Ladies and gentlemen, good morning and welcome to Swiss Prime Site's presentation of results. We would have liked you to join us here in person, however, this is still not possible. The last time this was indeed possible was exactly one year ago on the 27th of February 2020, exactly one day before the closing of Tertianum. We hope that at mid-year, though, we will be able to make up for it. Looking at the past year, I would like to point out five highlights which will then be discussed further in the presentation. As mentioned before, the first issue is the divestment of Tertianum, which in turn leads to the second highlight of the past year, our much stronger end results. The third issue, and this inevitably needs to be mentioned here, of course, is COVID-19 and the implications of the pandemic on our results.
The fourth issue is our strong revaluation performance despite COVID-19, and lastly, the fifth item, a wholesome and attractive dividend yield of 3.9%. To further explicate, we have seen an increase in equity capital, specifically as a result of the divestment of Tertianum to now CHF 6.1 billion or 47.8%, which represents an increase of 3.4 percentage points in our equity ratio. At the same time, we have managed to reduce our debt level by 3.8 percentage points to now 41.9%. The NAV per share has increased to CHF 95. As usual, I would like to point out that the division services is represented in the NAV with its corresponding book value only. With respect to our EBIT figures, we see a significant increase, primarily caused by the divestment of Tertianum, too. The EBIT has risen by 31.5% to now CHF 559 million.
Profits, always excluding revaluations and deferred taxes, have seen an increase by 51% to CHF 477 million. Return on equity runs at 8.5%. As before, this excludes revaluations and deferred taxes. Finally, earnings per share amount to CHF 6.27. Let us now look at our real estate portfolio. Here we see a growth in our overall portfolio from CHF 11.7 billion to CHF 12.3 billion, but also a reduction in rental yields of 1.5% from CHF 437 million to CHF 431 million. With regards to this, I would right away like to make it clear that this is not due, at least not exclusively, to the remission of rent we were obliged to grant in consequence of COVID-19.
The figure relates to our overall performance this year, so these rental yields include both property acquisition and sales, as well as property development added to the portfolio, which in combination contributed to the reduction in rental yields of 1.5%. As mentioned before, we can report a strong revaluation result. As chance would have it, the amount is exactly the same as last year, namely CHF 203 million. Last but not least, you might remember that at mid-year we announced that our vacancy rates would temporarily run at 5% or slightly higher, but that we would be able to lower that percentage subsequently, and this reduction is already becoming apparent now. We went from 5.4% at mid-year to a 5.1% vacancy rate at year-end. Moving forward, our goal for 2021 is to clearly drop below the 5% mark.
Let us now talk about the COVID-19 pandemic and its influence on our results. I would like to start off with the situation as it relates to our real estate portfolio. The closure of retail spaces as well as gastronomy resulted in a reduction in the frequency of usage, which in turn impacted on the use of parking spaces, naturally causing a loss in parking fees and revenue. These factors will accompany us throughout the presentation because they have had a strong impact on Wincasa's performance. All of you are aware of the dramatic slump in the travel and tourism industry, which in turn has had a direct impact on the hotel industry. Within the situation of the real estate market during the first lockdown, we are currently in the second or rather at the end of the second lockdown.
Lockdown from March to May 2020, and following that period of time, with our employees, we had to process 500 requests for rental reliefs. We've completed all of them. There were restrictions on the transaction markets. I think everyone active in the real estate industry felt that in the first half year, nothing was moving in that field, and we were able to catch up a little in the second half year, and the reletting of rental space was clearly more difficult due to the pandemic. We have around CHF 13 million of loss of rental income due to the COVID-19 pandemic. That's the figure. This figure was mentioned in various newspaper articles, and I would like to put it into perspective, comparing it to our portfolio. We were also asked not only to provide rental relief or even rental waivers.
Just to give you a few figures, the CHF 13 million accounts for around 3% of rental income from the portfolio, we deferred a little more than CHF 50 million. If you take that and add it to the rental relief, this brings you to around 15% of all the rental income on the portfolio. If you break that down once more, we need to do that. What were the industries primarily affected? That was retail, it was restaurants, and the event industry. If you take the sum of waivers and relief, we're talking about 33% or one-third that benefited from either deferral or waivers of rent or partial waivers of rent. How about the second wave? That's of interest, of course. The second wave brought us 170 new requests, 500 in the first wave, 170 up to now in the second wave.
Maybe this can go up as far as 200, but we're not expecting to go up to 500 again this time. Much about the real estate company. Now, speaking about retail, let's directly address Jelmoli. Among our subsidiaries, Jelmoli was most strongly affected in particular by the lockdown in that first period from mid-March to mid-May in 2020, when Jelmoli was fully closed. Within next to no time, within record time, within one week following the lockdown, we opened the food sector again. That was an important sign for the population of Zurich and for Jelmoli itself, for Jelmoli staff, that despite lockdown, you can be active. Of course, we had to save some cost with Jelmoli.
Sales personnel and gastronomy personnel were sent on short working hours and got compensation for that, which is designed to make sure that you do not have to lay off personnel in times of crisis but can keep them employed. Of course, through COVID-19, we were also hit at our new spaces in the airport. Airside was opened and closed again immediately, ever since, we haven't been able to think of a reasonable opening. Let me recall to you the footfall at Airport Zurich. We were at a minus of 80% compared to the period before COVID, at minus 80, you cannot make any reasonable sales. There was also a delay of our Circle project that was opened in November rather than in spring or in early autumn.
We opened in November. Sunday opening times were banned as soon as it opened. The restaurants had to close down again immediately following the opening. This had a direct impact on operating income of CHF 17.2 million. A minus of CHF 17.2 million. Moving on to Swiss Prime Site Solutions. That did well in 2020. Got off to a slow start in the first half year due to the fact that there were hardly any transactions. These transactions were then compensated for in the second half of 2020. We issued in the market 100 rent relief requests with the Swiss Prime Investment Foundation were all processed. There was a slight slowdown of the launch of the new product. You will remember that the investment foundation decided to become active outside Switzerland. Living Plus was to be the first product.
We launched an issuance which was successful. Why was it not implemented after all? Living Plus Europe is about senior citizen centers, care centers in Germany. You can imagine that Germany, with even more restrictive practice with regard to managing COVID-19, made it impossible for us to launch that. It was not possible for us to enable our investors to become active there. We have now caught up with that. That's why the product was slowed down. Let's move on to Wincasa. Wincasa was working under difficult terms. When you're working from home or are in split-office mode, it's not always possible for your employees or for Wincasa employees. Think of home inspections, home approvals. You can't do that from home. We had to get all this organized.
