Dear guests, ladies and gentlemen, dear SPS colleagues, a very, very warm welcome here in Geneva for the 2025 Capital Markets Day of Swiss Prime Site. We, I think, haven't had a Capital Markets Day in Geneva for seven years, I just heard, so it's great to be back, and thank you for all the people that have traveled from afar to come here to this location, and also a very warm welcome to the people that have dialed in on the website to listen to us from abroad. My name is Ton Büchner, Chair of the Board of Directors since 2020. I see a lot of familiar faces here in the room, but maybe not everybody on the webcam actually has met me so far. I look forward to doing that in the future. With here, I am with the Extended Management Team, René Zahnd, the CEO, Marcel Kucher, CFO, Anastasios Tschopp, the Head of Swiss Prime Site Solutions, and Karin Voigt and Urs Baumann are here in the room as well for presentations and for potential Q&A later. Having been the Chair of Swiss Prime Site since 2020, I guess we can say we've been on a journey since then. Some people call it the transformation. I would normally call it a journey. If I look back at the start of 2020, we still were running a number of divisions like Tertianum, like Wincasa, like the operating business of Jelmoli, and of course the Swiss Prime Site Solutions business. And we also, and not to forget, were having most of our properties financed through mortgages. Therefore, what we did since 2020 together, of course with the team, is that we first went through a refinancing, received a Moody's rating, and from there on started a portfolio transformation, which is virtually done by the time we're speaking here together today. René Zahnd, Marcel, and Anastasius will clearly explain a lot more later during the situation. Of course, in 2020, the Swiss Prime Site Solutions business was also a lot smaller than it is today, and Anastasius will give you a lot more details of that going forward. On the slide behind me, you will see the program for today. We'll have the management presentations following soon after I step down from the stage, followed by a property tour here in Alton-Pont-Rouge for those who are present. In the afternoon, we'll visit a number of additional places after lunch, and then there will be time for a wrap-up and further questions. If there's one message that I would like to convey, it is that Swiss Prime Site differentiates itself from its Swiss peers not only through its size, but also through its innovative concepts when it comes to developing real estate, a clear commitment to a sustainable real estate portfolio, a development portfolio that differentiates itself from other companies, and a very healthy entrepreneurial attitude when it comes to running our portfolio of properties and businesses. This healthy but responsible entrepreneurship is also visible in the agility that we demonstrate when it comes to the development pipeline and the way we develop it, our capital recycling activities over the last couple of years, and the possibilities and the opportunities that we take, and the quick and agile ability that we have to react when it comes both to the business itself, but also on the opportunities in the finance market, as you've seen in the last six months where we've done a number of additional actions. I wish all of you a wonderful, informative, and enjoyable Capital Markets Day, and with that, I hand over to Florian Kuprecht from CBRE, who will give us his insights on the Swiss real estate market. Welcome. Thank you very much for that introduction. Ladies and gentlemen, warm welcome also from my side. My name is Florian Kubrecht. I'm heading the Swiss business of CBRE, and I would like to present to you a couple of observations on the real estate market in the next couple of minutes, and to setting the scenes for the following presentations after that. Actually, we're living in quite challenging geopolitical days. We speak of trade barriers, tariffs. We speak not just of trade wars, at times of wars as well. A lot of things going on globally. We are in a lucky situation in Switzerland that we are so far less exposed to that. Of course, it impacts us a lot, but we still have an economy that is quite stable. We have a growth still in our GDP. We have a recession, sorry, not a recession, of course. We have an inflation, which is down to zero, which is good news as well, and we have a very low unemployment rate. All of that is a good macroeconomical environment, but in real estate, it's obviously often mainly about interest rates too. I would just like to flag one thing about inflation and the key interest rates that we have seen in the last couple of years. You see here that the key interest rates in Switzerland in light green have been literally negative in the last couple of years until 2022. All of a sudden, following the supply chain limitations and the war in Ukraine, this key interest rate has started to rise. Why has that been the case? Because obviously inflation went up. We have been able to control that quite rapidly, and since then, the key interest rates come down again. The same has also been seen in other markets. The ECB, U.K., and U.S. rates have also gone up and come down again now in the recent months. Switzerland, however, has been leading the way and has controlled it much faster than other countries, also because obviously our national debt is way more under control with the solid parameters, as I have indicated it at the beginning. Now we come to that famous graph that compares the interest rates, now in this case the 10-year government bond with the top yields, in this case of office, residential, and commercial. What you can see here is that following the financial crisis, this gap has been widening more and more until the negative interest rates have come, about 300 basis points wider than it was almost when we look at the office prime yields. That is one of the widest gaps you have seen in Europe. Not surprisingly, real estate has become a very interesting exit clause in that time. With the increase of the interest rates, this gap was closing quite quickly in 2022 to about 64 basis points in the case of office again. If you have such a small divergence, of course you need to think carefully whether you still want to invest in real estate if the premium compared to a risk-free rate is so little. There can be still arguments, but there are less. However, it was a short period where this happened. In Switzerland, other to many European markets, it has never been negative at all. With the lowering of the interest rates and the slight increase of the prime yields, this gap has increased