Ladies and gentlemen, good morning and welcome to Swiss Prime Sight'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 1 year ago on the 27th 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 5 highlights, which will then be discussed further in the presentation.
As mentioned before, the first issue is a divestment of Tertianum, which in turn leads to the 2nd highlight of the past year, our much stronger end results. The 3rd issue and this inevitably needs to be mentioned here of course is COVID-nineteen and the implications of the pandemic on our results. The 4th issue is our strong revaluation performance despite COVID-nineteen. And lastly, the 5th 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 divestment of Tertianum, to now CHF6.1 billion or 47.8 percent, which represents an increase of 3 point for 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 40 1.9%. The NAV per share has increased to CHF 95. As usual, I would like to point out that Vision 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 percent to now 559,000,000 Profits, always excluding revaluations and deferred taxes, have seen an increase by 51% to 477,000,000 Return on equity runs at 8.5%.
As before, this excludes revaluations and deferred taxes. And finally, earnings per share amount to CHF6.27. Let us now look at our real estate portfolio. Here we see a growth in our overall portfolio from $11,700,000,000 to $12,300,000,000 but also a reduction in rental yields of 1.5% from $437,000,000 to $431,000,000 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-nineteen. 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 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 $203,000,000 And 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-nineteen pandemic and its to 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 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 Winkasta'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.
Furthermore, within the situation of the real estate market during the 1st lockdown, we are currently in the second or rather at the end of the second
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 The half year, nothing was moving in that field and we were able to catch up a little in the second half year And the re letting of spaces of rental space was clearly more difficult due to the pandemic. Now we have around RMB 13,000,000 of loss of rental Income due to the COVID-nineteen pandemic, that's the figure.
This figure As 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. And just to give you a few figures, The RMB13 1,000,000 accounts for around 3% of rental income from the portfolio And we deferred a little more than €50,000,000 And 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. And if you break that down once more, we need To do that because what were the industries primarily affected? That was retail, it was Restaurants and the event industry. Now if you take the sum of waivers and relief, We are talking about 33% or 1 third that benefited from either deferral Oh, waivers of rental 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. So much about the real estate company. Now speaking about retail, Let's directly address Yelmoli.
Among our subsidiaries, Yelmoli was most Strongly affected in particular by the lockdown in that first period from March mid March to mid May In 2020, when Yalmoli was fully closed, within next to no time, within record time, within 1 week following The lockdown, we opened the food sector again. That was an important sign for the population of Zurich And for Yermoli itself, for Yermoli's staff that despite lockdown, you can be active. Of course, We had to save some cost with the Elmoli. Sales personnel and gastronomy personnel were Saint 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. Then of course, through COVID-nineteen, we were also hit At our new spaces in the airport, air side was opened and closed again immediately.
And ever since, We haven't been able to think of a reasonable opening. Let me recall to you the footfall at the airport of Zurich. We were at a minus of 80% Compared to the period before COVID and at minus 80, you cannot make any reasonable sales. Now There was also a delay of our Circle project that was opened in November rather than in spring or in early Autumn, so we opened in November and Sunday opening times We're banned as soon as it opened and the restaurants had to close down again immediately following the opening. This had a direct impact on operating income of CHF17.2 million All right.
A minus CHF 17,200,000. Moving on to Swiss Prime side 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 We're then compensated for in the second half of twenty twenty and we Issued in the market 100 rent relief requests with the Swiss Prime Investment Foundation We're 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 And Living Plus was to be the first product.
We launched an issuance of which was successful. And why was it not implemented after all? Living plus Europe is about senior citizen Strictive practice with regard to managing COVID-nineteen made it impossible for us to launch that. So we were not it was not possible for us to enable our investors to Become active there and 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, for Wincasor employees. Think of Home inspections, home approvals, you can't do that from home. We have to get this all this organized, Let alone the 500 requests that the real estate Company process or the 100 rent relief requests the Swiss Prime Side Solutions have, We had more than 2,000 requests in Wincarza, which caused a lot of additional work, working hours, which We're not compensated for.
We're not remunerated, and this had a negative result on negative impact on the result. Up 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. So the return from parking fees have a direct impact on EBIT and there was a Strong decrease in them because if you don't have footfall, you have no cars to be parked. So much about the impact So from COVID-nineteen, 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 and I'll be coming back To the new reevaluation gain of €203,000,000 €39,000,000 gratifyingly are from Development projects under €165,000,000 on existing properties. Apply the discount rate that Went down from 3.06 to 2.91 this year, and we'll be coming back Talking about this under prospects, I'll tell you about expectations. Net property yield at 3.2 percent and as far as the vacancy rate is concerned, the trend is your friend. So 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 Side Real Estate Look at the first bullet point here. We did re letting successfully. We found new tenants, good new tenants. But below the line, first lettings and re lettings were relatively Disappointing compared to previous years, we're at 85,000 plus square meters of lead space, And we were at 128,000 2 years ago, and this was the standards we were going This is direct impact from COVID-nineteen. We have about onethree of space Place in the market less in 2020 compared to previous years.
