Europe's logistics real estate sector continues to perform strongly, and Montea's results stand out within this dynamic sector. With solid leasing activity, a very high occupancy rate, and healthy rent levels, we're delivering on our promise and moving firmly towards our ambitious Track27 goals. Here's the agenda for this morning. Els will start by sharing the nine-month results. I will then give you an update on our growth, and Inna will walk you through both our portfolio and our markets. Els will return with an outlook, and I will close with an update on the progress of our ESG targets. Finally, as always, we look forward to your questions. Inna will lead us through the Q&A session at the end of the call. Els, the floor is yours. Thank you very much, Jo. We are well on track with an EPRA result for the nine-month period of EUR 83 million, an increase of 15% year-on-year, resulting in an EPS of EUR 3.61 per share, representing a 2% increase year-on-year or an 8% increase on a recurring basis, and this despite a 13% increase in the weighted average number of shares. The net result for that same period of nine months, 2025, amounts to EUR 150 million and includes, besides the EPRA result, a positive portfolio revaluation of EUR 21.2 million. Per share, the net result amounts to EUR 4.99. Driven by a positive like-for-like rental growth of 3.3%. The top line, d riven by a like-for-like rental growth of 3% and a strong portfolio expansion, our top line increased by 25% year-on-year to a level of EUR 103.7 million of net rental income. The operating result before portfolio result increased at the same pace to a level of EUR 98.1 million. The operating margin improved compared to last year to 88.7%. The financial charges increased by 46% to EUR 13.2 million and reflect the expected increased interest charges that are due to new debt that is taken out to finance our growth plan. All of this leads to an EPRA result of EUR 83 million, a 15% year-on-year increase. Per share, this results in an EPS of EUR 3.61. An 8% increase on a recurring basis. Moving on to the balance sheet, healthy fundamentals will enable our further growth with a loan-to-value of 38.8%, an adjusted net debt on EBITDA of 7.4 x, and an interest cover of 4.5 x. You all know that we have a BBB+ investment-grade credit rating by Fitch. This investment-grade credit rating has been achieved thanks to our solid business and financial profile, with long-term funding, strong liquidity position of EUR 231 million of immediately available funding, and a hedge ratio that stood at 98% at the end of the third quarter. There is no debt that is maturing in 2025 nor in 2026, so the first debt that will come to maturity is in 2027 and is limited to EUR 75 million. Cost of debt is stable and will remain stable throughout 2026 at an average cost of debt level of 2.1%. It's always been part of our strategy to keep the healthy balance sheet prudent approach. Looking back at the last couple of years, the net debt on EBITDA adjusted has never exceeded the 8x, interest cover has never been below 4.5 x, and loan-to-value has never exceeded 40%. Funding is long-term, as I already mentioned, average of maturity both for financing and hedging around six years, and diversified with 53% that is coming from bilateral credit line facilities and 46% from the private placement market. Over to you, Jo. Thank you very much, Els. It's a pleasure to give you an update on our growth strategy. As you know, it is based on four pillars: in-house developments, partnerships with seasoned developers, solid acquisitions, mainly [sale and rent-backs], and of course, our green investments. Today, our total investments over the first nine months stand at EUR 235 million of investments, well spread over those four categories. This means that when we look at everything we have done since the start of Track27 in 2024, we have now 78% of the total volume we wanted to achieve, the EUR 1.2 billion growth, is now identified. EUR 670 million has already been invested. Another EUR 60 million is in execution, and we have another EUR 200 million in exclusive negotiations. Looking at the EUR 235 million we are doing in this year, we do that at an average net yield of 6.6%. 