Good morning, everyone, and thank you for joining on the call today with respect to the annual results of 2025 of Vastned. It will be the results the first year following the reverse merger, which we have executed last year. We will go through the operational results. We will discuss shortly the financial results, our financing position, the impact of the cross-border, what we have done, and a bit on the retail and real estate markets, and then give an outlook allowing you to update as well the models for next year and the years after. In terms of operational results, I think first of all, here we see our property value on the 31st of December 2025. You still see that our biggest country is the Netherlands at 36.7%, equal to last year. There have been no investments, no divestments happened during the course of the year. What you still see here is that we have a bigger increase in value. You see that the total portfolio increased with EUR 32 million compared to last year. It's a combination of both investments that took place. Those are sustainability investment, but also the creation of apartments, for example, in the Netherlands. The biggest part is also coming from value increases in the portfolio. Our locations still spread over the different countries, and the occupancy rate remains with 98.6%, still high compared to the 98.7%. It's still a good, stable, high occupancy rate over the different countries with 100% in Spain. Belgium 99.1%, also quite stable. In France, there was a slight decrease following a bankruptcy of one of the office tenants. In the Netherlands, we see there an increase because some of the stores that have been empty for a longer time have now been filled up and found the correct tenants. In terms of rental activities, total we closed 126 contracts. The like-for-like rental growth was 3.2%. The biggest rental growth was, of course, coming from Spain, where we see 12.6% coming from the Málaga unit, which has been empty in the course of 2024. This has been now filled up. It was already filled up at the end of 2024. Of course, if you compare on a full year, you see a slight decrease. I think most important as well is that we still see a growth compared to ERV. That was what we saw as well in 2024. We still see it in 2025 as well. The biggest impact and biggest increase compared to ERV is in the Netherlands, and that is mainly coming from rent renewals, where we have higher rent renewals compared to the ERVs that have been determined by the valuation experts. You still see the bids decreasing in Belgium. There the market was quite equal to the ERVs. In Spain, since we did not have a lot of contracts, and we only signed one contract in Spain, additional rent renewal, you don't see a big increase coming in from there. What is important is that from the 126 lease contracts signed, of course, a big part is still coming from the residential part, mainly in the Netherlands, because we have still more than 200 units in residential apartments. Those have now been concluded all internally without any broker. If you look to the value movements, we also compared to 2023 to give you a bit on the trend. In 2023, we saw a decrease of minus 0.1%, which was still big in France as the investment market in the course of 2024 was still flat and no investments took place. You started to see that that was increasing in Belgium and in Spain. I think if you compare 2023 compared to 2025, mainly in Spain, you see an increase from 79.5% to 93.7%. That's mainly due to sharpening of the yields, because in the Spanish market, there is limited to no quality retail real estate available. There is, of course, a big demand, and that's also increasing the value of the properties. It's mainly a yield decompression, which you saw there. In Belgium, you still see that there is a bid EUR 5 million increase. France, the market starts to recover, and there are some transactions that are happening. There we see a bit of a prudent yield decompression as well. Yield compression, sorry, as well in the French market. The Netherlands as well, 2.4% increase compared to minus almost 1% the year before. There were no divestments took place except for some parking lots in Namur. Those parking lots have been divested EUR 600,000, no big divestments. The average yield, and that's then the gross yield, of course, calculated on the total gross rental income, is 5.8% of our portfolio. If you look to the net initial yield, net initial, we are around 5%, 5.1%. There are some redevelopments ongoing. The biggest redevelopment is, of course, in Utrecht, where we have been working over the last years on the Oude Gracht, where two retail units are being refurbished and apartments have been created, and on the Grote Steenweg, where we also have now the retail unit completed, and that is now being filled up with LOAVIES, an online retailer. In terms of financial results, you see that first of all, the EPRA earnings per share increased from EUR 