again to about 200 basis points today, which is, as you can see, already again in a good average and has obviously an impact on the transaction markets. This is what we see on that slide. Here you see the volume of the rental income properties in Switzerland that have been transacted. What you can see is that the volumes have literally tripled since the financial crisis. In 2010, it was about CHF 7 billion in Switzerland, and it has gone up to CHF 21 billion in 2021, then sharply declining to about CHF 10 billion in 2023 and a little bit coming back in 2024. We will speak about in a minute where we stand today with that, but obviously the interest rate changes have had a significant impact to our market. What is also interesting to see here is that the segment suffering the most from the interest rate changes were offices and retail in light green and yellow, whilst the multifamily segment was less affected and still quite lively. Let's park that for a second, and before we enter in more details to that, look also at some occupier market fundamentals that are obviously also important drivers of our markets. A quick look at office, and I think this is an important graph that maybe not everyone has always in mind. These are the office availability rates in Switzerland. The line in red shows the five major cities and availability there. The line in blue shows the smaller cities in Switzerland, and the line in green shows the suburbs. What you can identify easily is that the suburbs have an increasing vacancy rate, whilst the cities have a slightly decreasing vacancy rate, and these are very moderate levels in average today at about 3.5%. Why is this gap widening? It has a lot to do with the post-COVID working from home culture, but it is not only that. People more and more want to have a lively urban environment when they work. They want to have a different setting at home. They want to communicate. They want to exchange. Obviously, with the services, amenities, and urban setting in the city centers, that is much more easily given. It is not said that it cannot happen in suburban areas, as it is shown here. This is not a city center either, but if you create such a good environment, then people come as well. This is what you have to keep in mind, and this is where in the suburban areas it works as well. If you do not have that, you have some difficulties. A little positive news also on the suburban areas. You can see that it is slightly declining again. This has a lot to do with the supply. There is much less built in the suburban areas more recently. Just one word about the rents as well. You see here in light green, Geneva and Zurich are the main markets of Switzerland compared to other cities and how rental growth has been in the last couple of years. Surprisingly, Switzerland is amongst the highest rental growth areas in offices if you look at the city centers with 4% average growth in these two cities. It is even more astonishing if you look at the real rental growth because most of the other markets obviously have seen higher inflations in the last years. Here is another slide which is interesting, which is showing the five Swiss major markets in light green again and where they stand in a European comparison with vacancy and development pipelines. Let me explain that. On the X-axis, you see the vacancy rates in the various cities. You can see Bern being at around 3%, up to Basel at about 7%. The vacancy rates are relatively low. By the way, this includes the suburbs. This is city centers and suburbs of these cities compared to the European area. On the vertical axis, you see the development that is planned in these cities. You see there it is usually between 1.5% and 3%. If you assume a growth of the office market like in the last years of about 1.5%, you can see that the Swiss markets are very resilient for the next years, and the threat of a rapidly increasing vacancy or decreasing rents is very limited. Just one word also about retail, because here similar things happen when you look at city centers. Here you see the vacancy rates of the five major cities in Switzerland. Obviously, with COVID, it went up a little bit, difficult time for retail, but nevertheless, in the city center, you never really had a big vacancy in retail. A bit more in Basel or more exposed cities like Lucerne. Since 2022, it is coming down again. The impact is that also rents at the top levels are on the rise again. Also one word about logistics and industrial. What you see here is the supply of logistics and industry in Switzerland. It's a small market. We don't have much space for such large-scale developments, but there's still not a lot of supply. Even if a little bit more vacancy is observable, the rents keep rising because there's not enough available for the demand that is here. I will not speak about the residential market here. As you all know, big demand, rising rents, very solid fundamentals for an investor. If we don't speak too much about the political impacts that might come to a certain extent. What does that all mean for the transaction evidence? It is very difficult to speak about transaction evidence in Switzerland because it's not publicly displayed. It's more or less easy to find the total volumes, as we have shown, but it's way more difficult to observe the behavior of the investors. In order to bridge that, for the next couple of slides, we use the transactions that CBRE has made in the last couple of years as a sample. We do about CHF 2 billion a year with about 100 transactions, which is a good enough sample to observe the various segments. I will always compare in the next couple of slides the time before the interest rate increase with the time after the interest rate increase, and then also discuss what it means for today. Let me speak about the volume of capital that was invested. Again, that's just our sample. What we have observed is before, an average deal size in our segment was about CHF 42 million. After the interest rate increase, it was only CHF 26 million. Clearly, the big deals were gone. There was less available capital. Why? Because the big investors had other alternatives. They went into bonds or they were just not active anymore. If they wanted to invest, they had higher return expectations. A lot of reasons have actually led to that observation. This becomes more clear on that slide. Here you see how the investor types have changed before and after the interest rates have gone up. Before, private investors had hardly had a chance to win a bidding that was on the market. They were active. They were looking at it, but usually they were outperformed by the