156 million comes from developments and partnerships, EUR 67 million comes from acquisitions, and EUR 12 million comes from our sustainability investments, being solar panels and battery projects. In execution, we have today EUR 66 million. EUR 57 million is coming from projects under development at yields above 6.5%, and another EUR 9 million from solar panels and battery energy hubs at an IRR of roughly 8%. Under exclusive negotiation, we have another EUR 100 million of yielding investments, EUR 50 million of solar panels and battery projects in Belgium and Holland, and another EUR 45 million of non-yielding land bank that, after development, will also yield at at least 6.5%. When we look at the pre-lets, 155,000 sq m are in the pipeline. This is our 40% share in the JV with Weerts for Skechers in Liège, the development in Oss in Holland for Vos Logistics, two projects in Halle and Zellik where we hope, or we expect, that is better than hope, we expect to start the development in Q1 2026. We expect to obtain all permits by the end of this year. A new project that we signed recently, a small project with 4,000 sq m GLA in Tiel, where we also expect to receive the building permit in due course. We signed an LOI for 30,000 sq m, but this is the same LOI as we already announced in the Q2 figures. Pre-lets are doing pretty well. As I told you last time, we have done also some standing investments at Blue Gate, in Zaltbommel and in Zeewolde. This means that our development pipeline in execution today is roughly 100,000 sq m that is still in execution, Oss and Liège, 100% pre-let and an average lease duration of 19 years. Of course, another 300,000 sq m yielding, we expect at average 6.8%, where now three leases are signed but are waiting for the building permit, mainly Halle, Zellik, and Tiel. You know where our land plots are for those projects. They are in Belgium, in Liège, in Halle, in Tongeren, in Zellik, in Grimbergen, and in Lummen. In the Holland, we have the project for Vos in Oss, of course, the Tiel project, and we have Born, also in the Netherlands. Our land bank today is roughly 3.1 million sq m. I want to repeat that this is 100% zoned land, so this is not speculative land. It is a real investment. Total value of that portfolio is EUR 466 million today, or roughly EUR 200 per square meter. 60% of that land bank is yielding today on average at a yield of 5.7%. This gives us a huge potential. We want to capture 30% of our growth by 2027. After that, there remains another 74% of rental growth based on the potential of this land bank. A very important part of our growth strategy. We estimate today that another EUR 330 million of value creation is still hidden in this land bank. It is really, and I can't repeat it enough, the cornerstone of our growth strategy. This brings me to the portfolio update that I would like Inna to present to you. Inna. Thank you, Jo. Starting off with our portfolio value, which has increased by close to EUR 260 million year-to-date and EUR 60 million in Q3. This has predominantly been driven by investments in our development program as well as the acquisitions. Looking specifically at the value uplift, we have seen a 0.7% value uplift year-to-date, which has in part been driven by the like-for-like revaluation of our portfolio of 0.4%, but also a 17% value uplift on the acquisitions we have realized in 2025. Confirming the value creation potential on one of our core pillars of growth as well. For the EPRA net initial yield, it remains stable at 5%. Looking at the value generation and the evolution of the ERB growth, this has been one of the drivers for the like-for-like portfolio evaluation of our portfolio and the yield effects we continue to see as stabilizing. If we look at our reversionary potential within the portfolio, it currently stands at roughly 7%, with the strongest double-digit underwrites present in our Dutch and German portfolios. More importantly, however, we see a very positive momentum on our lettings closed in 2025. Also feeding through into 2026, whereas today we already extended and re-let 54% of our 12% of leases maturing or coming to break in 2026. This confirms a positive momentum on the lettings markets, and we have also seen a slight 10 basis point uplift in our occupancy rate, which remains at close to 100%, significantly above the market average. The dynamic lettings momentum in Q3 clearly continued from where we have seen it in the first half of the year. We signed 110,000 sq m of new leases at an average rental uplift of 14%. It's actually accelerating the dynamic versus where we've been in Q2, and it brings the total now to 230,000 sq m, representing roughly EUR 15 million of our headline rents. The average uplift on all of the re-letings we have done stands at 10% today, and the leases have also been signed above latest ERB levels. Besides the fact that we are able to extend our average lease maturities by close to 0.8 years at the time of signing, we also see a continuous strength in our retention rates and are able to confirm our guidance on the occupancy rates that will remain above 99.5% by the end of this year. Looking at where the demand is coming from. We see a clear uptick in the demand coming from 3PLs as well as F&B sector for various types of units. This is clearly thanks to the strength of our commercial teams, and I think this is also a testament to the fact that our portfolio and warehouses remain attractive to different types of clients we currently see in our portfolio, but also new tenants that we were able to attract. Moving on to the market updates. One of the drivers for our portfolio, which is very much a consumer-driven portfolio, is clearly the e-commerce. If