everything is going very well. Older properties, which may become a problem in terms of sustainability, can be sold at a profit or at a valuation increase in order to finance newer, sustainable projects. Is that a sustainable model?
Currently, buyers are looking for investments, but you are selling those buildings for a reason, either because they are valued too low or because there is no future prospect for the property. Those were four questions. one, Espace Tourbillon, Building B. Building A is condominium. Building B, can we imagine to sell it? Well, you should never say never. If the price is right, maybe. As you can see, we have been able to replenish our development pipeline from our own portfolio. Today, the Building B is included in the rental income as it stands. If we were to sell it, we would of course deduct the rental income. Of course, we would have the sales proceed. It's not impossible. Now the question on capital recycling. Would you like to answer that, Marcel?
Yes. A pleasure. Yes, we feel that it's sustainable.
We can see that our yield is much higher based on our developments. You can see that our valuations are higher when they come from developments. They grow in line with their development. You can also see the kind of scope we're talking about here, with CHF 140 million in the first half year, based on the portfolio of CHF 12.5 billion. That's certainly sustainable. What about those buildings that you are selling? From what I understand, you are including the better buildings into your portfolio, and older buildings are the first, are probably not those that you want to keep within your portfolio. Well, I can answer that. That has nothing to do with sustainability, it has to do with the size of the buildings. These are rather small buildings by comparison, and we wouldn't buy them anymore. That's why it made sense to divest here.
Of course, new buildings have to be extra sustainable. They should not just produce CO2, but actually they should be plus energy buildings, producing more energy than they consume. That's the objective. In terms of existing buildings, it would be easy to just sell everything that's negative and therefore have a good climate balance sheet. We have started replacing gas and oil heatings and such like. Now, let me stick with AUM, our objective is, in the medium term, to have CHF 7 billion with an EBIT of CHF 30 million. That's the objective. We are going to achieve it. At the Capital Markets Day, we already included the project development pipeline. That's the CHF 400 million. We said that we don't have to buy that, we just haven't developed it yet. It's in the pipeline. That's why we arrived at that figure.
Anastasius can maybe say a few more words about it. Yes, the CHF 4 billion. Well, we have growth projected for SVA. There's going to be another issuance, and many clients and new clients' assets are expected. We have also launched our international business. Of course, we can't influence FINMA, as we heard, that we still have to wait a few days, and then we can launch that too. We can expect the portfolio to be a portfolio which will bring us to the CHF 4 billion or maybe even beyond by the end of the year. Thank you very much, Anastasius. Let me just add. It is not our intention to transfer real estate to Solutions. That was just a one-time project. That was the starting portfolio. We have additional properties that we've been able to acquire. That was unique.
That's not going to happen again in the future. It is possible that maybe individual portfolios will also be offered. Now a question about the negative revaluations. Yes, let me just add, maybe just first about the positive revaluations, which include the CapEx measures that we have taken and that we are planning. Yes, there have been some negative revaluations in terms of points, but these were small retail B or C locations.
Thank you. I also have four questions, just like the previous speaker. The first one on the maturity profile. We heard another real estate company yesterday who said that they have an imminent extension of maturities for 2023 by 50%. What about you? Are there any problems projected for 2023? Any potential vacancies? You spoke about the medium-term goal of 4% vacancies. Can you exclude going beyond the 5% in the next couple of years?
Okay, that's just one question for now. Martin? We are currently working on that strategy. What we can say today is that we expect that there won't be any major vacancies for 2023. There are renewals of contracts and new contracts, everything that we've included in the strategy means that's going to be as shown earlier. Thank you.
The second question is a little more detailed. The valuation on Jelmoli – The House of Brands as a real estate, can you say anything about how this developed over the course of the pandemic? Actually positive. It's been a positive valuation, this just shows that prime locations are always seen as positive. I think it was CHF 10 million, right? Yeah. It wasn't any of the properties that I mentioned earlier. Those were the C locations, in the A locations, there was actually a positive revaluation of properties.
The third question concerns COVID. What is to be expected for the second half of 2021 based on what we know today? Have you switched any of the rental contracts to sales-based ones? No, we haven't. We haven't changed the structure. What to expect for the second half of the year, always working on the assumption that there won't be another lockdown, I would say on top of the CHF 5.5, now another CHF 3 million. That would be the expectation. Thank you very much. The last question on the strategy. Tertianum has now been sold. Can we expect additional streamlining of this portfolio? Is that not what you're going for? Well, anything is conceivable. The strategic decision has to be not to do so. Well, we stand by the services segment. Anything is conceivable. The strategy says no.
Are there any questions, additional questions from the room? Thank you. First of all, on the like-for-like development of rents or income is a little negative, and it's the same with most of your competitors. Based on current negotiations, what are your expectations for the future here? As you said correctly, like-for-like is negative. It's less negative than last year. This contains the COVID effects, and the second part that I mentioned is that looking back 23 months and so, we only included about 80% of our portfolio in the like-for-like comparison. Everything that went online in the last couple of years is not included. Our like-for-like is a year-over-year, and it is 0.5% positive. You can look at it in a more positive light. We have a large effect of more than CHF 4 million from renovations.