institutional players such as pension funds, real estate funds, and especially insurances at that time. Let's not forget, they were facing negative interest rates and a lot of capital flowing in at that time, and they were absolutely desperate to get these deals. When you look at the flip side of the coin and looking at who has been a seller before and after the interest rate raise, you see that obviously the privates have been less sellers. Why is that the case? Because obviously before the interest rate raise, the privates have taken advantage of the very good terms. They have sold at very good prices. Now, as we have seen, they have become more and more buyers and less so the sellers. In exchange, all of a sudden, insurance companies who had hardly ever sold were very active sellers and looking into other opportunities. We have also seen pension funds with an overallocation and very other products as well. All of a sudden, these became sellers. This has had an impact also on the segments in our market. We have seen smaller volumes, more privates active, less capital available. All of this, together with the need for stability, is obviously favoring the residential market up until that moment. More money went into the residential market, and that was a clear focus. Less in the office prime and the retail prime. Why? Because the yields were too low and the volumes too big. Very little activity there. Where do we stand today if we look at it? Still, obviously, and that is why it is important to look at this evolution. This is where we come from. We see a partial return of the institutional investors, and especially we see a lot of capital coming into our markets. What you see on the chart on the right-hand side of this slide is the capital that has been raised in the various years. Not surprisingly, 2021 has been very good years. It came down in 2022, and especially 2023, hardly anything raised. In the first phase of the higher interest rates, you still had this old capital that had to be deployed, and actually only the impact is really seen in 2023. Especially in the second half of 2024, all of a sudden, the institutional players mainly, and especially investment foundations, have started to raise capital and more and more also the other players. If you look at 2025, we see already CHF 2.5 billion that have been raised this year. It is highly likely that we will be beyond 2024 this year by the end of the year. A lot of cash is there. Now, not all of this cash is available for the transaction market. Some of it is used to reduce the debt, the mortgages. Some of it is used for development, but in theory, it's there and it's really ready to be deployed. Also, what we see, if you look at the announcement of the various capital increase, the biggest part of it is going into residential. It's only more recently that some of the capital raises are also allocated to commercial. That's also important to be kept in mind. Now we've looked at investment behavior and where they're going to. Oh, sorry, I forgot to mention. Also, the pension funds are increasing their targets. That's also slowly, but steadily. They have less pressions, but they're coming back. However, the insurance companies, they are not yet back. They're still actually on the sideline. If they do something, it's really still rather selling and handing over their real estate to the internal products or the third-party products. That's important. We do not have the same full group of investors yet on the market. Let me have a word about the prices and the yields and the evolution here. What you see is the dark lines are the yields that CBRE has observed in our transactions before the interest rate raise, and the light colors are after. The blues are the commercial segment. The greens are the residential segment. Not surprisingly, the yields in all areas have gone up after the interest rate rise. It was not the same in all areas. If you look to the left of this graph, this is the core segment with the lowest yields. Actually, the difference has been quite high. Why is that? Because again, we have had less capital. We have had too low yields for this capital. Hence, if transactions came into play, the prices were down and the yields were up. In the case of commercial, it was about 70 basis points. In the case of residential, also 50-60 basis points on the top end. Quite a substantial difference. The same can be seen at the right-hand side, where also a big gap has been opening up, however, for other reasons. At the opportunistic end, there was just not enough capital anymore available for that. If you wanted to have a transaction, you needed to have a lot higher yields. Interestingly, in the middle segment, the change was not that big. Why is that? It is actually that in that time, the sellers had to offer better quality deals in order to make a deal happen. They were actually offering better locations, better covenants, better tenants, longer leases, to speak of the office market, in order to make a deal happen. Therefore, yes, the yields were almost similar, but what you got for the deals was a better quality. That leads me to some closing remarks in regards to that. We have seen, or we see now, that in the core end, the yields come down. There is way more activity. There is way more capital, and the investment market is clearly recovering already by a couple of thousand basis points on the core segment. We are not back to 2022 yet, but more and more players are back, and that increases competition. However, the competition is almost exclusively today on this core segment, and everyone is looking for quality, long leases, good leases, ESG compliance, and so on. It is way more difficult when it comes to complex assets where the investors are not back in the same amount. Also, let's not forget, we have Basel III, which makes lending more difficult, especially on the opportunistic end. We have the consolidation of the banks, which is also reducing the competition there, both really making it difficult, for example, to sell shopping centers or retail that are not as very centrally located. Investors are still selective, decreasing yields, especially on the core end, but clearly rising yield differentiations, which obviously creates a lot of opportunities. I hope with these words, I have been able to give already a bit of input about the Swiss market and hand over to René Zahnd. Thanks a lot, Florian, for this insight in the current market situation. A very warm welcome also from my side [Foreign language]. With that, I will switch back to English. Yeah, it works somehow. Okay. The Q&A session will be at the end of the three presentations. I