2.18 to EUR 2.22. We calculated here on the pro forma basis the 2024 numbers. The reason why the 2024 numbers pro formas are used because, of course, otherwise Belgium is not relevant, you can't use that information. In terms of EPRA earnings, you see that there is an increase of EUR 600,000 between the different years. What is happening is first of all, on the rental income, you still see that there is a slight decline. The decline is a combination of two opposite effects. First of all, we have had, of course, the divestment of the Rokin Plaza over 2024. It was an impact together with all the other smaller divestments of EUR 2.5 million, which was on the divestments. It's been compensated by first, the indexation of the rental income, and second, the lease renewal at improved terms. That's, for example, as I mentioned, in France, there we have had some renewals at higher terms compared to the previous contracts which we had. Of course, there is a part of the effect also coming from new rental properties in Belgium. Last year we acquired, 2024 at the end, we acquired two buildings, one in Namur, and that also brings EUR 400,000 in revenue. The total property result is also mixed a bit with the other rental related income and expenses. That is slightly decreasing. Why? In 2024 we had an exceptional income following a lawsuit that was already ongoing for more than 10 years in Belgium. That has been settled. The money came in in 2024, it was really exceptional last year. All in all, given the divestment, we are proud to say that the total rental income remained quite flat over the year. If you look to the property charges, there is an increase of EUR 600,000, but you need to compare this together with the general expenses, we will come back on it later on the synergies that have been realized. Here, first of all, there is a difference, as we reported over the last year as well on the internal management charges that are relocated from general expenses to property charges. It's according to the BE-REIT schedule where we say that costs linked to people, for the asset management, all those costs are reclassified to the property charges. That's why we consider them together. What is important is that we see a decrease in the maintenance costs of EUR 800,000, we see also a bigger decrease in the general expenses. All in all, we have EUR 1.1 million in the general expenses. There is still some potential for 2026. Why? There are some one-off costs linked to the merger that happened, because we needed to structure all the entities, the group, the IT systems. Those are all one-offs, which are of course impacting this year's general expenses and ensure additional revenue of income for next year. Portfolio result, there you see the biggest movement, EUR 46.6 million. Why? Last year we had still a decrease in the value we saw it on the previous slide. This year we see an increase in the portfolio value. Financial results EUR 5.8 million. That is mainly driven, if you compare it, was last year also partially driven by the value movements on swaps. This year the movement on the swaps was only EUR 1 million in the P&L. Last year it was around EUR 5 million. The net interest costs are EUR 16.3 million, they decreased with almost EUR 800,000 compared to last year. What is the main driver for this? Main driver is of course, that we have less credit facilities drawn due to the divestments that took place that have been utilized to decrease the outstanding portion, decrease the interest of course. In terms of taxes, the current income tax is EUR 1.4 million, mainly driven in the Netherlands, where we have almost EUR 1.1 million taxes in the Netherlands. You see that is a bit lower than I think initially forecasted in the models. This is mainly due to the restructuring in the group, which we have been doing, ensuring that all asset under management fee can be recharged, for example, but also the financing is closed on the level of the group and is then recharged to the different subsidiaries, which is then deductible costs. There is a big deferred tax expense. This is something you will see over the next years as well, the deferred tax expenses coming in. Why? Because of the taxation regime in the Netherlands with the abolishment of the FBI regime, you now come to a situation where you have a fiscal value, and you have, of course, an accounting value of your property, and that will create some deferred taxes. This is something that will be recurring as of now over the next years. Of course, this does not contribute to the EPRA result. That is clear of this deferred tax expense. This brings us to an EPRA NTA. We have an EPRA result of EUR 2.22. If we compare then the EPRA NTA is EUR 38.85. There is also an increase due to the results of course, and due to the fact that we have an increase in the value movements of the property. The EPRA LTV came down from more than 42% to 39.1%. That is also one of the topics we set forward