We grew in the logistics markets and achieved or maintained growth in the development pipeline. And if you look at what we acquired, we have a fully led Office building at Zoli Kofen, that's in agreement with our strategy. We've got a logistics property in books fully lit Within our strategy and we've got a development plot at Ooster, We sold condominiums at Plant Le Huerta, I'll be coming back to this and one property in Bern at the beginning of the year And one property in Zurich at Stadelhof and 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 Stuckey Park and also for Tercianum at Paradiso. And we completed a study on this side here and We'll be coming back to this and completed projects, of course, have to be taken over in either in the portfolio or handed over to our investors. In particular, we handed over 2 projects, redevelopment of the Retail park at Aufringen with Bauhaus being the anchor tenant, which will be reopened on March 1.
And For Allianz Switzerland, we handed over Welpostparka burn 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 are convinced we have no cluster risk.
And as you can see, for 1 year maturities, we have Renegotiated to the tune of 80%. And 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. So Total, Walt, is a good 6 years. The main tenants here are Tersi Arnhem, Coop, Swisscom, just to mention the top 3. A quick glance at Swiss Prime side Solutions.
As I said 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're at €3,000,000,000 of assets under management, add to this a development pipeline for the ASPI I client of €400,000,000 The Investment Foundation grew by €300,000,000 and there is an additional development pipeline of €400,000,000 These are Immoveris clients, which we merged with the foundation, these are 2 clients that Contribute to the rise in asset management. If you add all this up, it brings us to 3,400,000,000 within 5 years, including the project pipeline. So we're getting very close.
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 2 issuance 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. And What are our people currently doing? They're currently focused on maintaining 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 72,000,000,000 and new customers such as BLS were added or IKEA. That's the brands you will certainly know. Turnover remained more or less stable.
So what was the impact on Vincasa's result? I mentioned 2 things already. First of all, parking income that had a direct impact on Ebix and the loss of it. And additionally, in Human resources or manpower that was not compensated for due to the specific situation. And thirdly, a point I would like to mention this year, turnover It's 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 Karsa. However, in construction and facility management, not in the management unit, property management unit and EBIT margins of 10% to 15% or 6% to 8%, respectively. And if you blend all this, at the end of the day, EBIT contribution will Decrease and the EBIT margin inside wind cars 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 Vincasa. 1 or 2 things about Yelmoli. One thing I haven't mentioned on the COVID-nineteen impact is The first bullet point, what was important with the El Moli? In 2020, we launched 2 to 3 years ago, we launched a major project, the new ERP system, which is now In operation, has been in operation since February 2021, and we are now going to have a relaunch Of the online shop, it's a relaunch of the online shop in mid March within 2 weeks from now. And the omni channel compatibility of functionality of Yelmoly is really crucial.
We'll be coming back to this at a later point. So we took strategic decisions about Yermoli, and we are very Confident to end up with a balanced operating result by 2023. And finally, on Tocyanum, which had a major impact on the results last year, You can see that the top operating income of €500,000,000 that we're going to lose and €34,000,000 per annum of EBIT that we're going to lose, how do we want to compensate for that? By the Developments, of course, and by growth in asset management. There's an impact on the balance sheet, Very positive one, the goodwill of €304,000,000 moving into shareholders' equity and Total cash inflow of €600,000,000 plus EBIT contribution of €204,000,000 I won't comment on the operating contribution and Markus Mayer on Slide 30 of the presentation will comment on that.
But it's certainly interesting to see that we continue to believe in the field of assisted living And this confidence is confirmed by the fact that Terceania is our largest tenant. We've got 19 Properties of Tertionum on our portfolio, 4 of them are being developed. So that is not only a relevant issue for us, but also for the Investment Foundation, where we have a total Of 9 properties operated by Tersyanum and the 10th one is being added or has been added in 2021, the AZATV in Bern, that's cooperation with the new owner of Tertionum and us Working very well. Now 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? And the answer is no. We are convinced of Tertionum's skills. We have worked with them for a long period of time. And secondly, all our investments are not invested in special use zones, but In cities, so in the worst case, these properties could be converted again and reused or converted into Residential space and they could be sold as condominiums.
So we can't identify any risk or danger for Tasi Arnim's Business model, in particular, not for our real estate portfolio.