Let alone the 500 requests that the real estate company processed or the 100 rent relief requests the Swiss Prime Site Solutions had. We had more than 2,000 requests in Wincasa, which caused a lot of additional working hours, which were not compensated for, were not remunerated, and this had a negative impact on the result. Add to this the loss of parking income. I mentioned that before. Among 90 shopping centers under management, 30 were entirely closed, 60 were partially closed. The return from parking fees have a direct impact on EBIT, there was a strong decrease in them. If you don't have footfall, you have no cars to be parked. Much about the impact from COVID-19, the first tranche, actually, in 2020. Let's move on to the various units and begin with real estate.
You saw a few figures already. I'm coming back to the new revaluation gain of CHF 203 million. 39 million, gratifyingly, are from development projects, and CHF 165 million on existing properties. Apply the discount rate that went down from 3.06 to 2.91 this year, and we'll be coming back to talking about this under prospects and tell you about expectations. Net property yield at 3.2%, and as far as the vacancy rate is concerned, the trend is your friend. The trend towards the end of the year is the right one, and we're convinced that we will be below 5% by the end of 2021. Now, in Swiss Prime Site real estate company, look at the first bullet point here. We did relettings successfully. We found new tenants, good new tenants. Below the line, first lettings and relettings were relatively disappointing compared to previous years.
We're at 85,000+ sq m of let space. We were at 128,000 two years ago. This was the standards we were going for. This is the direct impact from COVID-19. We have about one-third of space placed in the market less in 2020 compared to previous years. We added space according to strategy. We grew in the logistics markets and achieved or maintained growth in the development pipeline. If you look at what we acquired, we have a fully let office building at Zollikofen. That's in agreement with our strategy. We've got a logistics property in Buchs, fully let within our strategy. We've got a development plot at Uster. We sold condominiums at Plan-les-Ouates. I'll be coming back to this. One property in Bern at the beginning of the year and one property in Zurich at Stadelhofen towards the end of the year.
The real estate company was also successful in terms of building permits, which we received for Schlieren and for Stücki Park, and also for Tertianum at Paradiso. We completed a study on this site here, and we'll be coming back to this. Completed projects, of course, have to be taken over, either in the portfolio or handed over to our investors. In particular, we handed over two projects, redevelopment of the retail park at Oftringen, with Bauhaus being the anchor tenant, which will be reopened on March the 1st. For Allianz Suisse, we handed over Weltpostpark Bern in the spring of 2020. Now, this is a question that you always tend to put. How about maturities of rental agreements? We're doing very well here. We're convinced we have no cluster risk. As you can see, for 1-year maturities, we have renegotiated to the tune of 80%.
For more than a year, we have renegotiated more than 50%. We have a good blend of short to long maturities, long maturities being more than 10 years. Total wallet is a good six years. The main tenants here are Tertianum, Coop, Swisscom, just to mention the top three. A quick glance at Swiss Prime Site Solutions. As I said before, Solutions really did an excellent job last year because the pandemic impact was almost set off for the clients of the investment foundation. The first bullet point shows growth of assets under management. At the beginning of 2021, we were at CHF 3 billion of assets under management. Add to this a development pipeline for the SPIF client of CHF 0.4 billion. The investment foundation grew by CHF 300 million, and there is an additional development pipeline of CHF 400 million.
These are Immoberry's clients, which we merged with the foundation. These are two clients that contribute to the rise in asset management. If you add all this up, it brings us to CHF 3.4 billion within five years, including the project pipeline. We're getting very close, and put it into perspective, it's very close to number 4 of the real estate companies. We've already mentioned the successful issuance. There were two issuances, including a contribution in kind in the Real Estate Switzerland group of this investment foundation. There was one for Living Plus Europe, which we conducted. What are our people currently doing? They're currently focused on maintaining or getting approval from FINMA. On the Capital Markets Day, we said we're going to submit in Q1 2021. We can confirm that. We will file in March. That's next month. Let me say a few words about Wincasa.
Assets under management were increased by CHF 72 billion, new customers such as BLS were added, or IKEA. That's the brands you will certainly know. Turnover remained more or less stable. What was the impact on Wincasa's result? I mentioned two things already. First of all, parking income that had a direct impact on EBIT and the loss of it, and additionally, human resources or manpower that was not compensated for due to the specific situation. Thirdly, a point I would like to mention this year, turnover is composed differently this year. What happened in the first lockdown? A lot of institutional clients decided to complete their pent-up projects, which generated additional turnover in Wincasa. However, in construction and facility management, not in the management unit, property management unit, and EBIT margins of 10%-15% or 6%-8%, respectively.
If you blend all this, at the end of the day, EBIT contribution will decrease, and the EBIT margin inside Wincasa will decrease, although turnover remained more or less the same. I talked about rental relief requests already. We can certainly mention that we had an increase of 35% of turnover in StreamNow, the tenant platform, a subsidiary of Wincasa, which is gratifying with regard to digitalization efforts taken by Wincasa. One or two things about Jelmoli. One thing I haven't mentioned under COVID-19 impact is the first bullet point. What was important with Jelmoli? Two to three years ago, we launched a major project, the new ERP system, which is now in operation, has been in operation since February 2021, we are now going to have a relaunch of the online shop. It's a relaunch of the online shop in mid-March, within two weeks from now.
The Omnichannel compatibility of functionality of Jelmoli is really crucial. We'll be coming back to this at a later point. We took strategic decisions about Jelmoli, and we are very confident to end up with a balanced operating result by 2023. Finally, on Tertianum, which had a major impact on the results last year. You can see it at the top. Operating income of CHF 500 million that we're going to lose, and CHF 34 million per annum of EBIT that we're going to lose. How do we want to compensate for that? By the development, of course, and by growth in asset management. There's an impact on the balance sheet, a very positive one, a goodwill of CHF 304 million moving into shareholders' equity and total cash inflow of CHF 600 million, plus EBIT contribution of CHF 204 million.
I won't comment on the operating contribution. Markus Meier, on slide 30 of the presentation, will comment on that. It's certainly interesting to see that we continue to believe in the field of assisted living. This confidence is confirmed by the fact that Tertianum is our largest tenant. We've got 19 properties of Tertianum on our portfolio, four of them are being developed. That is not only a relevant issue for us, but also for the investment foundation, where we have a total of nine properties operated by Tertianum, and a 10th one is being added or has been added in 2021. The ASAT V in Bern, that's a cooperation with the new owner of Tertianum and us working very well.
Before you are going to ask that question of what happens when the assisted living business is going to get more difficult, what's going to happen to those properties? Aren't you afraid of vacancy? The answer is no. We're convinced of Tertianum's skills. We have worked with them for a long period of time. Secondly, all our investments are not invested in special use zones, but in cities. In the worst case, these properties could be converted again and reused, or converted into residential space, and they could be sold as condominiums. We can't identify any risk or danger for Tertianum's business model, and particularly not for our real estate portfolio.