we look at where the e-commerce penetration stands today, it is significantly below 20% for the market where Montea is active, and it is even at 10% for Belgium. The projections are very bright and strong, and this is expected to continue growing over the next four years. Consistently across all markets, even though it will still remain below the percentages we are seeing in more mature markets such as the U.K. Retail sales projections, despite that, are expected to remain flat. This is highlighting the fact that the consumer preferences are switching towards e-commerce. This is a trend we are also seeing increasingly in the lettings demands that we are witnessing from our new as well as existing clients for our portfolio. What does this present in terms of opportunity? Effectively, the e-commerce penetration alone provides a 4 million sq m growth opportunity for the logistics space market across our four markets alone. As you can see, this would also add up to 10% of incremental demand to the annual take-up figures we are witnessing today. Clearly, a very optimistic and very important growth driver for us and something we will continue to focus on and capture as well. Now, Els, over to you for the outlook. Yes, thank you very much, Inna. Happy to reconfirm our 2025 guidance of EUR 4.90 EPS, an 8% increase year-on-year, and this excludes the potential one-off from the FBI recognition for fiscal year 2024 in the Netherlands, having a positive additional impact of EUR 0.08 on the EPS. Also for 2027, we can reconfirm our EPS target of EUR 5.60, a 6% yearly average growth rate. Our Track27, our growth plan, will be done through a disciplined financial allocation with a focus on operational excellence. Leverage will remain under control, consistent with our track record. Before reaching an adjusted net debt on EBITDA of 8x, we have an available investment capacity of EUR 455 million. For 2027, we are evolving towards an operating margin of 90%, and this will be done by keeping the cost under control with an average cost of debt that won't exceed 2.5% and a high occupancy rate that will consistently be above 98% throughout the whole period. The targeted investment volume of 2025 of EUR 300 million will be achieved through our four growth pillars: in-house developments, acquisitions of standing investments, as well as yielding land bank, partnerships with developers and landowners, as well as green investments in battery energy storage systems and solar panels. We are well on track for the EPS growth path with an EPS target of EUR 5.60 for 2027. We have a very strong return track record with 19%. Total accounting return on average over a period of 10 years. Moving on to the ESG part, back to you, Jo. Thank you, Els. To conclude, I would like to touch upon the ESG strategy. 32 MW have been installed on 13 projects in Belgium, and we have 10 more megawatts that are currently being installed in the Netherlands, and we have another 17 MW under study. In total, as you know, under Track27, we have the ambition to install 100 MW, so we're well on track there, and we want to invest another EUR 25 million in solar panels on our new developments, which would bring our total capacity to 135 MW. I would like to touch a word on the GRESB scoring, as every year in Q3, we have a new result. For our standing portfolio, our existing buildings, this is slightly below our score in 2024. We lost two points from 79 to 77. This decline is linked to two elements. In the standing portfolio, we bought some standing assets that were older buildings ready for redevelopment, so they have an impact on the average score. Next to that, we also, as you know, do not believe in over-certification of our portfolio. That is what you see. The building certification, we are only scoring 16%, which means that we are not into the business of certification. Why? We develop buildings to own them. For us, certification is not the first target. The things that are important for us are linked to water, green gas emissions, energy, and there you see that we are outperforming the benchmark, or we are at least above the benchmark compared to our peers. When we look at the GRESB score of our new developments, that we improve small by one point from 88 to 89, and you see that 8 out of the 12 criteria, we're scoring more than 90%, which means that we are amongst the 10% most advanced companies or most ambitious companies on those GRESB criteria. You see water, energy, green gas emissions, waste are really things we are absolutely focused on. We are very proud with this score. As you know, we continue on this path. We want to go to 135 MW of solar panels by 2027. 