Now 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. So COVID-nineteen did not slow us down here considerably, maybe a few weeks, but Including Jet 1 in Chile, we were able to complete construction.
Espaas Tourbillon is still under construction, and I would like to Elaborate on that. As you may remember, we have 5 buildings here, logistics buildings. Practically, when you come into the city of Geneva, 2 of the buildings have already been Sold to the Hans Wilsdorf Foundation and the smallest is currently being sold. We have sold over 50% of the units in the second building. So this is very positive.
And so now we have 2 buildings that haven't been sold yet, D and E. And as we already mentioned, we expect to be able to sell Building E. So we are negotiating with various parties, and we hope that we will be able to communicate some news on that in 6 months' time. But before talking about rental income, well, this is already in the calculation that we're selling off Building E. So we already calculated with selling one more building.
And the other two buildings, Telsianum, are still under construction. And Alfa Grand Rouge is also under construction. They're still At floor level, so they haven't made great progress yet. We are expecting the building 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.
And as you can see here on the picture, this is a highly complex building. And 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 Alton, which is important because Tertianum has another location next to Alton, which it has to Vacate, so we need a new project here. JED 2 in Schlieren, we have Received the building permits 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 Stuckey Park 2, And we are still negotiating the pre letting status. And once that's happened, we will start construction. Mullerstrasse Zurich, we have submitted planning application and marked live. We are still in the process of The architecture competition and Rheinstrasse in Aalcs, we are still in the process of getting the zone plan authorized.
And so here, we have taken some first steps towards getting the first zone plan, the next zone plan authorized in order to Start planning in 2024, 2025. And now This is the highlight of the day. The first Images of the new project for MARC Live. This is the winning design by Saalbroch Hatten 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. And so we We have decided to not leave it here on this. And we also wanted to see whether we could get The residential properties here on this area and but you can see that we have some problems here with the noise From the Hart Bridge, it was an exciting project. These are 8 interesting projects in total with different ideas, and it was very interesting to see how the architects dealt with it.
And this is the design that won us over. It's, 1st 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 then the building next to it is going to be for cultural events, also as a service Building site is going to be a multipurpose building and This corresponds with our vision of creating room for living and a space for living. And 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.
It 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. And of course, the prime tower looks great, but on the whole, we're still lacking a certain Atmosphere and so the 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 town? What will you see outside?
And that's what this project is addressing. So 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. In at the center, in the middle, you can see the prime tower.
And so the area that we're now talking about is that green triangles. And 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 and the architects project are the other three buildings. And as you can see here, There are going to be a new community T Plaza in at the center, which is going to be there are going to be trees Plants that we are going to make sure that we start by planting large trees already, so that we'd have to wait 20 years for them to grow. And 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.
And then from Pulse 5, you can get access to this area. It's going to allow looking through it, walking through it and, sighting through it. So it's going to be attractive. So 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.
So today has now been the announcement and of the project. And we would now like to also present the 8 exciting projects here in this on this I hope that's going to be possible in May or June. And then we're going to Have a special publication in the architecture magazine, Horquepotere, 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 Things already been done, but we are now at the stage of the architecture competition. So 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 and then we're going to go on to a more detailed planning and as construction can start in 2023 and be completed in 2025. So that's the development.
And this is maybe the slide that you've all been waiting for. Because here, you can see The EUR 83,000,000 additional rental income from development business, as always, splits 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 percent net yield. And Another important piece of information is that the €83,000,000 don't correspond to everything, but You can see the RMB600 1,000,000 are additional reserves within our portfolio that we will be able to Enter into development as we go along. So these were the development projects.
Now another Topic that is very close to our hearts is ESG. So E stands for environment. What is it that we want to achieve? We want to be carbon neutral by 2,040. You all know the targets of the Paris Climate Summit and you know the Strategy 2,050 of the Swiss government.
Well, we could have said that we would do 2,050 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. So we want to speed things up here to Achieve carbon neutrality by the end of 20.40. And let me to say this is makes our task more difficult, but only if we do it will we be complete. This is about scope 1, 23. I'm not going to go into too much detail, but scope 3 means that we also Include the end user, in other words, the tenant in our plans.
And this has effects Sir, on the rental contracts too, that we have to negotiate with our tenants. So by 2,040, 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 Marcus in the moment with green bonds. And 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 0 in 5 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. And 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 and then a switch over to PV installations, we already have some in place and we also want to generate Electricity with hydropower and we are very pleased that our supervisory board is supporting These are targets in terms of CO2 reduction. And now let's talk about the social sphere. This is about the rent reduction applications. We already Discuss that earlier in relation with COVID-nineteen. And our supervisory board has also decided to create a pool CHF 450,000.