that we wanted to go to an EPRA LTV below 40%. We were almost there at the Q3 numbers. We are now there at the Q4 numbers. The interest coverage ratio remains quite okay with 3.3. If we still look to the key figures per share, you still have the number of shares, of course, that remains fixed compared to the pro formas. The number of shares entitled to dividend is also 16.1, 16.2 million, with a net fair value of the shares of EUR 37.26 and a closing price of EUR 31.1. We come to a discount of still 16.5%. The discount is decreasing a bit. Why? Because you see that the share price was increasing from EUR 27.6 to EUR 31.1 at the end of the year. If we look to the financing position, there have been some movements, if you compare it. First of all, we have signed in 2025 for EUR 395 million of new credit facilities. In the course of February this year, we still received for EUR 55 million additional credit facilities. Why? Because you still see in the chart below the Pricoa for 10%. Pricoa was a $50 million US prime placement that has been repaid in the course of January 2026, and that has now been fully refinanced with the additional portion, EUR 25 million from Belfius Bank and EUR 30 from a French bank. We are happy to announce as well that there is now also a French bank in the portfolio coming in. That of course in our financing structure, the structure of our assets is shown as well. In total, we have EUR 493 million approximately of withdrawn debts. There are still undrawn credit facilities of EUR 92.1 million. Of course, you need to take into account that here is still the $50 million from Pricoa in. That has been repaid in January. You come then to EUR 42.1, but you have to add the EUR 55 on top. That means that we are again at EUR 97 million of credit facilities at this moment. The average term of the credit facilities is 3.6 year. If you compare it to the half year numbers, you will see that there is of course an increase in the term. Why? We have had some contracts with extension options, and there are some contracts with three plus one or three plus one plus one term. Some of the extension options have been used at this moment or have been executed. That means that we are now at 3.6 years, and if we consider the extension options which are still on it, we come to a four-year tenor of all the outstanding credit facilities. Consider that the EUR 50 million in 2035, that are credit facilities with an undetermined period. There we just take into account that they take for 10 years, but that's an undetermined period. And if you see the EUR 50 million which was in 2026, that has been repaid at this moment, but now extended. In the next presentation, we will also include with the EUR 25 million and the EUR 30 million on top so that you get a new view on the terms going forward. If we look to the hedging contracts, we are still hedged, and we have EUR 350 million of active swaps. We had on the 31st of December still the $50 million Pricoa with a fixed interest rate. If we consider that we had EUR 400 million, which was almost fixed in interest rates. In the course of January, we closed still for EUR 40 million notional amount additional interest rate swaps with an average tenor of 3.5 years. They are not yet included in this sheet, so they will be included as well, and we are still going to have an active hedging policy. For example, if we see that, for example, interest rates are coming down, and we see that they are coming down over the last days, then we will take the momentum as well to sign some new interest rate swaps so that we can try to decrease the average interest rate. Because of course, we'll come to the outlook, the average interest rate is going to increase following the situation on the markets. Today there was still back a decrease, so we are going to look for it. And of course, we can do some blend and extend if needed in order to decrease even further the interest rates. If we have, for example, one at a 2.5%, 2.6%, we can try to decrease. If we look to the reverse cross-border legal merger, it's quite a mouthful, but if you look to it, we have said we will do it for objective reasons. We determined five reasons. First of all, organizational simplification. One listed entity, one management, one simplified governance. That has been put in place. We now have one board of directors, we have one executive committee, and we have one listed entity, so one ticker. Of course, we are listed still on Euronext Brussels and Euronext Amsterdam, but with the same ticker, of course. We have had an optimized debt financing. That means that we said we signed EUR 395 million of credit facilities. We have concluded an additional EUR 55 million over the last weeks. We have had an average interest rate of 3.2% in 2025, and we have decreased our LTV. Note that all the financing is concluded on the level of Vastned in Belgium, and that we distribute it then afterwards to the different subsidiaries, and