100 MW of batteries in the portfolio. Already 45% of our portfolio is heated by heat pumps today, and we want to go to 50% by 2030. LED lighting, we have the target to go to 100% of the portfolio by 2030. In short, ladies and gentlemen, I am convinced that Montea remains an unmatched story. We are a partner of the largest in the largest single tenant development in Belgium today, in Liège. We have an occupancy rate that is the highest occupancy rate in the Gateway to Europe, the Benelux. Last but not least, every project we are developing, and I cannot repeat it enough, is 100% pre-let. We are very proud of these results. We look forward to the last two months of this year. A lot of work still needs to be done, but we are open for your questions. I give the floor to Inna for the Q&A. Thank you, Jo. You have two options to ask your questions. If you're joining us through the webcast, please raise your hands. If you're joining us through the dial-in option, please press pound key five to enter the queue. If you wish to withdraw your question, please press pound key six. Our first question comes from John at Van Lanschot Kempen. John, good morning. The line is yours. Hi, good morning. Hope you can hear me. I was just a slide of decreasing activity. Most of the activity screens to be in the sub 25,000 sq m category. You also signed a 4,000 sq m pre-let. At the same time, the majority of your land bank is geared towards assets above the size. How are you thinking about developing smaller units or, say, multi-tenant on the available land plots? Thank you very much for that question. Interesting question. It's almost a philosophical question. You have people who say when you build a multi-tenant site, you lower your risk because you will always have at least one part let. You have less vacancy or you have less risk on vacancy. We, from our side, believe that big box will remain a core category in our sector. Once you create a pre-let, you will never be able to bring it back to one tenant because then the timings do not match anymore. The land we have, we prefer to keep it for those big box operations. Let's not forget that those big box operations are much more automated, need much more staff, so they're less likely to be vacated. We keep on focusing on those big box developments. I absolutely follow you, John. It is today easier. That's what you see in our portfolio. When something vacates of 5,000 sq m, 10,000 sq m, it's much easier to re-let it than if you have a vacancy of 40,000 sq m or 60,000 sq m. Luckily for Montea, we don't have these kinds of vacancies, and they are not on our radar over the next years to vacate. It is not really our issue today. It has an impact on the development pipeline, absolutely, where we see, as I already mentioned in the last quarter, demand picking up. We see reasonable demand in all of our markets, but a bit like we saw it before the pandemic. It takes time. It takes six to 12 months for companies to take strategic decisions on these kinds of larger developments. John, perhaps to add to what Jo has mentioned in our standing portfolio over 2026. We have actually re-let our largest unit now that was coming to break. It has been extended by a double-digit lease term. The next largest one that we have only represents around 1% of our rent roll. In terms of any sizable maturities, also on the existing portfolio side, there we do not see any significant risk going into 2026. Okay, that's clear. Thank you. Just looking at the under exclusive negotiation number, it increased by EUR 30 million compared to last quarter. I think the difference is coming from yielding investments. Could you provide a bit more color on that? It's in the different markets. It's both in Holland, in Belgium, as in France that we see opportunities. These are things that are under exclusive negotiation today, where we have a mandate, where we are in due diligence. These are things that will have a high probability to be realized, and it's mainly yielding standing investments. Okay, that's clear. Just a last one on your targeted investment volume for 2025. There's a €65 million gap from where we are right now. I suppose that's broadly in line with what is in execution, but obviously that's over a longer timeline. Could you share your thoughts on the bridge from €235 million now to €300 million by the end of this year? That's why I said that there's still a lot of work to be done in those last two months. We need to close some of the deals, but we, as Els said, we feel confident that we will be able to deliver that in the next two months. Okay, that's clear. Thank you. Thank you, John. Thank you. Our next question comes from Frédéric at Kepler. Frédéric, good morning. The line is yours. Hi, good morning. Can you hear me? Yes. Yes. Yeah, good. I just wanted to follow up on the tenant demand. You have, of course, a large pipeline also of assets which have been permitted for quite some time now and still does not attract a lot of tenants, I would say. Can you give a view on going forward? What is your feeling about those assets? I mean, for instance, I take the asset in Lummen, for instance, in Grimbergen, etc. Can you give some color? I will not give color on individual development lines, Frédéric. I hope you can