On the development projects and ESG, I think I'm going to keep it relatively brief this time. This is the pipeline that you are all familiar with. We finished a lot of projects at the end of last year. COVID-19 did not slow us down here considerably, maybe a few weeks. Including JED in Schlieren, we were able to complete construction. Espace Tourbillon is still under construction. I would like to elaborate on that. As you may remember, we have five buildings here, logistics buildings, practically where you come into the city of Geneva. Two of the buildings have already been sold to the Hans Wilsdorf Foundation. The smallest is currently being sold. We have sold over 50% of the units in the second building. This is very positive. Now we have two buildings that haven't been sold yet, D and E.
As we already mentioned, we expect to be able to sell building E. We are negotiating with various parties, and we hope that we will be able to communicate some news on that in six months' time. Before talking about rental income, well, this is already in the calculation that we're selling off building E. We already calculated with selling one more building. The other two buildings, Tertianum, are still under construction. Also Pont Rouge is also under construction. They're still at floor level, so they haven't made great progress yet. We're expecting the construction to be completed by 2023. In terms of projects, what's very positive is that we have received a building permit for Lugano. As you can see here on the picture, this is a highly complex building.
Also using the lake water, which is very sustainable way, but the construction is quite complex. We also have a legally valid design plan for the Tertianum building in Olten, which is important because Tertianum has another location next to Olten, which it has to vacate. We need a new project here. JED in Schlieren, we have received the building permit, but have not started construction yet. We still have to wait for building 22, 26. We'll talk about that. Also, we have a building permit for Stücki Park II, and we are still negotiating the pre-letting status. Once that's happened, we will start construction. Müllerstrasse, Zurich, we have submitted planning application, and Maaglive. We are still in the process of the architecture competition. Rheinstrasse in Augst, we are still in the process of getting the zone plan authorized.
Here we have taken some first steps towards getting the next zone plan authorized in order to start planning in 2024, 2025. Now, this is the highlight of the day. The first images of the new project for Maaglive. This is the winning design by Sauerbruch Hutton Architects from Berlin. Let me just say a few things about this. We have a second slide to show you the boldness of the project. Well, we still have some reserves here on this property, and we want to use this potential as efficiently and effectively as possible. We have decided to not leave it here on this. We also want to see whether we could get residential properties here on this area. You can see that we have some problems here with the noise from the Hardbrücke. It was an exciting project.
These are eight interesting projects in total with different ideas, and it was very interesting to see how the architects dealt with it. This is the design that won us over. It's first of all about using the reserves. That's important. That means that we will have mixed usage, so residential properties will be possible here, particularly in the tower. The reddish brown building that you can see is going to be largely a residential building. The building next to it is going to be for cultural events, also as a service building. It's going to be a multipurpose building. This corresponds with our vision of creating room for living and a space for living. It's not just about buildings and the different use cases, but it is also about the external space, and that was important in this project.
This might seem strange to talk about the external space, but I think that's what makes an area worth living in. I think the external space is absolutely vital to make a neighborhood attractive. Of course, the Prime Tower looks great, but on the whole, we're still lacking a certain atmosphere. This is all about how the ground floors are going to be designed, how pedestrians are going to move across the area. What happens when you leave the Prime Tower? What will you see outside? That's what this project is addressing. Here are some images to give you a bit of an idea. I think there's no point of trying to use the pointer, so I'm going to try and do it as well as I can. At the center, in the middle, you can see the Prime Tower.
The area that we're now talking about is that green triangles. Within the green triangles, there's one existing building, Building K. That's the image that you can see in the bottom right-hand corner. That's the existing building. The architect's project are the other three buildings. As you can see here, there's going to be a new community plaza at the center. There are going to be trees planted. We're going to make sure that we start by planting large trees already, so that we don't have to wait 20 years for them to grow. Also, this is to create a cooler atmosphere because this is an area which is currently very much dominated by traffic, and that's what we want to change. From Puls 5, you can get access to this area.
It's going to allow looking through it, walking through it, and cycling through it. It's going to be attractive. We look forward to putting this into practice of implementing this project. Let me just go back to the previous slide to talk about the timing. Today has now been the announcement of the project, and we would now like to also present the eight exciting projects here on this area. I hope that's going to be possible in May or June. We're going to have a special publication in the architecture magazine, Hochparterre, and then we're going to start the project, the preliminary project. It always looks finished when you look at these renderings. You think that everything's already been done. We are now at the stage of the architecture competition.
We've done the feasibility study, but now we have to decide on usage, on who is going to live here, what the apartments should look like, then we're going to go on to more detailed planning. Construction can start in 2023 and be completed in 2025. That's the development. This may be the slide that you've all been waiting for, because here you can see the CHF 83 million additional rental income from development business. As always, split according to buildings under construction that are going to be transferred into the portfolio shortly. Projects under development, reserves, and the net income is 4.5% net yield. Another important piece of information is that the CHF 83 million don't correspond to everything, but you can see the CHF 600 million are additional reserves within our portfolio that we will be able to enter into development as we go along.
These were the development projects. Another topic that is very close to our hearts is ESG. E stands for environment. What is it that we want to achieve? We want to be carbon neutral by 2040. You all know the targets of the Paris Climate Summit, and you know the Strategy 2050 of the Swiss government. We could have said that we would do 2050, just like the government says, but we want to be faster because the effect that our buildings have is important and it's a relevant topic. We want to speed things up here to achieve carbon neutrality by the end of 2040. Let me say, this makes our task more difficult, but only if we do it will we be complete. This is about Scope 1, 2, and 3.
I'm not going to go into too much detail, Scope 3 means that we also include the end user, in other words, the tenant, in our plans. This has effects on the rental contracts too, that we have to negotiate with our tenants. By 2040, we are going to be carbon neutral, including Scope 1, 2, 3. These are the most important facts for you. Sustainable financing is going to be discussed by Markus in a moment with green bonds. Now just a few words about what we've already achieved. It already looks very positive. Since 2018, we have managed to reduce the CO2 intensity of our portfolio by 24%. Well, you may say that if we continue like this, we'll be on zero in five years. Of course, it's not like that because, of course, we started with the easier tasks.
It's all about heating energy and electrical energy. First of all, we're going to get away from oil, replacing oil by district heating wherever we can, if possible, powered by renewable energy. The second part is getting away from natural gas, then a switchover to PV installations. We already have some in place, and we also want to generate electricity with hydropower. We are very pleased that our supervisory board is supporting these targets in terms of CO2 reduction. Now let's talk about the social sphere. This is about the rent reduction applications. We already discussed that earlier in relation with COVID-19. Our supervisory board has also decided to create a pool of CHF 450,000. What is it used for?