there is all unsecured. There is no secured financing. We have good operational synergies. As mentioned before, we have achieved EUR 1.1 in the general expenses, EUR 0.9 in the property charges, and there are still one-off merger costs for a total amount of EUR 1.1 million. If you consider that, we came to a EUR 2 million synergy realization this year, but there is still a potential of EUR 1.1 on top. Note that this is only for the cost structure. We did not take into account any synergies that have been realized with the group restructuring on the fiscal side. That has not been taken into account in these synergies. We said we will do it for an increased market capitalization. We have some resumed stock coverage from both ABN, we have it from ING. Degroof is going to update the report as well, so it is no longer under review. I think we are also proud to say we entered in 2025, the BEL Mid index, in March. We received in January the award of the BEL MID Company of the Year. This was also a nice achievement, which we can be proud of after the merger. The last topic was the potential for growth. We are no longer constrained by the suboptimal structure, as we mentioned in the beginning. We now are going to look for interesting investment opportunities, but we only will do it if they increase both shareholder value, meaning both earnings per share and both dividends per share. That means that we are going to look for interesting investment opportunities, which are, of course, high yielding, but still on a qualitative side. We will do it in the four countries where we are active in. It is not that we are going to expand to other countries, because we have now in our four countries, we have our structure, we have our people, and we know the markets. That's what we are going to look for. We have been very disciplined over the last year. We said in the beginning of the year, we will ensure that we realize the synergies and that we focus on the integration of the company. After the integration of the company has now been finalized, we will go back, look for additional growth, but on a prudent side. We are looking for the markets where new opportunities will come. If you look to the real estate markets, we kept it quite short, but in the end, the retail real estate markets, there are only two things important. First of all, omnichannel. It was a word that has been used over the last years. We saw it a lot. We still see that it is now increasing. Pure online retailers are opening those brick-and-mortar stores. We see it with the opening of SOPHIA MAE. It was on the Heiligeweg in Amsterdam. It was a success. That also attracted then, in the other stores in the street, the vacancy that was there was also now filled up because you had one of the persons who was really attracting additional people. We have now LOAVIES, also a Dutch online brand, which opened in Utrecht. We have Meet Me There, No Label, GESKE. All some online retailers who are starting to open those stores. What we saw a bit in the past is that you had the local persons, the local stores. Those are now being replaced, certainly in smaller units, by some pure online players, some influencers who are starting to open stores and try to give the experience. Experience is really important in the high streets. That brings us back to location, location. Everybody says it, but it still remains the case. If you are on the good spots and you have qualitative real estate on the high streets, then you will have a lot, the vacancy decreases, and we can show it, of course, with the 98.6% occupancy rate, which is demonstrating that our model pays off. Of course, we still see that there is an increase in the market, that we still see that people are For example, the city centers, like in Antwerp, the Nationalestraat has been refurbished. It become pedestrianized, and then you see that it attracts again, to new people. There was a bit reluctance from the retailers to enter that market, to enter that street because they say, "Yeah, but the works will come. We will have a decrease in our turnovers." Now the street has been finalized. It's pedestrianized. We still see a lot of people, the footfall is increasing, and all the vacancy in the street is going away. If we look to the outlook, which we have set forward. The interest rate for 2025, and sorry, this needed to be 2026, is approximately 3.8%. The interest rate for 2026, I will send the final version of the slides after. The EPRA result for 2026 will be decreasing to EUR 2.05 to EUR 2.15. The reason of the decrease is, of course, higher financing costs. We said at this moment 3.2%, we are now going to 3.8%. This is also explained by the fact that we have the $50 million USPP, which was there in 2025 for a full year at a lower rate because it was a 10-year tenor that loan had. On the other side, we still have for $150 million of swaps, which expired in September 2025. Those have been, of course, changed all at market