So what was it? Is it used for? It is used for our employees working for Yael Molly who had to Going to furlough and we want to make sure that we could help those in need here and we all hope that it helped and we are glad that we were able to provide some support. And the second part is here dated 1st January 2021, but of course, we've been negotiating this for a while. So how can we create sponsoring as a win win situation for the party receiving and the party donating the money?
So 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 Swiss francs to the SIS Kinderdorf, and we hope that we will be Able to contribute to the motivation of our sales staff here. And another point that you may have read about in the press, Next to the Yond, the former Siemens sites, 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. And we then had the idea of Creating a vaccination center.
And of course, we were very much enthusiastic about this project, and the foundation has now Already been negotiating with the Canton of Zurich. However, 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 and maybe in the next 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, Tom Buschner and our new member of the Board, Barbara Koch Knoblach. We look forward to her joining and we are sure that the Annual General Meeting will approve this on the 23rd March. And these are also familiar faces, Nina Muller, We started on the 1st April.
We can't even imagine life without her anymore. It's been less than a year. And Martin Kaleia, who is replacing Peter Lehmann and Anastasios Chopp, CEO for Swiss Prime Side Solutions because it's such a central topic. And As you have been able to read from our press release today, as of the 1st July, we're going to have A new CFO, Marcel Kruger, who is going to present himself at the Annual meeting and he's at the semiannual press conference and he's also going to present the finances then. So that was my part.
And now over to Markus for the financial part.
Thank you, Rene. Ladies and gentlemen, I'll guide you through the key figures of the 20 20 annual accounts. The aspects you're seeing here will be with us on this tour of the figures. The sale of Tercianum 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-nineteen from Rene in terms of loss of rental income, reduction of rental income.
But as we will see, There was also an impact on the turnover by Jermole. 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 €172,500,000 of deferred tax provisions were reversed so that we ended up with tax income rather than tax expenses. Now let's get started with The most essential source of income, rental income, The effect of the sale of Tarsyanum led to a minus CHF 54,400,000. This is, of course, the rental income on additionally leased properties, not on properties On the Swiss Prime side portfolio, as you know, Cernom is currently the largest Anchor, the largest tenant of Swiss Prime side, we're very happy about that in terms of portfolio diversification. So the CHF 54,000,000 is the net loss.
At the end of the day, it's around CHF 65,000,000. Toshi Anum was on the books for 2 months in 2020 and generated about €10,000,000 of rental income. But nevertheless, the net rental income is 432.4 And for reconciliation with 2020, we have changed on the 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 CHF12.7 million of effective debt collection losses.
9,500,000 of which We're 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 Rent on the books. Then we had divestments as well, which we do on a regular basis to realize gains from ordinary portfolio management. So 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 €6,200,000 is mainly attributable to The sale of properties in the previous year in 2019 of CHF 1,200,000 was the outflow Along with the sale of Tertiana were 3 properties that were already on the books of Tertiana because It wasn't reasonable to hold these peripheral properties on Swiss Prime side'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, Schonburg at Bern, Mixed residential, retail and hotel property and then Yond in Zurich, Albizrieden and A1, the retail park at Ofteringen. On to purchases, we purchased an office, a property at Zolikovna, a logistics property at Books. And in 2019 and previous year, we had 2 commercial and logistics properties in Munchenstein Basel And all of those properties that in future may show development potential. Moving on to the development of operating income Divided into segments with showing major swings here triggered primarily by the sale or deep Consolidation of Tarsyanum.
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 It's slightly lower than in the previous year. The main reason being The impact from the COVID-nineteen pandemic and services, albeit That rose primarily due to the €204,000,000 gain from the sale Real Estate EBIT, as you can see on the left hand side, The dark pillar, the pillar in dark blue, there was a decrease, which is isn't really dramatic. In spring last year, a development property was completed for a third party by Welpost Park, 3 residential buildings that were handed over to the buyer, to the investor, generating little development income in the year under review. And here we also see as the second difference, The impact from COVID-nineteen in terms of real estate Revenue in the reporting of the real estate segment.