will start with the presentation here from my side, and then I will hand over to Anastasius Tschopp for the business insight, the SPS Solutions. Finally, the closing words for Marcel concerning our financial strategy and our financials. That is the first slide. Speaking a little bit about the situation in Switzerland, most of you are citizens here in this country, so you will know it already. We still have an important economic growth of approximately 1.4%, and we have especially a growing population. I mean, 0.8% or 1%, this is 90,000 new people inside this country. Those 90,000 new people, they all need a place to work, and they all need, of course, a place to live, which explains a little bit the success of this country. Very interesting, on the right side, we got this figure from the OECD average. It is an OECD average figure, a high productivity in this country, more than 4% above the rest, the average, with a lot of innovation being done inside Switzerland. The second slide concerning the current market situation here, already Florian mentioned it, you can see the high employment growth inside Switzerland. The very interesting split we have in the GDP, which makes us a very, very stable country. On the right side, this is also what Florian mentioned. It is the inflation. I mean, I still remember when we had this inflation peak for Switzerland. It was, I think, 3.5% or 3.6%, so far away from the 10% that you could have seen in other countries, especially around Switzerland, in other European countries. Why is that so? Of course, we have a strong currency. We have quite an independent national bank, I would put it that way. We have something very special in Switzerland. If we have a look at the consumer basket inside Switzerland, and if we have a special look inside the consumer basket concerning energy and the energy mix in Switzerland, then it is clear that we pay less money for the energy in Switzerland because we are not depending on oil. We are not mainly depending on gas. We are more or less then on our own with our hydropower. This explains a little bit why Switzerland had such a low peak of the inflation with approximately 3.5%. Now, inside the company, we can say that we are definitely a completely new company. What you can see on the left side, this is the earnings split we have seen inside the company in 2019. Von Büchner mentioned it when he arrived in 2020. We still had Tertianum, we had Wincasa, and we still had the operations of Jelmoli. The earnings split was only 45% of all the earnings of the company were coming out of the core business, the real estate business, so including also at that time already the asset management. Because we have somebody from Kempen here, where is he? Yeah, yes. I always like to tell the story. My first roadshow was with Kempen in Amsterdam, the very first one in 2016. I arrived in the room, and then the guy on the other side of the table, he was looking at me and he said, "You're a real estate company, aren't you?" I said, "Yes, as far as I know, yes." As far as they told me, because they were looking for me when I was working within Plenia, yes. He turned the page and he said, "6,400 employees, you can't be a real estate company." Just to keep it in mind, we had at that time approximately 4,000 employees inside the Tertianum business, then another 1,000 inside Wincasa, and approximately 800 inside the operations of Jelmoli. Now we are down at 200 employees overall in the company. You can see now the new earning mix by the end of 2024. Of course, it's already ex-Jan Moller, and you can see that 87% are now coming in from the direct investment, and the rest is coming already from the asset management with a very interesting top-line growth and the EBITDA margin, which is, of course, improving because now we have a higher margin business with the real estate business. Strategy, if we can say, "Yes, yes, yes," I won't go through the whole page, but of course, we have now this new strategy with this new portfolio. We are a new company with two main pillars, the direct investment business and the asset management business. We will deliver in the next years also 3% like-for-like growth inside the portfolio, and we still continue to make our developments. Why the developments? I mean, they make us quite independent from the current market situation. Of course, the net yields inside the development are much higher than the net yields you can normally find in the locations that we are interested in when we are looking for a new building or for a new asset. I will not say anything concerning financials. I leave this part then completely to Marcel. This is the platform. By the end of 2024, by coincidence, both pillars had more or less CHF 13 billion assets under management, if you like to put it that way. You can see that the location here, we have differentiation in location in the direct investment or the economic center, so the big cities inside Switzerland, of course. On the other side here in the asset management or focus areas, it can also be more suburban areas than we were looking in the direct investment business. The type of use is completely different. We have on the left side, you have approximately 100% type of use is commercial, and on the right side, it is 60%, it is residential, which makes us also then interesting as a platform because now we have both pillars and we have both types of use. If we speak then about conflict of interest, there is absolutely no conflict of interest between the left and the right side. Why is that so? First of all, type of use is not the same. Commercial on one side, more or less residential on the other side, that is one point. Secondly, locations are completely different. We are looking for core locations in the big cities in the direct investments and more in the suburban areas in the asset management. Finally, the size of the asset is completely different. We are looking of size. When we look for a new asset, sizes of CHF 75 million for a specific asset, and the size in the asset management is much, much smaller. It's rather they are starting with CHF 15 million and then going up approximately to CHF 50 million. Also concerning the size, there is no conflict of interest. Where are we invested? Now I'm speaking of the direct investment business, so of the Swiss Prime Site Immobilien. You can see that our investments are, of course, still in the big city centers. It's a connection between the highway A1 connecting Geneva with Zurich. That's what I like to put it. The other one is half of the highway A2 connecting the city with Basel, so the northwestern Switzerland, then going through