It is used for our employees working for Jelmoli who had to go into furlough. We want to make sure that we could help those in need here. We all hope that it helped. We're glad that we were able to provide some support. The second part is here dated 1st of January 2021. Of course, we've been negotiating this for a while. How can we create sponsoring as a win-win situation for the party receiving and the party donating the money? We have agreed an interesting deal with the SOS-Kinderdorf.
This is a project that we are supporting, which is to give our asset managers additional motivation to rent out space, because for each square meter rented out, we donate 1 CHF to the SOS-Kinderdorf, and we hope that we will be able to contribute to the motivation of our sales staff here. Another point that you may have read about in the press. Next to Yond, the former Siemens site, we have some older buildings. Some of them are being used by tenants, and one of those tenants is a foundation which for children with rare diseases. We then had the idea of creating a vaccination center. Of course, we were very much enthusiastic about this project, and the foundation has now already been negotiating with the canton of Zurich.
The canton of Zurich is somewhat reluctant at the moment to approve this vaccination center, but we are still trying to get this to open. Maybe in the next step, to also set up a mobile vaccination center. Now the G is for governance. These are not all new faces, but we want to look back at 2020 and therefore be complete on the left-hand side. This is our Chairman, Ton Büchner, and our new member of the board, Barbara Knoflach. We look forward to her joining, and we are sure that the annual general meeting will approve this on the 23rd of March. These are also familiar faces. Nina Müller, who started on the 1st of April. We can't even imagine life without her anymore. It's been less than a year.
Martin Kaleja, who's replacing Peter Lehmann, and Anastasius Tschopp as CEO for Swiss Prime Site Solutions because it's such a central topic. As you have been able to read from our press release today, as of the 1st of July, we're going to have a new CFO, Marcel Kucher, who is going to present himself at the annual meeting and at the semi-annual press conference, and he's also going to present the finances then. That was my part, and now over to Markus for the financial part.
Thank you, René. Ladies and gentlemen, I'll guide you through the key figures of the 2020 annual accounts. The aspects you're seeing here will be with us on this tour of the figures. The sale of Tertianum brought a great deal to us in terms of cash and profit contribution, but also for the resilience of our balance sheet, the strengthening of our balance sheet. We heard a lot about COVID-19 from René in terms of loss of rental income, reduction of rental income. As we will see, there was also an impact on the turnover by Jelmoli. The taxes is more of a technical matter.
If we compare with the year 2019, the situation was that the Swiss people approved the referendum on tax reform and financing of Social Security, which led to dramatic reduction of tax rates and 172.5 million of deferred tax provisions were reversed, so that we ended up with tax income rather than tax expenses. Let's get started with the most essential source of income, rental income. The effect of the sale of Tertianum led to a minus of 54.4 million CHF. This is, of course, the rental income on additionally leased properties, not on properties on the Swiss Prime Site portfolio. As you know, Tertianum is currently the largest anchor or the largest tenant of Swiss Prime Site. We're very happy about that in terms of portfolio diversification. The 54 million CHF is the net loss. At the end of the day, it's around 65 million CHF.
Tertianum was on the books for two months in 2020 and generated about CHF 10 million of rental income. Nevertheless, the net rental income is CHF 432.4. For reconciliation with 2020, we have changes on the portfolio properties, a good result in this setting. We did well, as we heard. We had strong letting results and been able to maintain rent levels. We excluded the CHF 12.7 million of effective debt collection losses. Now come CHF 9.5 million of which were granted loss, and then we had loss due to COVID on sales-based rents and parking fees. Yes, we still have sales-based rents to preempt on a question that you may have, and we still have sales-based rents on the books. We had divestments as well, which we do on a regular basis to realize gains from ordinary portfolio management.
As a result of that, we're losing rental income, which in this particular case was compensated in the same year. We even overcompensated for this, in this case, by completed projects. Minus CHF 6.2 million is mainly attributable to the sale of properties in the previous year, in 2019, and CHF 1.2 million was the outflow along with the sale of Tertianum of three properties that were already on the books of Tertianum because it wasn't reasonable to hold these peripheral properties on Swiss Prime Site's portfolio. Completed projects and the loss of rental income that we overcompensated, that's highly gratifying. This is the main projects that were completed last year. Schönburg at Bern, a mixed residential, retail, and hotel property. Then Yond in Zurich, Albisrieden, and A1, the retail park at Oftringen. On to purchases.
We purchased an office property at Zollikofen, a logistics property at Buchs, and in 2019, the previous year, we had two commercial and logistics properties at Münchenstein, Basel. All of those are properties that in future may show development potential. Moving on to the development of operating income, divided into segments. Showing major swings here, triggered primarily by the sale or deconsolidation of Tertianum. There'll be a slide on that to give you more precise information of the outflow. In the middle, you can see EBIT in the segments. Real estate EBIT is slightly lower than in the previous year. The main reason being the impact from the COVID-19 pandemic. Services EBIT, that rose primarily due to the CHF 204 million gain from the sale of Tertianum.
Real estate EBIT, as you can see on the left-hand side, the pillar in dark blue, there was a decrease, which isn't really dramatic. In spring last year, a development property was completed for a third party buyer, Weltpostpark. Three residential buildings that were handed over to the buyer, to the investor, generating little development income in the year under review. Here we also see, as the second difference, the impact from COVID-19 in terms of real estate revenue, or in the reporting of the real estate segment. This is the reconciliation from operating expenses and operating income beginning in 2019. Over on the left-hand side, you can see the figure that we communicated, that we published. You have the impact from deconsolidation, 12 months in 2019, of Tertianum.
Then we've got a continued operations view, sort of, showing operating income and operating expenses, excluding Tertianum in 2019 and in 2020. For operating income, you can again see the lower percentage of completion return, the development return on our books, but also the influence of lower retail turnover achieved by Jelmoli. If you have lower development return, you also have lower development expenses, which you can see under operating expenses that decreased on a like-for-like basis. However, this decrease was partially compensated by larger investment in digitalization and business transformation at Wincasa. Higher shares of cost among owners due to the slightly increased vacancies and the pandemic. A novel thing in 2020, we had clearly higher equity. Now, shareholders' equity tax to be paid on the holding company that is not posted under tax expenses but administrative expenses.
This is why it is included in the operating expenses for 2020. We're moving again towards publication in 2020 with the various items due to deconsolidation. These are the same items that we saw before. Mainly rental income. The year before, it was CHF 65 million, and this year we're down to CHF 11 due to the two months of consolidation. Turnover from assisted living, CHF 73 this year, and to some expense items, primarily personnel costs. This is a highly labor-intensive business, and together with the rest of the expenses and depreciation from the previous year and further expenses for real estate. These are the third-party tenants of Tertianum. Tertianum paid for third-party properties and the additional maintenance cost. Moving on to the income statement of the group.