Now 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. Then you have the impact from deconsolidation 12 months in 2019 of Tersyanum and then we've got a continued operations view Sort of showing operating income and operating expenses, including Tercianum 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 Yaelmoli. If you have lower development return, you also have lower development expenses, which you can see under operating expenses, expenses, which you can see under operating expenses that decreased on a like for like basis. However, this CREES is partially compensated by larger investment in digitalization and And business transformation at Vincasa, higher shares of cost among owners due to the slightly increased vacancies and the pandemic And a novel thing in 2020, we had clearly higher equity or 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. And then we're moving again to publication towards publication In 2020, with the various items due to deconsolidation, these are similar, the same items that we saw before, Mainly rental income, the year before it was CHF65 1,000,000 And this year, we're down to 11 due to the 2 months of consolidation, then turnover from assisted living, $73,000,000 this year and 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 3rd party tenants of Tarsianum. The Tahsianen paid for 3rd 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 Spences presenting the swings that we provided the details of a minute ago. Then reevaluations, highly remarkable CHF 203,000,000 precisely at the level of the previous year, Which is really astonishing and depressive. Midyear, we had a loss of revaluation, EUR 47,000,000 due To the pandemic, then the market of real estate transaction met with powerful demand for prime sites. So by the end of the year for the 12 month period in 2020, we were back to Previously, year's level of revaluation gains. Revaluation gains are primarily accounted for by prime office buildings, Particularly in Zurich here on the Markt site, including the prime tower and in Zurich North at Erlikorn City port next to the train station, the headquarters of Zurich, Switzerland and CDB Zurich here Did well, in particular, Rue du Rhone in Geneva.
And what is gratifying is that all of our developments Made a positive contribution to revaluation gains. Beyond JED here in Zurich, Tourbillon, Plan Le Wat In Geneva, the Ban Rouge in Geneva as well also made a positive contribution as well as Stuckey 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 Zengal. The average Nominal discount rate decreased to 3.42 percent 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 22,000,000, That's Laupenstrasse in Bern and one property here at Stadelhofenstrasse in Zurich. Add to this €13,800,000 profit on real estate developments, We touched upon that, €13,800,000 as I said before, and Results from the sale of participations, that's Tocyanum, accounting for 204,000,000, €158,000,000 of equity value and €70,000,000 of net assets Was outflow deconsolidated from the transaction and around CHF 300,000,000 were Recycled from the shareholders' equity, that's the goodwill item that We directly calculated when we made the transition from IFRS to Swedish GAAP fair.
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. And here you can see the performance of the property portfolio, 500 and CHF757,000,000 plus to CHF 12,300,000,000 Revaluation gains had a specific impact there, but then there was also growth from projects with considerable additional profit and major investments that Contributed to this increase. And then the purchases, Some of which we've already seen under rental income. Let me also mention that Zolikov and Oster and Books, those properties are included here. And the divestments relate to Lauvenstrasse in Berndstadlhoferstrasse in Zurich and the three Properties that went away with the sale of Tarsianum.
Development of shareholders' equity to 48%, solid 48% in this difficulty. We Used all the opportunities to massively increase shareholders' equity and make our balance sheet more resilient. We can see profit of CHF 610,000,000 and The recycled goodwill positions from Tersyanum of 303,500,000. Then 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 600,000,000 cash That we got from the sale of Tertion and was used to secure the €230,000,000 bond in October. And at the end of the year, We entered the field again with a green bond And 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 The second one, and this year in February, we paid into our sustainability strategy. The green bond is based on the Green Bond framework in agreement with the International Capital Markets Association requirements And the second party opinion from the ISS ESG and the paper is available on our website. Apart from the 2nd 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. 2nd 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. So that's the essentials of our financial figures. Let me hand it back
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 to leave in the summer. It's been wonderful working with you. I I've spent 5 years working closely with you with excellent roadshows. It's always been fun.
It's always been great. And 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. So I think we've been We've made a great team, and I really enjoyed working with you for the last 5 years. On that note, thank you very much, Marcus. Also on behalf of the Supervisory Board and the Management Board.
Well, the outlook, I think we'll skip this slide, but it's more important to or more interesting to look at the market. So mainly about the view about our main usage types. So 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, so logistics is an interesting product, which has moved from being a niche product To more central product and residential living has become more important. I think during the lockdown, everyone Realize 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.
So logistics and residential livings have been the winners of the year. And now our main Usage types, office space, and I want to do away with the 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. And but 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. So via a very full underground train and All that kind of thing. And I think those kind of people will prefer working from home. But 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. And I think the psychological aspect of using Overground means of transport is incredibly important, Particularly in these times of pandemics. And another point is that We don't have any mega cities. And the 4th 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.
And another point is that today, Part time work is particularly prevalent in Switzerland. So people work maybe 70%. That's something that A lot of people do, a lot more than in other countries. And 0.6, when planning offices, we made sure A long time ago that we would factor 0.6% to 0.8 Workstation. So only 60% to 80% of employees actually have Fixed workstation because at other times they either work from home or from other places.
And so These are 6 very important points. And now 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 so that people either have Bigger desks, bigger, or also their own rooms and also in communal areas, there is going to be more space per employee. And we also firmly believe that there's one thing that Cannot be done during when we all work from home. Communication, cooperation, collaboration Difficult and the true DNA of a company Cannot be really be absorbed by the people working in a company. And I'm talking about prime properties and about prime sites.