understand that. We never talk about running negotiations, but I can say that both in Belgium as in Holland, there are advanced discussions. As I said, the two projects in Halle and Zellik, we are expecting to obtain the permits in the months to come, to start in Q1 2026. When we talk about those where the permit is in place and we are waiting for the tenant, I can say that at least three of them, without giving any more specifications, at least three of them are in on a board level discussion. There is a final local approval, and we are waiting for board level approval from the tenant. Okay. So you are a bit. Versus, for instance, three months or six months ago, would you say it is more likely than not to happen? I think if I compare to August, I have the same probability. It's really for the same three projects that we already had on top of our mind at that time, or it was in negotiation with the same clients, I would say. Again, as I already said, it's just taking more time, and we are not used to that anymore. We've had this period of time where things were decided within two or three months due to lack of availability. That's no longer the case. People take more time, ask longer exclusivities. It's slowly but surely, I would say. Okay. Then just a question on the top 10 tenants of Montea. Back in H1, Amazon was around 3% of the portfolio. Today is around 3.7%. Was there a specific event or just the delivery of the asset in Amsterdam? No, this is indeed all on the standing portfolio and the inclusion of all of the leases we have across the portfolio. It's clear. Then maybe a third one, more technical, on your partnership with Weerts. I remember that you gave a shoulder loan to the structure. Of course, the structure at the moment is not generating cash, if I'm not mistaken. Just to be sure, how is your financing income getting recognized? Is it only accrued, or, yeah, just wanted to have an understanding of that. Yeah, it's accrued on a quarterly basis indeed. Okay. It will be paid in one go when the asset will be generating cash? Indeed, and when we will add extra bank funding from external banks. Okay. It's clear. And then a last one, not related to, and this is the last one, yeah, not related to the Q3. Just wondering, you know, on your structure. So you have a specific juridic structure in Belgium. You have a limited partnership. Just wondering, is the structure will be subject to an AGM vote in the next coming years? Do you know that? Yes, as the mandate will end in September 2026. Okay. Thank you very much. Thank you, Frédéric. Our next question comes from Pierre-Emmanuel at Jefferies. Good morning, Pierre-Emmanuel. Good morning all. Actually, I have a quick follow-up question on your land bank and specifically in France. It was a cornerstone of your CMD back in 2024, but yet nothing has been announced. Can you maybe provide a quick update on the two main projects, so [Sollières] and [Toury]? Is there anything new there? Are you applying for building permits? Are you switching the project through other asset classes? I do not know, but it would be nice to have a quick update on your land bank in France. As you know, in every country in Europe, so also in France, it's taking longer to get all the permits in place. We are working both in [Sollières] and in [Toury] on obtaining the building permits. I can reconfirm that. We are under Track27 that was mainly driven by Belgium and Holland. As from 2027, France will be an important part of that growth strategy. We see that there is demand for both projects, and it's really linked to the permitting process that we are not yet able to start first project there. There is demand. The locations are absolutely the right locations if we look at the demand, but it's really about the permitting there. I don't expect to start there already in 2026, but in 2027, this will definitely be a very important engine on our growth strategy. Okay. It would be 100% logistics, right? Yeah. A mix of logistics and industry, as you know. Yeah, sure. We are obviously believing in the re-industrialization of France. We are asked to, next to 3PL or logistic activities, also to have some industrial activities. We are working on both of them. Okay, that's clear. Is the EUR 800 million total investment still in place, or are you increasing this CapEx envelope? Where does the EUR 800 million comes from? From the CMD, it was a discussion following the presentation that was made. Oh, sorry. Yeah, yeah, yeah. No, absolutely. That's still the case. I must say that we have a very dynamic team in France, and they are still bringing new projects to the table. France will, when I said at the CMD, I think it's about a year and a half ago that France was an important engine for the future, this is even more the case today. Okay, that's clear. My second question is on values, actually. What we saw in Q3 is that ERVs in France, Netherlands, and Belgium increased. Quite decently. Do you expect any