In the upper block, we've got the EBIT operating income, and in the lower part, operating expenses, presenting the swings that we provided the details of a minute ago. Re-evaluations, highly remarkable, CHF 203 million, precisely at the level of the previous year, which is really astonishing and impressive. Mid-year, we had a loss of revaluation, CHF 47 million due to the pandemic. The market of real estate transaction met with powerful demand as for prime sites. By the end of the year, for the 12-month period in 2020, we were back to previous year's level of revaluation gains. Revaluation gains are primarily accounted for by prime office buildings, particularly in Zurich here on the Maag site, including the Prime Tower, and in Zurich North at Oerlikon Cityport, next to the train station of the headquarters of Zurich, Switzerland, and CBD Zurich here with Beethovenstrasse.
Prime retail locations also contributed well, in particular Rue du Rhône in Geneva. What is gratifying is that all of our developments made a positive contribution to revaluation gains. Beyond JED here in Zurich, Tourbillon, Plan-les-Ouates in Geneva, Pont Rouge in Geneva as well also made a positive contribution, as well as Stucki Park with its lab offices in Basel. Revaluation loss was considerable as well, primarily on retail properties and city hotel properties in Basel, Zurich, Geneva, and St. Gallen. The average nominal discount rate decreased to 3.42%, and the real discount rate to 2.91% by 15 basis points. Moving on in the income statement, we can see profit from the sale of properties, CHF 22 million. That's Laupenstrasse in Bern and one property here at Stadelhoferstrasse in Zurich. Add to this CHF 13.8 million profit on real estate developments. We touch upon that.
13.8 million, as I said before. Results from the sale of participations, that's Tertianum accounting for CHF 204 million, CHF 158 million of equity value, and CHF 70 million of net assets was outflow deconsolidated from the transaction, and around CHF 300 million were recycled from the shareholders' equity. That's the goodwill item that we directly calculated when we made the transition from IFRS to Swiss GAAP FER. We've had a good position in the low interest rate field as far as financing cost and income tax is concerned. We're back to a normal level compared to 2019, where we had the effect from the tax reform referendum and showing a major tax income. Here you can see the performance of the property portfolio, CHF 557 million plus to CHF 12.3 billion.
Revaluation gains had a specific impact there was also growth from projects with considerable additional profit and major investments that contributed to this increase. The purchases, some of which we've already seen under rental income. Let me also mention that Zollikofen, Uster, and Buchs, those properties are included here, the divestments relate to Laupenstrasse in Bern, Stadelhoferstrasse in Zurich, and the three properties that went away with the sale of Tertianum. Development of shareholders' equity to 48%, a solid 48% in this difficult year. We used all the opportunities to massively increase shareholders' equity and make our balance sheet more resilient. We can see profit of CHF 610 million and the recycled goodwill positions from Tertianum of CHF 303.5 million. For financing, we primarily maintained our financing structure. The blend of financing was shifted from non-collateralized to lower collateralized and mortgage-based funding.
At the beginning of the year, in these more turbulent financial phases, we were cautious in the capital market. CHF 600 million cash that we got from the sale of Tertianum was used to secure the CHF 230 million bond in October. At the end of the year, we entered the field again with a green bond. At the end of the day, total financial liabilities was slightly reduced, and we also reduced loan to value to 41.9%, which is a massive improvement of our financial strength. Green bonds. Last year in December, we issued a second one, and this year in February, we paid into our sustainability strategy. The green bond is based on a green bond framework in agreement with the International Capital Market Association requirements and the second-party opinion from the ISS ESG, the paper is available on our website.
Apart from the second-party opinion, we also have regulations of processes and definition of eligible assets. With these two bonds, we've found properties with high-quality labels. That's one thing we are doing. Second thing is the CO2 reduction path that we are going to feed with green bond proceeds. We will also report on the use of those resources, which will be audited by our auditors. That's the essentials of our financial figures. Let me hand it back to René at this point.
Thank you very much, Markus. Well, as you were able to read today, Markus decided, after having worked for this group for 20 years, directly or indirectly, to leave in the summer. It's been wonderful working with you. I have spent five years working closely with you with some excellent road shows. It's always been fun. It's always been great. I think there's nothing better for a CEO to be able to rely on the CFO. Totally, the figures were always correct, and we always had the cash available when we wanted to buy a property. I think we've made a great team, and I really enjoyed working with you for the last five years. On that note, thank you very much, Markus, also on behalf of the Supervisory Board and the Management Board.
Well, the outlook, I think we'll skip this slide. It's more important or more interesting to look at the market. Mainly about the view about our main usage types. Who have been the winners of the pandemic in terms of usage types in 2020? Those were residential living and logistics, closely tied with e-commerce and orders via small or large platforms. Logistics is an interesting product which has moved from being a niche product to a more central product, and residential living has become more important. I think during the lockdown, everyone realized how important it can be to have room to live, which maybe also has some outdoor space, such as a terrace or a balcony or a garden. Logistics and residential livings have been the winners of the year. Now our main usage types, office space.
I want to do away with a rumor that I often hear, particularly from people abroad, the question of working from home. We hear a lot of people who say that people will be working from home forever and people won't be returning to the offices. Here are our eight reasons why we firmly believe, and I'm speaking about Switzerland here in particular, that in Switzerland, we will not have everyone working from home. Firstly, within Europe, we have the shortest commutes. I think it's a different story if you have to commute for an hour or hour and a half from outside of the center of Paris to work in the center. Via very full underground train and all that kind of thing. I think those kind of people will prefer working from home.
We believe that short commute times will mean that working from home won't be so attractive in Switzerland. Half an hour is the average. Also, we have excellent public transport, and it is not underground, but it's overground. I think the psychological aspect of using overground means of transport is incredibly important, particularly in these times of pandemics. Another point is that we don't have any mega cities. The fourth point, we don't have mega buildings either. The Prime Tower is a large building, but it is still very far away from buildings that you find in other European or maybe even other continent cities. Another point is that today, part-time work is particularly prevalent in Switzerland. People work maybe 70%. That's something that a lot of people do, a lot more than in other countries.
Point 6, when planning offices, we made sure a long time ago that we would factor 0.6-0.8 workstations. Only 60%-80% of employees actually have a fixed workstation, because at other times, they either work from home or from other places. These are six very important points. From the point of view of people working in offices, they will need additional surface areas in future. I think that in future, people won't rent more offices, but they will use the offices that they have to give people more space. That people either have bigger desks or also their own rooms, and also in communal areas, there is going to be more space per employee. We also firmly believe that there's one thing that cannot be done during when we all work from home.