conditions. Of course, that brings us at a higher interest rate. That brings us to the EPRA result. The impact of the interest rate is due to indexation, due to the completion of some redevelopment projects, partially mitigated. Of course, we still have a good cost control over the next year. Following this additional cost control, we try to increase, of course, our EPRA result. That brings us to the operational synergies. As mentioned, we have this potential of EUR 1.1 million, which we keep in mind. We will also look for asset rotation. We said, okay, there is first external growth, which we are looking for, but that also means that we are going to do some asset rotation. Why asset rotation? The strategy is really to get everything centralized, and that if you look to the portfolio over the different countries, you see that everything is centralized. We have in one of the corners of the country, for example, a standalone store. It might be possible that we sell that standalone store for example, to a local party, because they know the market better than we do, then we can recycle the money to do some investments going forward. We are not forced to sell, I would say. We will only sell at the right price, and we will only sell if it's above book value, and that, of course, the yields are good. We will, of course, not sell something at 6% and reinvest it at 4%. We need to ensure that we will not destroy any value so that we keep the value in our books, and that we keep the value for our shareholders. That was it with respect to the presentation. I will now open for questions. Yes, Amal, please go ahead. Yes, sir. Thank you, Sven, for this presentation. A few questions on my side. First, on the organic growth. I saw an acceleration in Q4. If you could provide us the split between indexation impact and the rest, and if there is anything specific that happened in Q4. Q4, the indexation we have had, of course, the contracts were running. What we see in Q4 is that also some of the redevelopments and of course some of the vacant stores have been completed. For example, in the Netherlands, we have had some impact. For example, redevelopments have been completed or relet on Vredenburgplein in Utrecht. Of course, they started to generate some additional money, that resulted, of course, in the fact that we had an increase in our rental income in the fourth quarter. Okay. Indexation overall is around 1.5%-2%. It depends on the different countries. That's, I think, also what we expect for the next years. We will have our contracts that will be indexed. Note, of course, that over the last years, we had a lot of discussion with tenants, and tenants were asking, for example, an index cap. We do not have a lot of contracts with index cap. That is something I can assure you. If there is, for example, an index cap, it's for example, in the limited contracts where we have it, I can count it on my two hands, I would say. We have, for example, said, okay, at 5% we index for full and above 5% we will cap the index in two. We still have, if it's for example 7%, we will still index 6% to the tenant. Okay. What are your expectation for your portfolio given that you have roughly 30% of the portfolio in France and France indexation will be close to zero, I guess, for 2026? How does it impact you? In France, we calculate at this moment, I think it was around 1.3%, the indexation for France, which is now calculated by the statistic office in France at the moment in the beginning of this week. Which index are you using for the French asset? ILC or index? We are using the Banque de France. They put it in the beginning of the year at 1.3. That's the indexation we put forward. You don't use the indexes that are calculated by INSEE? No, for example, there we use the Banque de France. In Belgium, we use, of course, the CPIs also from the government that have been put forward, but not the INSEE. Okay. Perhaps a second question on my side on the synergies. The EUR 1.1 million you said are still possible to extract. Can you give us some, let's say, details on how easy and how straightforward this EUR 1.1 cost savings will be able to achieve in 2026? Or are they subject to some market evolution or changes? No. They're not really subject to market evolutions. These are really some one-off costs. Like for example, all the fiscal advisory we needed to have for the restructuring of the groups. As you know. We created eight new companies in the Netherlands and we shifted all the assets, and we had some fiscal advice with respect to transfer pricing. All those things in the first year, of course, on the corporate income taxes, which we had. Considering all those topics, I'm quite confident that they can be realized. Knowing as well that, for example, there are also some topics linked to, for example, IT landscape. Because we were also on two different platforms. We had the.be tenant, we had the.com tenant. We needed to ensure that our IT platforms