Lucerne, Zug, and going in the direction of Ticino. You can see there is one dot here. That is only one dot. Yes, we have an activity in the canton of Ticino. This is still a residence, Teziano residence. When we sold the Tertianum business in 2020, we kept, of course, the assets. We kept the buildings. We just sold the operational business. This explains here this only single dot in the canton of Ticino. My favorite next pages. What we did during recent years was a title here is a little bit wrong. It is a little bit misleading because we called it capital recycling strategy, but it was definitely a capital upcycling strategy. I just explain to you on the next three slides why. What we did are disposals from 2020. It was the arrival of Son in the company 2020 until the end of 2024 of more or less CHF 1.3 billion. We reinvested this money then inside the development pipeline. You can see some of the developments that we have listed here. Currently, we are in the building here in Geneva, Alto Pont Rouge. This is one of the big developments. We then invested this money. With that, we have optimizing also of the type of use, so of the mix. You have in mind that when I started in the company, we had still a type of use retail a little bit more than 30%. We said we should come down in the direction of 20%, which is now the case. By the way, in the end of 2024, we were exactly at 19.7% type of use percentage of retail inside the portfolio. Of course, inside these new developments, we have normally no retail. We have most of the type of use of floor space is office floor space, what you can see in the second bubble in the middle of the page. We get better locations, of course, and we get greener buildings because when we develop ourselves, then we have really a green building at the end. We have even a power building, which means normally that we can produce more energy in the building than we need ourselves. We give it then back to the community. Now the detail of this slide is even more interesting. What we did then exactly was this whole transformation of the portfolio. This is very, I like this slide because then you have here the number of the buildings. You can see that we started with 187 buildings in 2020. We are now down at approximately 140. The buildings that we sold on the market were exactly the buildings where we said they are not really the type of the buildings we want to have in our portfolio at Swiss Prime Site. We sold more or less a lot of smaller buildings, which you can see on the left side. On the right side, this is just the other flip of the coin, the flip side of the coin. You can see where are we now currently concerning the fair value of the building. We have much more buildings having a high fair value and much less buildings with a lower fair value than on the right side. If we summarize this, then we had CHF 425 million as earnings from rental income in 2020. We are now up with less buildings, by the way, with better locations, with greener buildings, up to CHF 464 million as rental income. Our goal will be this is starting point to cross then the borderline of CHF 500 million. Marcel will come back to that later. We have better locations. You all know this presentation of Swiss and partner where you need to be on the right side on the top of their presentation. We have now we started with 88% in core locations. We are now up on 96%. As I already mentioned before, the type of use is approximately 50% office floor space and 19.7% to be very exact retail floor space. The rest is more or less logistics. It is a little bit of hotels and parking slots. We got efficient. We got really efficient. You can compare the 22.5% to the 17.3% more efficient. Why is that the case? Because even if you have smaller buildings, smaller building will not say that it is less complicated. Smaller building can be as complicated as a big building. This makes us really efficient. Now let's focus on the acquisition pipeline. That is the acquisition pipeline we are currently following. One acquisition is very well known. It is the one in Geneva. We will visit the building this afternoon. The other acquisitions are underway. We have approximately a portfolio of CHF 600 million altogether. You can see the figure here below with a possible potential additional rental income of CHF 25 million. Of course, I mean, if we say due diligence, the deal is not done. The deal is maybe in different stages of negotiation, but it's not completely done. Where are all these buildings? Of course, they are as all the rest of our buildings. It's along the A1 or the half of the highway A2. The next slide is the acquisition we did with SGS. That's the building, as I mentioned before, that we will visit just in the afternoon. I mean, the interesting thing about this acquisition was not only the acquisition of a very interesting building in the city center of the city of Geneva. It was also that maybe you have it in mind. We have a completely empty building in Baar. That was the building which was used by Partners Group before they started to develop their new headquarter. The building was completely empty. We had with this deal the opportunity not only to get this new acquisition of a very nice building. That is the building that we will visit in the afternoon. We have here the old part of the building and the new part of the building. On the other side, on the right side, you can see that there is a really nice view on the lake. Not only that we got this building, on the other hand, we have now again a full building in Baar in the canton of Zug, which was for us definitely a win-win situation. That is the deal done. Speaking a little bit about the developments, of course, Jelmoli, we closed the operations definitely down in the end of February 2025. Now it is closed. The good thing about this, it is not only closed. We already could start then the transformation of the building. What would have happened? I mean, this was really what we struggled a little bit. You never know when you get the building permission. This was very, very tight then. Just keep in mind what would have happened if we did not get this building permission until the end of February 2025. Then you have a building completely empty. You cannot start the transformation works. This would have been very bad for the reputation of the company and also very complicated to explain this to all the employees of Jelmoli. This is really very well done that we could, just after closing of the operational business, just start with the transformation works. Maybe even more interesting then, or just because maybe you do not have it in mind, currently we have