Communication, cooperation, collaboration are difficult, and the true DNA of a company cannot really be absorbed by the people working in a company. I'm talking about prime properties and about prime sites. It may be different in a C or D location, but we don't have any warning lights on here at all. One thing that is going to change, however, is that we will want more space per employee, so we have to rethink this. When building offices, we have to make them more attractive than the working space at home. That means that companies have to invest into making their offices attractive. This is a change that's going to happen over the next few years. Another new aspect, which has partly been triggered by the pandemic, is that people are looking for a safe place to work.
For example, in terms of air filters or automatic doors, so that people don't have to touch door handles. All of these are aspects that we now have to take into account when planning offices in the future. I just mentioned that tenants don't want to reduce office surfaces. Well, we are the largest company offering office space, and we have not had a single request from tenants to reduce their office space size. Another thing that's very interesting, there is a large scale survey of the Institute of the German Industry, which found that only 6.5% of companies are looking to reduce their office sizes in the near future. This was published on the 5th of February 2021. This refers to Germany, but I think it still shows us that offices are still going to be important topics. Now, let's talk about retail.
Of course, retail, you could say, has been a disaster, but this may sound a little strange. If we look at the use types, which were truly affected by COVID-19, that's been retail, hotels, event spaces, and gastronomy. Now out of all of those, retail was still the least affected. Because retail is not just fashion, it's also food and near food. I think you've been able to see the figures that the two large companies in Switzerland have published. They have had immense growth, and there's also been growth in DIY stores and sports shops. Retail is not dead by any means. We think that there is actually a positive development. Even in Jelmoli, without the lockdown, we would have been at least on the previous year's levels, maybe even exceeded it.
Once the lockdown was lifted, people wanted to go back to the shops and to maybe treat themselves. There was almost like an overcompensation. That applied to Jelmoli and other shops as well. Jelmoli will still be around tomorrow. However, the combination between retail trade and e-commerce is going to be more important in the future. A lot of retailers are going to start with this omnichannel strategy. This brings other interesting questions with it. Many have just been working in e-commerce, too, who are now looking for retail space in inner cities. There are also tenants such as IKEA, who are now looking to go into the city centers. That's totally different from what they've been doing in the past. For us, it's going to be interesting.
As Markus mentioned, we will have to think about how to look into turnover and rent ratios. For example, if a company has both retail space and e-commerce, what is the turnover of the e-commerce that is attributable to the retail space? Of course, that's difficult to say. These are also legal questions that we're going to have to answer in the near future. Retail did take a bit of a hit, but amongst the industries that were most hit, it was the least affected. All we have to do now is to just keep going, and we have deferred some rents. Hotels are suffering, and Zurich Airport, -87% in terms of passengers in January 2021. Of course, that cannot be compensated. Of course, city hotels are all suffering. There's no doubt about it.
We shouldn't panic because the contracts that we have with the hotels are all very solid. Maybe if the hotels have one or two bad years, that doesn't mean that these are bad businesses or unattractive businesses because they are going to recover, provided the concept is right, and we assume that it is with our inner-city hotel. What we have to do here is to stick it out and to just wait for better times. The same goes for gastronomy. The retail bashing that happened last year is not something that we would subscribe to. We already mentioned during the last press conference that, of course, hospitality in general is affected. Much on the market and our market outlook. Let's take a look at the midterm goals.
These are the goals that we already mentioned and communicated during the capital market days in October. Let me just remind you. In real estate, the portfolio is going to be stable around CHF 12 billion. If we are above the CHF 12 billion, it doesn't mean that we have to sell off what's left over immediately. The portfolio was CHF 10 billion when I started, and we decided to grow up to CHF 12 billion. Now we want to strengthen our balance sheet, the stable volume of around CHF 12 million is what we want. Vacancies. We're going to achieve a four-point figure, and we are sure that our portfolio has the quality that will allow us to keep vacancy rates down around 4%. I also mentioned the reduced retail in B and C locations.
This is going to stay on the agenda. We also want to strengthen the use types logistics. Asset management, we want to achieve CHF 7 billion. Including a project pipeline, we are already at CHF 3.4 billion. It's a realistic target. I know that a lot of analysts thought that it was ambitious or overambitious, but I think that it's realistic. We have around CHF 30 million EBIT contribution to the group until 2025. The idea here was that this had to compensate the loss of the EBIT contribution of Tertianum. Assets under management at Wincasa, CHF 75 billion. Of course, assets under management are interesting because we have some interesting clients here. What's really important is the EBIT margin here. Here, our guidance is still 12%-15%, and we have been below that for the reasons already mentioned. Jelmoli already has been mentioned.
We have here quite a stable result expected until 2023. Now here's our guidance for 2021. We've communicated this often, Markus mentioned it too. Over the last couple of years, we had some special effects that are not going to be repeated. We can't sell Tertianum twice. Of course, it would be nice, we can't. In 2019, we had some one-off tax effects, in 2020, we had the profit from the sale of Tertianum. Both of these are not effects that are going to be repeated. We'll be back at the 2018 level. On revaluations, this is an interesting question. You saw what happened in 2020, you start at -50 end up with +200 at the end of the year. This shows what can happen during the pandemic.
As a matter of principle, I believe that in CBD, we still have some additional potential for a yield compression, that the discount rate can be lowered, which will increase the value of the property. This can affect the portfolio. Markus already mentioned the main properties. That's the positive side. The other positive side, the positive revaluation effects to be expected from our project development pipeline. Those projects are going to be completed in 2021. What can happen on the negative side, particularly where our portfolio is concerned? You can see we had -50 after six months. Everyone was under the impression of the first lockdown. People thought that retail space and offices were no longer interesting at all. With all of those properties, there are some that are around zero for reevaluation, some that are plus, and some are minus.
If we had another lockdown, and these properties, or rather these usage types, were seen in a different light, again, of course, this could happen. That's why it is difficult to have a real forecast here. The basis here is as of today, also in connection with COVID-19. Included everything we know as of today, we think that the restaurants are not going to open until the end of March or April, but retail will reopen next week. If we did have another lockdown, of course, that wouldn't be quite the same. We are expecting an increase in rental income due to the project development pipeline. We also mentioned several times that we want to reduce the vacancy rate below 5%. Four is the medium-term goal, but, of course, we have to start with 4 point something or other.
The dividend policy will be 80% to 100% of the adjusted earnings per registered share. Maybe the title is not quite right here on this slide because it should be Dividend 2021 and Dividend Policy. If we had tried to apply the dividend policy to the dividend 2021, that wouldn't have been the same. The dividend is now CHF 3.35. At the closing in 2020, with an attractive yield of 3.9%. This is made even more attractive by the possibility of the distribution of an ordinary dividend of 50% or withholding tax- exempt distribution from capital contribution reserves. I think we're going to have a question about this, and so let me answer it now. The basis for the calculation is going to be one that is going to rise slowly in the future, and that is why we have set some medium-term goals.