positive uplift to be recognized already in Q4, for the end of this year? In your view, what could be the uplift on values? Pierre-Emmanuel, as you know, we do not comment on our expectations, and that is also the work for our appraisers to be done. I think what is a clear sign of confirmation is the fact that the leases that we are signing the past quarters, they have predominantly been skewed towards Belgium and the Netherlands. That is, of course, something that the valuer has taken into account. Today, we remain very comfortable with where we are. If it comes, then it will certainly be a positive. Okay. Okay, that's all for me. Thank you very much. Thank you very much. Our next question comes from Francesca at ING. Good morning, Francesca. Hello, good morning, everybody. Can you hear me? Yes. Yes. Yes. The first one is a little one on the FBI status in the Netherlands. I remember that last year we got the green light. At At this moment of the year, when do you expect to have the confirmation for 2024? It will come. It will take a little bit more of time indeed because there is a slight delay at the tax administration, hopefully before the end of the year, might be beginning of next year. Okay. Okay. The second question is on the contracts. I see that more than 50% of the contracts for 2026 have already been renewed. Can you give us a little bit of colors about the discussion that you had with tenants? Also, I saw that 8% of the leases that mature in 2025, sorry, were not extended. Can you also make a comment about the tenant that left? Yes. Sure. I will start with 2025. We have a couple of ongoing negotiations. These were really more the Q4 remaining negotiations that were to be done. In terms of where our expectation is today, again, the worst-case scenario that we anticipate is that our occupancy will be at least 99.5% today. There is not much to report. It is more the ongoing concern negotiations that were really for Q4. On the progress for 2026, this is a mix between both breaks and maturities that were coming into play, especially in Q1 and Q2. In some cases, it were the tenants that approached us to renegotiate the leases and basically extend them already as of today because they have visibility and requirements for space and they want to stay in the same space. In terms of the mix, again, there were a couple of l arger leases, so especially a few 3PLs, also food. Distribution as well. It's quite a mixed bag in terms of sectors and lease types and sizes as well. Okay. Maybe a question for you. If you can make a comment about the German market, what do you see in terms of investment, in terms of transaction? Also, other peers, other logistic peers are pointing to Italy and Spain as interesting markets at the moment for investment. What are your thoughts on this market? Thank you. Yes. As every Belgian, it is difficult to start in Germany. It's a comment I hear from a lot of people. Why? Because it's a very large market with very local representation. When you are used to do business in Belgium or Holland, you're used to have one counterpart for the country, DHL, for example. In Germany, you have seven different hubs, and they all have their, what we call, local heroes. It is very difficult to start. We have to focus more on several markets, on specific markets. This being said, the deals we have done in Leverkusen, in Mannheim, and in Hamburg have been very successful. They are very good deals where we see a lot of potential. Of course, we want to grow faster. This being said, today, when the hurdle rate, as we already announced in the past, is more around 6.5%, given our current share price, given our cost of debt today, at 6.5%, and you have a market that comes from 3%-3.5% in the best days, and that is now also still the most resilient market of Europe, there's still a stretch between the yields there and what we are able to offer. It is really a market for us where we have to focus on creativity to be in debt like the three deals we did. We continue to do so. It remains very, very tough for us to get started there. This being said, and already mentioned by Inna, 3PL, e-commerce, food distribution, defense, last mile, absolutely all sectors that are very active in the German market. We see potential, but given where the market comes from and given our cost of debt, cost of equity, and our EPS targets, it remains a very challenging market for us. We are absolutely committed to continue our efforts there and to find new growth opportunities. What about other markets outside Germany? Do you see deals passing by or anything that might be more interesting and more, something that can, yeah? The markets you mentioned are absolutely interesting markets. Italy and Spain are definitely markets that might have potential for Montea. This being said, we absolutely want to focus today on the delivery of Track 27, and they are not part of that program. We are not actively looking at those markets today. Okay. Thank