were communicated to each other, and all those costs were now one-offs, and we implemented the consolidation tool, et cetera. All those costs are one-off, which will not be there going forward. Okay. Last question on my side on the dividend guidance. You didn't provide the guidance for 2026. Does it mean that we should just assume the minimum of 80% payout at the Belgian REIT status? That is something, of course, the board needs to decide going forward. I think what we are willing to do is, of course, that the indexation inflation is also foreseen in the dividend. It's not the purpose that we are going to have a fluctuation in the dividend, a high, a low, a high, a low. No, we try to get the dividend at least stable and compensate for the indexation. That's something, of course, the board needs to decide going forward. I leave the floor for other person. Thank you, Sven. Perfect. I think Alex, you were second. Yeah. Hi, good morning, Sven. A few questions, mostly on the guidance range. Do you assume any acquisition or disposals in that range? In this guidance, no acquisitions, no disposals. We communicate that this is flat business as usual, considering the current portfolio. Okay. That's clear. For the current tax amount, it came in a bit lower in 2025, what should we expect in 2026? 2026, if you consider the impact that you keep a bit of the money as well in, that you decrease the debt again in 2027. In 2027, the guidance will be then a bit more in line with this year. There is a slight hiccup this year, then you will get a bit more in line with this year. On the tax amounts to be clear, right? Yeah. On the tax amounts, income tax, yes. Sorry. I was also considering on the guidance for- No worries results, on the income tax, yes, it remains flat. It's not that we are expecting a big increase from the EUR 1.1 million in the Netherlands. Maybe it can go to EUR 1.5 million, it's not that it's going to increase to EUR 2 million, EUR 3 million. Okay. You mentioned capital rotation. If you look at the KPIs, both EPRA EPS and portfolio growth are in there. Yeah. Doing the numbers, a share buyback is probably more accretive on EPS. What's your view there? We already have 3.3 million shares, a share buyback will be very difficult. I think we first need to consider what we do with the existing shares, the 3.3 million. At this moment, a share buyback is certainly not on the agenda. I think we have still enough shares on the books. I mean, you could buy them back and just liquidate the shares, right? Yeah. That's one of the options, of course, to liquidate part of the shares, that's something to consider. Okay. Thank you. Perfect. Steven, you're next. Hi, Sven. Thank you for taking my questions. Maybe on acquisition. You say you're looking at deals. Could you please help me on what you are looking for in size, location, and yields? Are you maybe also considering portfolio deals? Maybe help me out with what the investment criteria could be for larger deals. I think we are looking for higher yielding, of course, because we have an average interest rate of 3.8%. That means doing a deal at 4.5% in a high street will not be for us anymore. For example, you had the Meir, which has been sold. On the Meir, you have had the H&M in Antwerp that has been sold. It was at a yield of around 4.5%. Considering that we have a cost of 3.8%, it will not create any value for our shareholders. That's not a deal which we put forward. I think, you see it with the other REITs, they are all communicating yields above 6% and around 7%. I think that's also the yield we are aiming for going forward, because that creates value for our shareholders going forward. That can be EPS and DPS accretive going forward. As you mentioned, portfolio deals, you are rather looking then to a portfolio deal, because then you can get some higher yield. It will also be the question on what location, what cities. For example, in Spain is doing well. To be honest, buying in Madrid on the high streets will not be for Vastned at this moment. Unless you can do an interesting deal, know that the yields there are traded at 3.5%, 3.7%. That's not beneficial for us. We are going to look, but for example, maybe if you look to a city like Bilbao or second-tier city, you can get the bigger yields. It's also the question, if you look to the high streets, on what high streets will you remain? For example, one of the topics there is that you have a brand which attracts people. Nowadays, of course, the Zara Inditex is doing well. If you see in the streets, for example, that a new shopping center opens in a city, and then Zara decides not to relocate to the shopping center but stay in the high street and confirms its tenants and opening then Oysho and Stradivarius, et cetera. That is one of the criteria, because then you know that that high street still keeps living. That are a bit the criteria we put forward, but it will be in the four countries where we are at this moment