If you have done your calculations, just the sale Tertianum has lost CHF 0.20 for the dividend, and in terms of the dividend per share. We wanted to include a certainty. We want to strengthen the balance sheet. If we want to strengthen the balance sheet, we have to be cautious, in particular, in relation with COVID-19. Well, you know our figures, 33%, 26% retail and hotels. We try to do some simulations in order to find out how much we might lose, worst case. Worst case could be another wave of insolvencies, which would mean that we have a rental contract, but the tenant is no longer able to pay. That is why we set the basis for the dividend to CHF 3.35. For the future, our dividend policy is going to be according to adjusted EPRA earnings per share.
This includes the rental income, so the recurring rental income. On top of that, the sales profit of CHF 30 million. The CHF 30 million is not something that we just came up with out of thin air. Looking back at the last few years, we always managed to generate around CHF 30 million or even more in terms of sales profits. This can be constituted from existing properties, but also from our development pipelines. Our development properties are going to be attractive this year. We are expecting to be able to sell Plan-les-Ouates Building E this year. A large part of the sales profits of 2021 will come from sales from the development portfolio. The positive effect of that is that we won't be losing rental income at the same time.
These are recurring CHF 30 million from sales profits that we have always been able to generate in the past. We also have the EBIT contributions of the other group companies, Wincasa and Jelmoli. What is the target range? The target range is 80%-100% of the adjusted EPRA earnings per share. We want to achieve this target range unless some really unexpected circumstances arise. That's all from me. Now we'll go to questions and answers. Please join us with your questions. Maybe just one bit of information. Our colleagues from the group companies, Martin Koller, Anastasius Tschopp, Dominik Hofmann, and Nina Müller are all online. You can give us your questions, and I will be able to then pass them on to the respective specialists. That's the question and answers.
First question on the phone from Pascal Hauber. Good morning and congratulations on the results and your initial efforts in reducing vacancy. I have a question on the dividend first. The EBIT contribution this year from the services segment is bloated due to the sale of Tertianum, and the other segments clearly underperformed compared to previous years. Are you foreseeing a clear stabilization for 2021? What effect will that have on the dividend? Will there be a rising path? Can we expect that? Well, maybe let me answer this question right away, because otherwise I will have forgotten by the time you ask the next question. Well, to the end of your first question. We've defined a new basis for the dividend, and this is our personal claim, the claim from the management and the board of directors. We don't want to reduce the CHF 335 again.
We don't want to go below the 335. This is meant to be the basis for growth over time. How about the various segments in the services sector? Well, that's why we presented the midterm objectives. We believe in the CHF 30 million that will come from asset management this year. We were around CHF 7.5, I can tell you, very close to the budgeted figure. We do believe in an EBIT margin with Wincasa, and we're convinced that the two together, asset management plus Wincasa, will, in the medium term, generate CHF 50 million of EBIT. We had the CHF 50 million once communicated as a midterm objective between Tertianum and Wincasa at the time. We're very confident that between asset management and Wincasa, we're going to get there as well. This year is going to be a year of transition.
That was only the first question. I hope I've answered it. Yes. Second question is about the service EBIT split. You presented it last year, one might assume that you're thinking we cannot take the shock of the EBIT loss with Jelmoli. Could you perhaps provide more insight in this regard? Well, the shock that you were to suffer, that's one thing. We can take that. No, it's about the following. At the end of the day, Jelmoli is having a bad year. Let's face it. We have a double-digit loss, which can be deducted from the loss of income at 13.4% of the CHF 17 million that we suffered. Well, we said basically the services business has medium-term objectives, which we communicated, we don't want to focus on Jelmoli's EBIT as a subject matter in a year suffering from the pandemic.
We didn't want for this figure to be discussed. I gave you a guideline for the asset management. We were at CHF seven and a half, a budget level. If you compare this to the previous year, it's fair to say that, and I mentioned it already once before, I hope you remember that 2019 was actually too good a year. We didn't do any worse in asset management. We did better. 2019 was good because we had a major transaction of a portfolio with signing. All the expenditure were in the 2018 results, and closing was, if I remember properly, on the 3rd of January in 2019. The comparison doesn't really work. With CHF six and a half million in 2019, that was really the basis if you do a like-for-like comparison, and that brings you to the CHF seven and a half million now.
The EBIT margin of Wincasa is at 10%, not at the 12%-15%. We're below the objective due to the pandemic, lack of parking fee income, direct impact on EBIT, and the huge effort to process the tenant requests, which was not compensated for. Last but not least, the change of the business mix this year. A lot of institutional investors decided, "Well, what to do during the lockdown? Let's do some conversions and modernizations," which we carried out. That is why the turnover volume increased, but at a lower margin. Again, the margin in this business is between 6%-8% of EBIT margin, so the margin mix is not the same. Great. I have a question on solutions. SPS Solutions. You launched the new product. The issue volume was at CHF 38 million.
Are you happy with this volume, or doesn't it really express the cautiousness of pension funds for real estate investments in the EU territory? Well, let me say that we're launching the two issues today, but I would like to hand it over to Anastasius for more details. Anastasius, please.
Well, thank you for the question. We are very happy with the issue. To think to raise almost CHF 40 million in a time where the lockdown is on, in a country where the houses cannot be visited. Especially the retirement homes is, of course, a very good result. It is as René mentioned. We have planned further issues, and we will certainly be able to complete them to an extent. Then the first investment can be accomplished in April, May. Pascal, maybe I can add something which is not related directly to the issues that you have mentioned, but I think you had asked a similar question half a year ago already.
How do you get from CHF 7.5 million actually to relatively CHF 30 million of contribution? Do not forget, now, the asset management had the investment of a large customer, there will be then several customer in the future, also with the fund created. At the end, the money will be earned, even high, only with the ranking. Money with the management fees, the running fees on the product, but primarily with transaction issuance fees for new products, that's where you have the main growth lever, not only in the fundamental management fees, that of course, have to cover costs, of probably a little more. That's better, but with additional fees.
Got it. Final question on the Alto Pont-Rouge project. The letting or pre-letting status is currently at 20%. Usually, you're going for 50% of pre-letting, I think construction has started already.