a rental income. We had a rental income of CHF 27 million here. After transformation, rental income will go up to CHF 33 million. That is the goal of the transformation of this building. Pre-let situation is currently at approximately 50%. You all know that we had the opportunity to sign a rental contract with Manor, which we did last year. We also have a rental contract with Holmes Place. They were already a tenant inside the building in the old building. This gives us the 50%. Now the interesting thing then, what comes then on the rooftop? The rooftop will be a place of leisure. It will be a place where you can really have restaurants, where you can also do sporting activities. This should be the place to be inside the city of Zurich. This rooftop did not exist so far. Even if Jelmoli had a restaurant, this was not the rooftop. The architects say the rooftop normally is the fifth facade of a building. You do not only have the facades around the building. You have the opportunity to do something very special on the top, on the rooftop. That is what we have in mind. We will make the deposition of the building permit in the next months so that we get the building permit, I think maybe in a year, and that we can start also the transformation of this rooftop. Another three developments. This is the building which will be currently finished in the city of Bern, just when you arrive by train or by car. It's very well situated inside the structure of the Wankdorf. What you can see, the shape of the building is a circular triangle, a circular triangle, very complicated structure. You maybe can assume it a little bit on the right side, on the bottom of the right side. It shows you the picture how this building works. What is it all about? It's mainly a timber construction, and it's a lot of photovoltaic modules that we could put on the roof of this building, again on the roof, but also the facades. So this blue structure you can see there, these are photovoltaic modules. The good thing is, and the Zurich Insurance Company will be very happy because this is the main tenant of the buildings and their main color is blue. They are completely happy with this photovoltaic situation inside this building. I have two slides left. This is the second part of this development in Yont. Maybe I can show it here. These are the buildings already existing. That is the development we finished roughly in 2019, 2020. Now we will continue with the development of three additional buildings. There will be two new buildings and one transformation of an existing building. The current letting situation is one building is more or less at 50% pre-let. The advantage of this project is that we can start with one building after the other. As you all know, we normally do not start construction works if we do not have a pre-let situation of 50%. This is now the case for one building. We started the construction works in the beginning of this year. Finally, and this is my last slide, maybe some of you remember the capital markets day that we had in Zurich. You remember maybe what we explained concerning also one of the assets that we will visit this afternoon. That is the asset Rue du Rhône, where we have as a main tenant, we have Globus. What can I say? We are in current negotiations with Globus. Not only with Globus Switzerland, but also with their mother company, which is very important. We are quite optimistic that they will continue where they are today. They are currently with us in our buildings in Geneva, in Lausanne, and Lucerne. Keep this in mind. I think we can give you then another information by mid-year, more or less. We then have the press release in August 2025. We will know a little bit more. Now we have here two options. The options we gave you two years ago was the option on the right side. At this specific moment, we said what we have in mind, and we already got here, the building permission is a complete transformation of the building, which would mean that Globus has to reinvest or to invest a little bit with us. One part will be with us. It is approximately CHF 150 million, but on Globus side, will also be an investment of CHF 50 million. I'm not sure if they will do that. We will know this, as I said before, mainly in August. That is why we showed you the second option. The second option would be that they just keep their floor space that they have currently in the building, that there will be only a small transformation of the building. You can see then the invested CapEx is CHF 15 million compared to CHF 150 million, so it is just 10%. This could be the other option. The logic then behind is that we cannot have some additional rental income, what we have shown you two years ago on the right side. This would keep the rental income approximately where it is currently. These are the two options, and we all hope that we can give you then more information by August when we see us next time during the press release for the half-year results. That is from my side. I hand over to Anastasius. Thank you, René. Dear ladies and gentlemen, very warm welcome from my side. My name is Anastasius Tschopp. I'm the CEO of Swiss Prime Site Solutions since 2018. In the next few minutes, I'm going to give you an overview to Swiss Prime Site Solutions. I have broken down this presentation in three points. The first point is the business case of Swiss Prime Site Solutions. The second point is how function the pension fund market in Switzerland. And the third point is how we get 60 billion assets under management in 2027. I will start with the business case of Swiss Prime Site Solutions. As René Zahnd mentioned before, we have two strong pillars in our group. On the left-hand side is the Swiss Prime Site Immobilien. On the right-hand side is the Swiss Prime Site Solutions. Their investment focus is housing or residential. Swiss Prime Site Solutions is the leading independent real estate manager in Switzerland. We have CHF 13.3 billion assets under management. We have a license from FINMA. More than 2,500 clients are invested in our seven products. 