It may be Different in a COD 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 off building offices, we have to make them more attractive than the working space at home. And 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.
And another new aspect, Which has partly been triggered by the pandemic is the 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. So 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 A company offering office space, and we have not had a single request from tenants to reduce their office Space size.
And 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 Looking to reduce their office sizes in the near future. This was published on the 5th 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 can 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-nineteen, That's been retail, hotels, event spaces and gastronomy. And 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, and I think you've been able to see the figures that the 2 large Companies in Switzerland have published. They have had immense growth and there's also been growth in DIY stores and sports Shopster retail is not dead by any means. And so we think that there is actually positive development. And Even in Yamalik, without the lockdown, we would have been at least on the previous year's levels, maybe even exceeded it.
And Once lockdown was lifted, people wanted to go back to the shops and to maybe treat themselves. There was almost like an Over compensation and that's applied to Yal Molly and other shops as well. So Yal Molly 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.
And 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. And 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. And 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. So 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 So these are also legal questions that we're going to have to answer in the near future. So retail did Take a bit of a hit, but amongst the industries that were most hit, it was the least affected. And so all we have to do now is to just Keep going, and we have deferred some rents.
Hotels are suffering And Zurich Airport minus 87% of in terms of passengers in January 2021. Of course, that Cannot be compensated. And of course, city hotels are all suffering. There's no doubt about it. But we shouldn't The panic because the contracts that we have with the hotels are all very solid.
And Maybe if the hotels have 1 or 2 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. So What we have to do here is to stick it out and to just wait for a better time. Some of the same goes for gastronomy. And so the retail bashing that happened last year is not something that we would subscribe to. But We already mentioned during the last press conference that, of course, hospitality in general is affected so much on the market.
And our market outlook, now let's take a look at the midterm goals. Of course, these are the goals that we already mentioned and communicated during the Capital Market Days in October. But let me just remind you, in real estate, the portfolio is going to be stable around 12
€1,000,000,000
And of course, if we are Above the €12,000,000 doesn't mean that we have to sell off what's left over immediately, but the portfolio was €10,000,000,000 when I started. And we decided to grow up to €12,000,000,000 And so this is Now we want to strengthen our balance sheet. And so the stable volume of around €12,000,000 Is what we want. Vacancies, we're going to achieve a 4 Point figure and we are sure that our portfolio has the quality that will allow us to keep vacancy rates down around 4%. And also I mentioned they reduced retail in B and C Locations, this is going to stay on the agenda.
And
we also want to strengthen the use
Types,
logistics and asset management, We want to achieve EUR 7,000,000,000 including a project pipeline. We are already at EUR 3,400,000,000. It's a realistic target. I know that a lot of analysts thought that it was ambitious or over ambitious, but I think that it's realistic. And we have around €30,000,000 EBIT contribution to the group until 2025.
And the idea here was that this had to compensate the loss of the EBIT contribution of Tertianum. Assets under management at Wincarza, euros 75,000,000,000 And of course, this is Assets under management are interesting because we have some interesting clients here, but what's really important is the EBIT margin here. And here, Our guidance is still 12% to 15%, and we have been below That's for the reasons already mentioned. JALMOLI already has been mentioned. We have here quite a stable result expected until 2023.
So now here's our guidance for 2021. We've communicated this often and Marcus 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 Tatsiana twice. Of course, it would be nice, but we can't.
So in 2019, we had some one off tax And in 2020, we had the profit from the sale of Tertianum. And so both of these are not effects that are going to be repeated. So we'll be back at the 2018 level. On revaluations, and this is an interesting question. You saw what happened in 2020.
You start at minus 50 and then end up with plus 200 at the end of the year. And this shows what can happen during the pandemic. As a matter of principle, I believe that in CBD, and 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. Marcus already mentioned the main properties.
So that's the positive side. And then the other positive The positive revaluation effects to be expected from our project development pipeline, Those projects are going to be completed in 2021. And so what can happen on the negative side, Particularly where our portfolio is concerned, you can see we had minus See, after 6 months, everyone thought was under the impression of the first lockdown. People thought that retail space and offices were no longer interesting at all. And with all of those properties, There are some that are around 0 for revaluation, some that are plus and some are minus.
And if we had another lockdown and these properties Or rather these usage types were seen in a different light again. This would be of course, this could happen, and that's why it's difficult to make A real or have a real forecast here. And so the basis here is, as of today, Also in connection with COVID-nineteen, we So 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. And so If we did have another lockdown, of course, that wouldn't be Quite the same, but we are expecting an increase in rental income due to the project development pipeline. And we also mentioned several times that we want to reduce the vacancy rate below 5%.