you. I'm done. Thank you, Francesca. Thank you, Francesca. Our next question comes from Thomas at Deutsche Bank. Good morning, Thomas. Hi, morning all. Actually, two questions. The first one is on the LOI. For the 30,000 sq m lease. Just wondering if you could provide an update there and by when should we expect the deal to close or do you expect the deal to close? Yeah. As I already said to Frédéric, I cannot comment on a specific deal going forward. What I can say is that this was the LOI we already announced in Q2. It is now on board-level discussion. Let's see what happens over the next weeks. Okay. The second one is actually on rental growth. I mean, you show an acceleration of reversions, but like-for-like rental growth slowed down mainly on lower indexation. What should we expect ahead on both measures, roughly? Thomas, on the like-for-like, indeed, the main impact of the slowdown is linked to the indexation. We index leases depending on when the contracts were signed. This is a rolling basis, and we apply the indexation as reflected in the rental contract. There is a rolling window. In terms of our reversion on the portfolio, if you look at the leases that were signed, especially related to the 110,000 sq m, some of them were going well into the end of Q3, also starting Q4. We would expect that impact to be feeding through into our like-for-like gradually as well. Again, this is our guidance today for 2026 and 2027. It really reflects the indexation only. Our guidance includes a 2% indexation per year over the next year and the year after. The reversion is a gradual impact that we expect to see having given the volume of leases that we were able to renegotiate over the last months. Yeah, thank you. Thank you. Our next question comes from Steven at ABN AMRO. Steven, the floor is yours. Hi, good morning. Thank you for taking my question. The question on the Dutch market. H1 2025 CBRE data show an increase in vacancy in several regions in the Netherlands. Among others, it showed vacancies in areas like Mid-Limburg, or in Born, at 6% in the A15, that being still at 9% vacancy. How do you look at this vacancy data and what potential impact do you expect this to have on signing new leases for your land bank projects and/or the impact on rental levels if you would sign one? Yeah. Absolutely, Steven. That is what we see in all of our markets. There is a clear polarization between A and B product, and the difference between A and B can be both on geography as on quality of the building. What we see is that, of course, first of all, the land plots we have are on A locations. Secondly, for new developments, there is still traction. This is typically, like we said, our Intergamma deal we did earlier this year or that we delivered earlier this year. This is a 100,000 sq m facility. It is regrouping. It is merging three facilities in the Tiel area into one new building. Obviously, this means that three older obsolete buildings vacate at that moment. That is an absolutely logical trend. It will be to the owner to redevelop them, to bring them back up to standard, but there is a clear polarization between A and B on quality and location. That is absolutely true. If there is vacancy in Tiel, that will be linked to older facilities. There is zero vacancy on grade A buildings. It is also, of course, linked to grid connectivity, where in Tiel and in Born, we have both gray and green electricity available, green through our solar panels and the grid connectivity, which is always a very important criteria for us in order to invest into a land location. Steven, and maybe to add to that as well, you have seen that. Earlier this quarter, we have signed a lease with Overdie Metals, which is actually four locations in Tiel vacated by Re-Match. It was a bankruptcy in place. If you look at both rent levels and also the term of the lease contract, the rent levels we signed above where we were letting it to Re-Match. And on top of that, it was a very long-term lease that we now signed with Overdie as well. I think this is, and this was a sizable 20,000+ sq m location as well. For us, it is both on the standing portfolio and also on the quality. As Els mentioned, also grid connectivity, we feel comfortable about the quality of the product we are offering there. Thanks. It's very clear. Yeah. Good stuff. Thanks. Thanks, Steven. Thank you very much. Our next question comes from Wim at KBC Securities. Wim, good morning. Hi, good morning. I'd like to squeeze in two questions. First one is on the pipeline. It's already been mentioned there. You have 320,000 sq m of permitted. One of your, let's say, yeah, let's say the way you work is that you keep pre-let levels at 100% in the pipeline. Just want to get your idea on how is that really set in stone? Because you see some competitors who start developing projects with very low pre-let levels, and then obviously you can speed up the entry of the new tenant, which gives, I think, also some