650 clients from these 2,500 clients are pension funds. We have 130 employees in four locations, three of them in Switzerland, Zug, Zurich, and Geneva, one in Germany, Munich. Our investors are not only pension funds, insurance companies, or banks. We also have products for private equity or retail clients. I like this slide, and I will go through to this slide. On the left-hand side, we can see our fund management. For example, the product in this subpillar is the investment fund commercial EFC or the Aqara Diversity PK. With CHF 4.2 billion assets under management, we have here a big subpillar for the Swiss Prime Site Solutions, and we are on the driver's seat to drive these two products. We have grown the first five months in 2025 with CHF 180 million new equity. In the middle of the chart, the wealth management with CHF 6.4 billion assets under management, for example, the Swiss Prime Anlagestiftung or the investment foundation from Fundamenta. For this product, we have raised CHF 150 million new equity the first five months 2025. Finally, on the right-hand side, we have the third part subpillar or the mandates. Here we have CHF 2.7 billion assets under management, and we are grown with CHF 50 million in the first five months. For example, our clients here, ASKA or BRSF, also private equity. I will summarize for you. In the first five months, 2025, we have raised around about CHF 370 million new equity in three products out of seven. The capital raises are still running until the end of June 2025. During this capital raise in the first half year, we gained more than 30 new clients for our diverse products. This slide is very important. How works the pension fund system in Switzerland? Let me explain. 4.7 million active employees and employers pay into this system every year. This is not an option. This is a requirement. The pension funds must therefore invest CHF 70 billion in equity per year that they can pay pensioners' pensions. Around about 900,000 people are retired in Switzerland. The real estate sector is a safe and long-term investment for the pension funds. From the yearly net contribution, around about CHF 70 billion, the pension funds invest approximately 23% or CHF 4 billion in average in the real estate market. Our target is to raise 50%, which means CHF 600-700 million new equity. Before the merger with Fundamenta, our share was 12%. Now we are confident that we can go to 50%. On this waterfall chart, you can see how we get from CHF 13.3 billion to CHF 60 billion assets under management. As I mentioned before, we will get in the first subpillar around about CHF 2 billion new equity from the pension fund market. In three times, CHF 600 million or CHF 700 million in results, it is CHF 2 billion. The second subpillar in this equity part, we will get from the accommodating product. This means Swiss Prime Anlagestiftung and Fundamenta Anlagestiftung, which now pay out the dividends. This is CHF 150 million each year. In three times, in result, it is CHF 500 million. Together, this CHF 2.5 billion new equity, we can supplement it with 30% debt, around about CHF 600 million. We have CHF 3 billion new equity that we can invest in our products over the next three years. Please note, in this calculation are not the mandates, the private equity plot deals, or other products. To the end, I have two takeaways from the market and two takeaways of Swiss Prime Site Solutions. The fundamentals, as mentioned before, Florian or René, are very strong. We have a net immigration by around about 90,000 people every year. We do not have enough housing. The interest rates are low or going down. In the same time, we have a bullish real estate investment market in residential. As I mentioned before, the pension fund system in Switzerland is strong. They have to invest CHF 70 billion new equity every year. 23% goes to the real estate market in average. Our part will be 50%, around about CHF 600 million. Swiss Prime Site Solutions is a stable business case. We have 70% recurring fee. For example, management fee, construction fee, only 30% is non-recurring, for example, transaction or capital raising fees. Our recurring fees cover our costs two times. For example, our costs round about CHF 30 million. Our recurring fees round about CHF 60 million. Debit margin is higher than 50%. As we have seen before, to grow to CHF 60 billion in assets under management in the next three years, we will not need more employees in the future, but we can benefit from the economies of scale. Thank you for your attention. Now I hand over to Marcel Kucher. Thank you very much. A very warm welcome also from my side. It's really great to see so many familiar faces here in this room and probably many more in the offices around Europe in front of their screens. What have we learned? We learned a lot about the Swiss real estate market. We learned about our transformation. We learned about our strategy. We learned about the strategy of Swiss Prime Site Solutions. What remains for me is to put this together and show the key elements, how we build from this resilient growth for you, our shareholders, over the next couple of years. To start with, I think there are six building blocks that are important for that. I want to keep these six building blocks in mind, and I will talk a little bit about them for each of them. The first one is stringent letting capturing reversion. We'll talk about that. René has mentioned it before, our like-for-like growth, but I'll provide you a little bit more feedback on that as well. The second is accretive acquisitions, a large chunk obviously out of the capital increase we did in February, but also out of that, how do we employ our capital in order to make sure that this is accretive for our shareholders. Development growth, René mentioned our pipeline and showed some of the cases that we're working on at this point, but that will be the third element in the property portfolio. Obviously, as Anastasios explained in great detail before, we see many opportunities in the asset management business to deliver here growth in this fee-related business. There are two additional elements, which you say is platform focus. The first one is our strong balance sheet. How do we finance? How do we make sure that we make the right capital allocations? The last one is economies of scale that become more and more important given our large platform size of CHF 26 billion and plus in Switzerland. All of that together allows us to deliver resilient growth over the next couple of years. Let me start with the first one on the rent reversion. René mentioned the numbers before. Over the last two years, it was roughly 3% plus in like-for-like growth that we delivered. We split it up here a little bit. If you look on the left-hand side, where that does come from. There is a bottom case where you basically see, which is the pure rent, which went up since 2021 from 0.8% to roughly 1.5%, say, over the last couple of years. An additional element was the vacancy reduction. You see this on the top here, delivering 1.5%-1% over the last couple of years. There was the middle part, which is the indexation. Now, we heard in Switzerland inflation came down significantly. Obviously, this part will