4 is the medium term goal, but of course, we'll start have to start with 4 Point something or other. And then the dividend policy is going to be Just will be 80% to 100% of the adjusted earnings per registered share. And Maybe the title is not quite right here on this slide because it should be Dividend 2021 and Dividend Policy. Because if we have tried to apply the dividend policy to the dividend 2021, that wouldn't have been The same. So the dividend is now CHF3.35.
And at the closing end 2020 with an attractive yield of 3.9%. This is made even more attractive by the possibility of The distribution of an order of dividend of 50% or Withholding Cataxi TEN distribution from capital contribution reserves. So I think we're going to I have a question about this, and so let me answer it now. The basis of the calculation It's going to be one that is going to rise slowly in the future, and that Why we have set some medium term goals. So if you have done your calculations, just the sale of Toshiaminom has lost 20 Wrapping per dividend for the dividend and in terms of the dividend per share.
And so we wanted to Include a certainty. We want to strengthen the balance sheet. And if we want to strengthen the balance sheet, we have to be Cautious and particularly in particular, in relation with COVID-nineteen. Well, you know our figures, 33%, 26% retail and hotels. So we tried to Do some simulations in order to find out how much we might lose worst case.
And worst case could be another wave of insolvencies, which Would mean that we have rental contracts, but the tenant is no longer able to pay. So that is why We set the basis for the dividend to CHF3.35. For the future, our dividend policy is going to be according to Justice EPRA earnings per share. This includes The rental income, so the recurring rental income. And On top of that, the sales profit of CHF 30,000,000.
The CHF 30,000,000 is not something that we just Sir, came up without a thin air, but looking back at the last few years, We always manage to generate around 30,000,000 or even more in terms of sales profits. And this can be constituted from existing properties, but also from our development pipelines. And Our development properties are going to be attractive this year. We are expecting to be able to Del Plume Neuat Building E this year and a large part of the sales profits of 2021 Will come from sales from the development portfolio. And the positive effect of that is that we won't be losing rental income at the same time.
So these are recurring RMB30 1,000,000 from sales Profits that we have always been able to generate in the past. And then we also have the EBIT contributions of the other group companies, Winqaza and Yalmoli. So what is the target range? The target range is 80% to 100% of The adjusted April earnings per share, we want to achieve this target range and there's some really unexpected circumstances arise. Our colleagues from the group companies, Markus Martikolaia, Anastasia Jop and Tomine Hoffmann and Nina Muller, All online.
And so you can give us your questions, and I will be able to then Pass him on to the respective specialists. So that's the question and answers.
First question on the phone from Pascal Hall. 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 Tersyanum And the other segments clearly underperformed compared to previous years. Are you foreseeing a clear stabilization for 2021? And 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 Well, to the end of your first question, well, 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 3.35%. Again, we don't want to go below The 3,335, but 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 30,000,000 That will come from asset management. This year, we were around 7.5%, I can tell you, very close to the budgeted figure and we do believe in an EBIT margin with Vincasa And we're convinced that the 2 together, Asset Management plus Windcaster, will, in the medium term, generate €50,000,000 of EBIT. We had the €50,000,000 once communicated as a midterm objective between Tersi Arnhem and Wincarthur at the time.
So we're very confident that between asset management and Wincas, we're going to get there as well. And this year is going to be a year of transition, but that was only the first question. I hope I've answered it. Yes. 2nd question is about the service EBIT split.
You presented it last year, so one might assume that you're thinking We cannot take the shock of the EBIT loss with the El Moli. 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. But no, It's about the following.
At the end of the day, Yalmori 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 R17 1,000,000 that we suffered. Well, We said basically the services business has medium term objectives, which we communicated, and We don't want to focus on the ELMOLE's EBIT as a subject matter in a year Suffering from the pandemic, pandemic, we didn't want to for this figure to be discussed. And I gave you a guideline for the asset management.
We were at 7.5 at budget level. Now 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. So we didn't do any worse in Asset Management.
We did better. 2019 was good because We had the major transaction of the portfolio with signing all the expenditure We're in the 2018 results and closing was, if I remember properly, on the 3rd January in 2019. So the comparison doesn't really work. With €6,500,000 in 2019, that was really the basis if you do a like for like comparison and that brings you to the The $7,500,000 now, the EBIT margin of Wincasor is at 10%, not at the 12% to 15%. So we're below the Objective, but 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 And last but not least, the change of the business mix this year.
A lot of institutional investors and 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 Send 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 €38,000,000 Are you happy with this Volume doesn't need to really express the cautiousness of pension funds for real estate investments in the EU territory. But let me say that we're launching the 2 issues today, but I would like to hand it over to Anastasios for more details. Anastasios, please. Well, thank you for the question.