How do you see the risk currently of being stuck with the vacancy for a longer period of time? Well, I could give you a very cautious answer, Pascal, saying, "Well, yes, maybe, I don't know." This location, this site is so excellent, Alto Pont-Rouge, directly connected to the new railway line between Annemasse and Geneva, and it's in operation already. There are new buildings that are pre-let. For a change, otherwise, we usually demand 50% pre-letting status, but for a change, we believe that we will be there by the end of the year. When it will be completed. It will only be completed by 2023. Do not miss the right point in time. That's always important. We need to be able to show something to potential clients. It's not a project that will be there one day. It's in construction already.
You were right. We're still underground, but it's being constructed already. We are making an exception there because I think it will be similar to Hardbrücke here, to district 5 here in Zurich. There will be additional growth. Very adjacent to the project, we have the largest development potential, the canton and city of Geneva, PAV, Praille-Acacias-Vernets, PAV, where we've also secured plots, and the building is adjacent to it. It's the entrance to this new site. We are absolutely certain that we can let that, and it will be let when it is completed. I'm taking a risk saying that, but that's what I think. I have one more question on your figures. You only referred to the first lockdown of processing rental requests. How much is left covering the old year, and what are you expecting in terms of rental reduction?
Well, we're doing well in rental collection. We're at more than 95%, so we've almost completed the last year and in the new year, in the second wave. That's what I mentioned before. I believe we've got 170 requests compared to the 500. That's when I said it will maybe go up to 200. Well, what do we think of the rest of the year? I think it will be not dissimilar to last year. In the last two months of almost full lockdown, the almost six we had in 2019, this time we're having around six weeks of almost full lockdown and the impact of our result. As of today, assuming there won't be any further lockdowns, we believe will be more or less the same as 2021. Thank you very much, René. You're welcome, Pascal. Next question. Ken Kagerer, Zurich Cantonal Bank. I have two questions.
First question is about the adjusted EPRA EPS. Can you please give us the exact formula of reconciliation with EPRA EPS and to adjusted EPRA EPS? How can you extrapolate from 281 to 355 in 2021? Well, Ken, we don't handle this on the phone. I do not have a table to write something down behind my back. Let me suggest that we're going to communicate that to you. It's a question that we need to handle personally, not on the phone here. It's too complex. Let's move on to your second question. Well, I simply want to explain that it is important for us to predict future dividends, but I understand your point. Second question is, you have midterm objectives for Wincasa and Jelmoli with regard to EBIT, which I think is positive, and all investors find that positive. Now don't report these figures again.
How do you want investors to keep track of progress in your journey towards the midterm goals? Why are you reducing transparency? I don't think that this is very positive. Well, I get your point. I take your point, and that is why we set the midterm objectives. Here on the phone, I've answered several questions. To Pascal, I told you where we stand in asset management. For EBIT, CHF 7.5 million for 2020. With Wincasa, we're at 10% of EBIT margin, below the objective of 12%-15%. It's not true that we haven't said anything. Of course, we take your point. You want guidance, and you can rely on us giving transparent guidance. As I said, we didn't want to focus on a double-digit EBIT result produced by Jelmoli. It was an exceptional situation that hopefully is not going to be repeated.
We didn't want to focus on that debate. The CHF 250 million of dividend payout will not be from Jelmoli, but from the real estate business. The real estate business is really what we ought to be talking about. Bring the focus away from services, in particular, in a year marked by COVID-19. Well, investors and analysts, I think, can handle that, but I understand your point of view at least partially. Thank you very much. For more questions on the phone, please press star and one. Do we have any questions submitted in writing, Markus? Let's get started with the questions submitted in writing. From NZZ Newspaper, Andrea Martel has two questions. One on Stadelhoferstrasse. Why have we sold this building? Second question is on Löwenhof. Can we say what kind of retailer will move in? It's not our property, I have to say, though.
Well, Andrea, let me take the first question. The second one I'd like to pass on to Anastasius, I think he's not allowed to say what retailer is going to move in. He can confirm that. Stadelhoferstrasse. Why have we sold that? Well, we screened our portfolio. The question always is, what properties have potential for the future? Of course, it's a great location, we struggled internally. We weighed the pros and cons, the negative points outweighed the positive points. The first negative point was that there was a major vacancy in these buildings, there was relatively much retail, especially on the ground floor. If you imagine those properties, it would have been difficult to convert them. Also, in terms of statics, it would have been almost impossible to do something smarter of those buildings.
Weighing the pros and cons and all the benefits and disadvantages, we ended up with our decision. Although this building is well-placed. It's to do with the basic setup of the building and the development potential that is simply not there in its existing structure. As far as the second question is concerned, question regarding Löwenhof. Let me hand it over to our specialist. Anastasius, can you answer that question? I would assume that you are not allowed to answer. Thank you. You are right. Correct. I cannot specify the brands, but I can confirm that it will be two luxury brands. The agreements have been signed, and all I can say is that we clearly beat the market. In terms of valuing the property, it means that the value will rise in future, Anastasius. Is that what you're saying? That's correct.
Let's take another question in writing. A question from Radio SRF regarding reduction of rents in the second lockdown. One has heard that there are less reduction of rents in the second lockdown. What is your take or our take on that? Let me answer it as follows. The industry is extremely affected by the pandemic. Let me repeat it, and I mentioned it before, it's hotels, restaurants, and events, the event industry. We are trying to continue to support them. We are not interested in seeing them go broke. Let me clearly state that the parliament has turned down the business rent law, and this is nothing to do with how to interact with tenants. It doesn't mean that you shouldn't support your tenants.
We demanded for that law to be turned down. We said, well, a law interferes with private interaction between companies and tenants, and we will go down that latter path, especially for the uses that are particularly affected by the pandemic. That's the first thing to say about that. The relief money, the emergency relief money. Let me begin at the other end. Fundamentally, we are complying with all specific rules and regulations that cantons or cities have. Let's take the Canton of Geneva and Canton of Vaud. They have their own systems about deals governing smaller rents, CHF 10,000-CHF 20,000, and we comply with these rules and regulations. The Canton of Basel-City has the same thing, and we comply with their regulations, and the cities of Zurich and Bern also have their rules and regulations, and we are in agreement with them.
What has changed is the question as to whether our tenants, and that's different compared to the first lockdown, can our tenants benefit from relief money, emergency relief money, some of which is meant to cover fixed costs, and rents are part of fixed costs. That is really something we ought to take into account. After all, we are not a charitable organization. Tenants have to cooperate with us and disclose to us whether they've received emergency relief money, and we will then try and find solutions on that basis. Any more questions? Well, I think we can answer the other questions on the road shows with the investors we're going to meet. Let's see whether there are more questions coming in on the phone. No more questions on the phone. Well, thank you very much indeed.
Let's close the media conference in 2021 on the 2020 financial figures. Thank you very cordially for participating. We hope to see you in August physically and wish you all the best, and stay safe, as we've been saying for a year now. Thank you and have a nice afternoon.