25% of them are smaller ongoing projects that were presented separately and that can also be accounted for like-for-like. Anything that's, of course, larger projects will be shown. That leads us to 0.5%-1% that we consider to be like-for-like. This somewhat negative development will continue over the next 2 years? Well, yes, it's strongly driven by the COVID effects. The new properties have contributed to the positive growth. EPRA are always 24 months behind. You can expect a positive development for this year compared with last year. The negative is less negative than it was last year. Service EBITs are no longer being published. I thought that we would get some clear indications. Maybe I have to ask direct question. Is the profitability at Wincasa positive?
I'm sure it's probably not as positive as what you expected, in the first half of the year. I can answer both questions. What's important here, next year, 12% EBIT margin, that's the objective. This year, we are going to close at the end of the year by approximately CHF 12 million EBITA, like last year. Identical to last year. The reports said that the EBIT is clear, for Swiss Prime Site Solutions, and Jelmoli is the negative minimum, and the total is minus CHF 4. Either Jelmoli is very close to the previous year or Wincasa is below the previous year. I always calculate at the end of the year, CHF 12 million Wincasa. What's the difference based on? You have to consider that the ancillary costs, there's a huge potential within Wincasa, which is included in the accounts in July.
That is why we can confirm that we're at the same level as previous year. This is for Wincasa, and Jelmoli is going to lose less, considerably less than 2020, provided there's not another lockdown. The 50% reserve for the project in Geneva is not included in the revaluations for the first six months of this year, correct? If this was realized, this would make up a large part of the CHF 100 million-plus revaluations for the second half. Is that correct? Yes. Now, a bit of a provocation at the end. Now looking at the project pipeline, and I can see at the end, Augst and Münchenstein, the latest projects. Is that the result of the Swiss real estate market, which no longer has a lot of opportunities in the centers? Does Swiss Prime Site now also, is it forced to move into the agglomeration?
Well, thank you for this question. I'm happy to answer that. Münchenstein, it sounds like a small place, the CHF 11.5 million, is the Canton is going to be the tenant, and that's the plan. This is, of course, attractive in Augst, Baselland, this was just a great deal. It was a great opportunity with such an attractive price that we went for it. The question was whether we're going to move out into the sticks. The answer to that is no. It always depends on the use case. If you have a logistics location, it doesn't have to be within the city center. It will have to be further out. In response to your question, the answer is no. These were just two opportunities.
Any further questions from the auditorium here? Yes, please. Quick follow-up question about Solutions. The approval of fund products is there or virtually there. What volumes can we expect, not for this year, but next year? What are your expectations in this regard? Well, let me add, if you take the capital markets chart, you saw we aim for CHF 2 billion by 2025, and we can confirm that objective. Yes, please. The question on the rental agreements that you negotiated, 2021, that expire 2021, 2022. Can you comment on the terms? Any concessions made to tenants? Well, the largest parts of the agreements were concluded on the same terms, and any concessions were compensated, more than compensated by increases. LTV, you announced there's a trend going down. Can you tell us more about the medium-term objective for LTV? Well, René alluded to it. We're at 42% currently.
I think going down another 2% would certainly be a medium-term trend to be expected. I think let's move on to questions from the community. Any questions coming in? I think we've got to give them a minute or a few moments to set the connections up. There don't seem to be any questions. Mr. Fry, did you have a question? I'd like to know about the 0.5 that you are calculating. Is this due to the slightly increased rents at the end of the day? I would also like to know whether there are people working at the Jelmoli and Leuenhof. How far away would that be from your 1.7? As the results are so good. On Leuenhof first. That was a compliment for the Swiss Prime Site Solutions asset manager.
The Leuenhof, as you know, is Swiss Prime Investment Foundation. I cannot comment on that. All I wanted to say was I want to compliment the managing team of the investment foundation to achieve that result. The 0.5, I showed you the breakdown before. It included reduction of vacancies, increases of rents, maybe new types of use. You have maybe retail space added to office space or vice versa. These are the effects. Your question about Jelmoli, the airport. Thank God there are people at the airport. We have a positive development there. There is an impact on Jelmoli and airside. Finally, we can see that the increasing number of flights contributes to increases in sales. We're not all that dependent on the development of flights or the number of flights, there is an increasing number of frequency.
Airside is in line with frequencies communicated by the airport. They hope by the end of the year to be back to 50% of pre-COVID-19 levels in airside. We can feel the impact directly. 2 flights more, this has a direct impact on our sales. In Circle, well, the question is, who are the clients there? It's not the passengers, but it's people that we expect from the local area, employees of the airport, more frequency, more employees at work, and then, of course, all the employees working at the Circle directly. The airport has almost fully let office space, but people haven't moved in. That is not helpful. Most of them are still working from home, so there will be more momentum when people start coming back to the office. one final question from the audience. Well, the mandatory one to the new CFO.
How did you perceive work, positive, negative terms in your new capacity? Well, I've only had positive surprises, of course. No, to be honest, I feel very comfortable. We have a great team, especially in the financial field, which I know best. No negative surprises, definitely. Well, thank you, Marcel. We had practiced for this question, of course. Well, thank you very much for coming. Everyone physically here is invited to join us one level up for refreshments, and I'm looking forward to having physical exchange rather than remote only. It's great fun seeing faces again. Trying to make a joke, you do get reactions with physical presence. Thank you very much for your kind attention.