We are very happy with the issue, to think to raise almost $40,000,000 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, but it is as Srini mentioned. We have planned further issues and we will certainly be able to complete them to an extent and then the first investment can be accomplished in April, May. And 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 How do you get from RMB7.5 million actually to relatively RMB30 1,000,000 of contribution? Do not forget now the asset management had the investment of a large customer and there will be then several customer in the future also with the fund created. And at the end, the money will be earned, even I only with the ranking.
Money with fees, the running fees on the product, but primarily with transaction issuance fees for new products And that's where you have the main growth lever, not only in the fundamental management fees that, of course, have to cover costs Probably a little more, that's better, but with additional fees. Well, got it. Final question on the Alto Port Rouge project. The letting or pre letting status is currently at 20%. Usually, you're going for 50% of pre letting.
And I think construction has started already. So 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 So Pascal saying, well, yes, maybe, I don't know. But this location, this site is so excellent, out of Pen Rouge, Directly connected to the new railway line between Anmas and Geneva and it's in operation already. There are new So 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. So when it will be completed, it will only be completed by 2023. So 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. And we are making an exception there because I think It will be similar to Harbrucke here to district number 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, PVA, Praia Casavero, PAV, where we've also secured plants and the building is adjacent to it. It's the entrance to this New site, so we are absolutely certain that we can let that and it will be lit when it is completed. So 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 1st lockdown of processing Rental requests, how much is left for the 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 then the new year in the second wave, and 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 2 months, Almost full lockdown, almost 6 weeks we had in 2019. This time, we're having around 6 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, Ray. You're welcome, Pascal.
Next question. Kent Skagro, 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 don't 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. So, but 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 Wincarthur and Yelmoly with regard to EBIT, which I think is Positive and all investors find that positive. Now you don't report these figures again.
Now 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. But I get your point. I take your point. And that is why we set the midterm objectives.
But here on the phone, I've answered several questions to Pascal. I told you where we stand in Asset Management for EBIT, EUR 7,500,000 For 2020, with Wincarcer, we're at 10% of EBIT margin below the objective of 12% to 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.
But as I said, We didn't want to focus on a double digit EBIT result produced by situation that hopefully is not going to be repeated. We didn't want to focus on that debate. By the way, the €250,000,000 of dividend payout We'll not be from Yalmoli, but from the real estate business. So the real estate business is really what we ought to be talking about, Bring the folks away from services in particular in a year marked market by COVID-nineteen. Well, investors and analysts, I think, can handle that.
But I understand your point of view at least partially. Thank you very much. Do we have any questions submitted in writing? Marcus? Let's get started with the questions submitted in writing from NZZ Newspapers.
Andrea Martel Has two questions. 1 on Stadelhofer, why have we sold this building? Second question is on Leijenhof, can we say what kind of retailer We'll move in. It's not our property, I have to say, though. Andrea, let me take the first question.
The second one I'd like to pass on to Anastasios, but I think he's not allowed to say what retailer is going to move in, But he can confirm that. Stadelhofenstra said, 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 and We struggled internally.
We weighed the pros and cons and the negative points Outweighed the positive points. The first negative point was that there was a major vacancy in these buildings And there was relatively much retail, especially on the ground floor. And 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, so weighing the pros and cons and all the benefits and disadvantages, we ended up with our decision, although this building is well placed, but 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 Leuenhof, let me hand it over to our specialists, Anastasios, 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 2 luxury brands. The agreements have been signed and all I can say is that we clearly beat the market. So in terms of valuing the property, it means that the value will rise in future in Astasios.
Is that what That's correct. Let's take another Question in writing, a question from radio ASRAF regarding Reduction of rents in 2nd lockdown, One has heard that there are less reduction of rents in the 2nd lockdown. What is your take or our take on that? Well, let me answer it as follows. The industry is extremely affected by the pandemic.
Again, let me repeat it and I mentioned it before, it's hotels, restaurants and events, the event industry. We I'm trying to continue to support them. We're not interested in seeing them go broke. Let me clearly state that parliament has turned down And 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 and 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. Then the Relief money, emergency relief money. Well, let me begin the other end. Fundamentally, we are complying with all specific rules Some regulations and cantons or cities outlets take the Canton of Geneva and Canton of Vaux.
They have their own systems about deals governing smaller Rents 10000 to 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. But what has changed is The question as to whether our tenants and that's a 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. So that is really something we ought to take into After all, we are not a charitable organization.
Tenants have to be cooperate 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 roadshows with the investors we're going to meet. So let's see whether there are more questions coming in on the phone. No more questions on the phone.
Well, so 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