commercial advantage in negotiation. How do you feel about that? Maybe also because some of these permits might be getting a bit older, if there is any kind of time limit before you have to start developing. Yeah, you're absolutely right. I think 100% speculative development has never been part of our strategy. We think that you don't get remuneration for the extra risk you're taking. At the end of the day, our product can be developed over a period of nine months. In most cases, companies have, for these kinds of strategic decisions, have an idea nine months prior to the final move. We don't feel that there is a reason or a premium you get for speculative development. This being said, suppose we would have a 50,000 sq m facility and tomorrow we have a tenant for at least 50%, we would indeed decide to build the entire facility. Why? If we would split it up into two phases, the extra cost of having two building sites and, of course, the extra nuisance that would give to the first tenant. Represents roughly 18 months of rent. Basically, when we consider that on that location, it must be possible to find a tenant within two and a half years, being the year of construction plus the 18 months of extra costs of splitting it up into two phases, we would start the entire facility. For every project Montea has done over the last 10 years where we took that decision to do the development based on 50% pre-let, we were able to lease the entire facility before the delivery of the building. This has been the case in Campagne, France. It has been the case, for example, in Aalsmeer in Holland. On those projects where we did it, we were able to do it. It would still be part of our strategy, but I think reasonably a pre-let of at least 50% would be o ur minimum hurdle rate to start a project. Okay. Just a small add-on to that first question is, suppose then the 50% is still in pre-let phase, what kind of percentage of the total investment cost would you have to spend for signing then, let's say, then the second tenant? Let's say the final fit-out, can you give an idea? Is Is it 10%, 25% of the total cost? Yeah. Basically, what we would do is start the construction in one phase, but what we would not do is indeed the finishing, which is roughly 30% of the CapEx, because it's too specific. We don't know the recking of the final tenant. As I said, in most of the cases, by the time we did the [CASCO] works, we already knew who the final tenant would be, and we could continue the works, which is, of course, always the most favorable situation. I absolutely agree. Once you start a construction site, it's an amazing fact, but it's absolutely true in our sector. Once you start, once people start to see cranes on a certain site, it's creating momentum. You see new leads coming in. It's absolutely true. From there, jumping to now we go to 100% speculative development, that would be an absolute change in the strategy of a lso, of our promise towards our shareholder. There, we are not really into 100% spec, but based on 50% pre-let, we would absolutely consider it. Okay, great. Thanks. Very useful. Second question is on the current, let's say, dealing around the Audi sites in Vorst. I imagine you have signed an NDA, and you're probably not going to say where you are in the process. My question is a bit differently. I see that you partner with DEME and Revive. Can you just give a view on what the roles is? I guess DEME decontamination and then Revive is like a brownfield specialist. How do they fit together? How would that then, suppose that you win the deal, how would you then repetition the work? I think it was mentioned in [LECO], and the information was correct. We are no longer participating in the tender process. I think what I hear in the market is that the tender process has been stopped because there was not enough comfort on the soil decontamination. We might get back into the race in a second phase, but we are not involved. We were not involved in the first phase of that tender procedure. Okay. So then your link with DEME could be even more significant if the decontamination is the issue. Yeah. We have had very good experiences with DEME in the past. We work with them on the site decontamination in Grimbergen. We teamed up with them for the Blue Gate project. They know their business. We like their approach to the market. For us, the Audi site was not a priority under Track27. Okay. All right. Those were my questions. Thanks a lot. Thank you, Wim. Thank you very much, Wim. We do not have any questions remaining in the queue, so over to you for concluding remarks. Thank you very much, Inna. As already mentioned, I think that some work is left to be done over the last two months of the year. Looking forward to that. Thanks for your questions. Looking forward to have individual talks with each and every one of you over the next weeks. We are available. Thanks for joining the call today, and hope to see you soon. Have a nice day.