present. Okay, clear. You mentioned a bit from asset rotation. You won't sell assets, let's say, above 6.5% yield because you can't reinvest that. Is that correct? If we found something else to acquire at 6.5%, for example, in the Kalverstraat, then of course, that's a no-brainer that we will recycle because there is more potential for that building afterwards to increase in value if we, for example, sell the Rozendaal. That's a bit the question. It needs to be at a good value, of course, if we sell something, it should be sold certainly above book value, because we will not sell below book value. Considering the amount, it's not that we consider here EUR 100 million divestment. Asset rotation is around EUR 20 million, EUR 30 million, something like that. For example, in Belgium, you have some scattered standalone stores out of town in the Walloon region. Maybe that might be something that can be disposed at the correct price, but only at that time. Okay, clear. Thank you. Perfect. Thank you. Don't know, any other questions? Michiel? Yes, maybe just one question for delving into the acquisitions. In Belgium, we have this Iberian portfolio potentially on the market, which is more like a distressed or a forced sale. Do you see any interesting opportunities in there? Also do you see more distressed sales or do you expect to see more of them where you can potentially acquire at higher or more interesting yields, also potentially portfolios on the market? I think, first of all, to come on the question of the Befimmo portfolio, I think, of course, the guy has some interesting assets. Of course, something that might be interesting, but considering the total portfolio, it's too big for Vastned, of course. We talk about more than EUR 300 million on this Belgium portfolio. Of course, we look to interesting opportunities if they arise, first of all. You have to consider that part of that assets are also not that qualitative. It's not all located on Boulevard de Waterloo or Avenue Louise. It's also, for example, Chaussée de Waterloo. Those are less qualitative assets with a lot of vacancy. Those are, of course, not interesting for a company like Vastned. The second question was mainly on the Could you help me please? If there would be further distressed portfolios on the market. Distressed. I would expect some distressed portfolios still to come on the market. Why? Everybody said first in 2023 when it was increasing, survive 2024. Now they also say survive 2025. You see it in our side. A lot of the interests, a lot of loans need to be refinanced. Banks are a bit more prudent on the refinancing, and of course, we decreased our LTV. That also allowed us to ensure that with the decreased LTV, we got the refinancing at good market conditions from different banks who stepped into it. Then I talk about private individuals sometimes have LTVs above 60%, 70%. In those cases, I think banks will rather go to a distressed sale scenario, and that might be an interesting opportunity then to acquire, for example, at a 6.5%, 7% yield, which we put forward. Okay, great. That's very clear. Thank you. Yes. Geert, I think you were next. Okay. Yeah, thank you, Sven. About acquisitions or let's say in general redevelopments, we see that you're doing the Utrecht apartments, then in Brussels you have this project in Namur. Do you have, in fact, a kind of in-house redevelopment team? I think if you want to create value a little bit unlike Qrf, going for a more difficult situation, not just buy and hold and sit on it, but doing some work on the redevelopment. Can you say something on that? I think with all you're saying, that's the only solution to create some added value at decent yields, in fact. We don't have an own development team in-house because we are, of course, a redevelop developer, we don't have the full development team in-house. We are looking to, of course, interesting opportunities, at this moment it are less complex contracts, less complex redevelopments, which we do. For example, an empty floor where we redevelop, for example, some housing on top of the floor. It's not that we will, for example, demolish a full building, only keep facade and then fully redevelop it. I think that's also something, it's a different material. It's not yet our cup of tea. Considering that is for sure not what we are aiming for. Of course, because it's a specialized knowledge, certainly nowadays with all the permits and EPC and sustainability requirements. Of course, if we have a project like that, we will calculate that in our models and ensure that we have the necessary expertise, which we outsource and attract. All right. Thank you. Perfect. Now, any other questions? Okay. I would like to thank everybody for the call and the questions raised. If there's still anything else after this call, don't hesitate to contact me. You can always give me a call or drop me an email. Thank you, Sven. I say bye. Thank you very much. Thanks. Bye. Bye. Bye-bye