Ladies and gentlemen, welcome to the PSP Swiss Property update conference call. I am Sandra, the Chorus Call operator. I would like to remind you that all participants are in listen only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Giacomo Balzarini, CEO of PSP Group. Please go ahead, sir. Good morning, everybody, and thanks for joining this quick PSP update. As you have seen, we have released a press release Friday night on the disposal of our Richtipark, a project we have been talking since a while. Since a few years, we are working on a rezoning, on redevelopment of the whole site. Successfully, we were able to dispose it on Friday. With that disposal at the price of CHF 175 million, CHF 150 million an immediate payment and CHF 25 million roughly in an earn-out structure, we triggered the EBITDA guidance. That was the reason why we had to release this announcement. The EBITDA guidance increased by north of CHF 40 million, because we had it on the books for CHF 110 million, but for CHF 25 million as we postponed the disposal of another development project, not because it is a bad one. We had the building permission, but we see further potential to optimize it. Most likely, we will dispose that project in 2027. Richtipark was disposed on Friday, triggered an increase of the EBITDA guidance, which is new at CHF 335 million. With that, we close basically four years of reposition redevelopment. A huge success, I think, for us. Our focus on super prime considering really earnings quality, prime office, prime retail, prime commercial. We also further strengthening already a very strong balance sheet. I think with that, I'd like to go directly into the potential questions and happily to answer them. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the telephone. You will hear a tone to confirm that you've entered a queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode while asking a question. Anyone who has a question may press star and one at this time. Our first question comes from Ken Kagerer from ZKB. Please go ahead, sir. Yes, good morning, everyone, and thank you for taking my question. I've actually got two. The first one regards the deployment of cash. If I remember correctly, you said you would buy something once you sell the Richtipark. Could you just give us an update here, please? Well, the deployment of cash is roughly 50%. We will pay back debt. With the other 50%, indeed, we did buy an asset also last Friday for a consideration of CHF 75 million. We didn't put it into announcement because it is not EBITDA guidance relevant, and we will provide more details then also in the half year. Thank you very much. The second one regards, on a standalone basis now, the lost top line that results from the sale of Wallisellen on a run rate, for example, of 2025. Yes. We will lose roughly CHF 4 million of net rental income on a full year basis. With the acquisition, we are gaining another CHF 2 million. Net, it is a loss of the run rate of roughly CHF 2 million. Excellent. I'm right with my assumption that 50% of the revenue was still taken into your books and the other 50% for the second half are lost then? Yes. Whatever we got until last Friday is on the books. Whatever starts today is lost. Excellent. Thank you very much. We go from there. Thank you. This answers all my questions. Thank you. The next question comes from Ruedi Göldi from SFP. Please go ahead. Mr. Göldi, your line is open. You may proceed with your question. Yeah. Good morning, everyone. I have a more broader question on the rental situation. Could you give there an outlook at the moment and also in particular with Google, what's going on there? Thank you. As we outlined in our press release, we confirmed our vacancy rate guidance for the full year based independently of the disposal and the acquisition. With regard to Google, we have, as I mentioned in the Q1, we were in advanced negotiations. We had plans to renew by mid-year, and so we did. We renewed the rental contract with Google on the Hürlimann site for until 2033 with options until 2043 With then also respective early breaks. The contract with Google on the Hürlimann site has been renewed, on your specific question. Yeah. For how long? Excuse me, I didn't quite catch that. It was a classical renewal until 2023 with option until 2043, also embedded early breaks. 2023, you mean. 2033 until 2043. 2033. Okay. Sorry. Good. Yeah. Sorry for that. Okay. 2033 and an option for 2043. Yes. Okay. Thank you very much. That's it from my side. Thank you. As a reminder, if you wish to register for a question, please press star followed by one. The next question comes from Tommaso Operto from UBS. Please go ahead. Good morning. I have two questions, if I may. First on the earn-out of these roughly CHF 25 million. Could you elaborate what the main conditions are and potentially give or how the timing could potentially look, and if you have ideally also some probability weightings? That's the first one. Secondly, on the unchanged guidance for the vacancy rate. You alluded to it just before quickly, but does it have any impact now that Wallisellen won't be in the portfolio anymore, do you expect any other properties to have a higher vacancy rate or is the entire rest of the portfolio unchanged in that regard? Thank you, Tommaso. On the earn-out, these are three earn-outs, two of CHF 10 million and one of CHF 4.75 million. They're linked to project development milestones. Attaching a probability, I would say, is not relevant. I think we are confident that the new owner will be able to achieve those milestones, as this would mean that he can realize the project. It's a reasonable project. Clearly they are defined in the, I would call it, the near future. The reasonable, well-documented, and fairly clear milestones link to that. With regard to the vacancy rate, as a reminder, the Wallisellen vacancy was not part of the vacancy rate. We don't have other projects or big size, which would include potential vacancy increase, which we have not talked about. I think we give our vacancy rate guidance for the full year. We saw today as we did in an ad hoc announcement, we have to reiterate our view for the full year. There's nothing else I would say, I would add to the vacancy rate. If you don't mind. Got it. Yeah, thanks. That's perfectly clear. Just a small follow-up. Does it impact your CapEx plans in any way? Well, clearly the development of Richtipark would have meant, if we would have done the project, a substantial CapEx, which clearly now is not on the table. For us, as mentioned already a year ago, with the rezoning, we would enter a residential development, which is not in our focus. Clearly it would free up a potential CapEx, but we didn't really consider to develop it ourselves. We might have continued to project and further improve the project, but it was for us pretty clear that we will not move into residential development with social housing in this dimension. Perfectly clear. Thanks a lot. Thank you. The next question comes from Matteo Lindauer from Vontobel. Please go ahead. Yes, good morning, everyone. Just a quick one. Could you give us some more information on the newly acquired property of CHF 75 million? Yes. We bought an asset in Zürich at the Schuetzengasse 1, Marktgasse 4, which we bought for CHF 75 million and a net rental income of roughly CHF 2.1 million, which is adjacent to our buildings on the Beatenplatz, Hotel Ruby, on this, and walking to the Bahnhofstrasse and the main station. Perfect. Thank you. Thank you. Mr. Balzarini, so far there are no further questions. Back over to you for any closing remarks. Thank you very much to everybody for attending this quick call. We appreciate it very much and look forward to further conversation and wish you a nice summer at this point. Thank you. Bye-bye. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.