probably come back a little bit. What I want to focus on is the lower part, the really rent reversion part that has come up quite a bit over the last couple of years. This did not just happen. We put a lot of work into that, and our teams put a lot of work into that in order to do that. We increased our marketing teams. We increased our sales teams in order to be closer to our customers. We have now, for almost all of our larger campuses and areas, we have community management teams that make sure that our tenants are really super happy in these places, provide additional services. We have now, for many of our campuses, we have mobility services. All of that adds to the happiness of our customers. They want to stay. Hence, in combination with our great portfolio in the right locations, that will help us to deliver this like-for-like growth. Currently, and that's the question we get asked often, if we compare to our appraisers, what is in there, we have roughly 10% reversionary potential versus the market. I put up here some of the larger extensions or new lettings that we did. We aim to beat that, to deliver more than what our appraisers have in their appraisals. You see that very often we can do that, delivering up to 10% higher rents when we close a deal than what was in the appraisers. Like-for-like growth, rental reversions. Second, René mentioned our pipeline is acquisition, delivering income and value growth. We did our capital increase by CHF 300 million. As we mentioned in the release and in individual discussions, we're not trying to use this money to deleverage. Hence, we have a firepower of, say, roughly CHF 450-plus million. If we look at the pipeline that René just mentioned, and that is very important to us, we're focusing on elements that are in key locations along A1 and A2, as René mentioned, new buildings, attractive buildings, but buildings that also are accretive to our shareholders. I think that's very important in terms of how we do our capital allocation going forward. You see this here a little bit. This is the pipeline that René mentioned before. Net yield between 3.5% and 3.8%. If we leverage this up with roughly 40%, we deliver then roughly 4.9% to a little bit more than 5% in FFO yield. Both of those compare to the 3.2% that we currently have in place and the 4.8%. The current FFO yields on both of them are very accretive. If we look at these building blocks that we mentioned before, we aspire to deliver CHF 500 million plus in top line within the next three and a half years, so by the end of 2028. Where does that come from? Our starting position is obviously the CHF 464 million that we delivered last time. One word of caution here, within that 36 million is from developments that will go offline, like Jelmoli or Globus here in Geneva, if we do this. The like-for-like growth that I mentioned before translates roughly into 30 million in additional top line. The acquisitions we mentioned as part of the capital increase, roughly 13-17 million. The developments that we're going to deliver, this is important. This is the incremental top line that we deliver. It is not the full Jelmoli because this is already in the 464. This is the incremental top line that we deliver, should be in the area of 20 million. We will also do some sales. About half of it is sales that have been taking place last year already. This is obviously effective in terms of the top line impact this year. We're still seeing a couple of buildings where we see better uses of the capital that we employ. That gives us roughly CHF 500 million-plus over the next couple of years until end of 2028. One element I mentioned before as a building block is the economies of scale. If we look at what we delivered over the last couple of years, you see this here very well depicted both on our own real estate portfolio as well as on the asset management side. René mentioned it before, the 22% that we started in terms of EPRA cost ratio in 2021 brought it down to 17%. Our aspiration is to bring this further down to a maximum of 16% midterm, by the end of 2028. At the same time, you also see the cost ratio that we did depict here on the asset management, brought that down from about 55% in 2021 to currently about 40% with an aspiration to bring this down to about 35%, meaning an EBITDA margin of roughly 65%, the reverse of. How can we do that? A large element is that we really have economies of scale that we organize across the segments wherever that is not client-facing or real estate-facing, but all the back office, all the development, all the financing, et cetera, we can do across the platform. Given the size that we have, that delivers significant economies of scale going forward. One word on capital allocation. I think it's very important that we focus here on a very prudent financing strategy and continue that as we have done. We are with Moody's in an A3 level, and we certainly aspire to keep that going forward, which means we keep our LTV ratio roughly at the 38% that we mentioned before. Given where interest rates are currently, the outlook that we just heard before from CBRE of the investment market in Switzerland, et cetera, we see a continuation of this prudent investment strategy as really a real key element for that. It delivers on the interest rate. You see this. We came down from last year from 1.2% to roughly 1.1%, a couple of basis points probably even lower in the first half here. For those of you who have followed a little bit, our marginal cost of debt today is probably at or even lower than what our average cost of debt is. That means going forward, we do not expect here to have significant changes in terms of our financing cost going forward, unless things change, which these days happen sometimes quickly. Putting all this together leads us in an aspiration for an FFO growth potential of roughly 10%. We started for 2022 last year. We see roughly 50/50 coming from asset management as well as the real estate business, so roughly 4%. The 2% I mentioned before coming from efficiency element, scale element, et cetera. That brings it all together to this roughly 10% by 2028, again, assuming no significant changes in the financing market over the next three and a half, three and a half years. Obviously, as our dividend policy is to pay out roughly 80-90% of the FFO1, that translates into a very attractive, we believe, dividend policy over the next couple of years. Let me sum up two last pages. Medium targets, as we mentioned before, rental income for the real estate portfolio, CHF 500 million plus by 2028, EPRA cost ratio below 16%, so further improvement here on our efficiency. Why 2028? Because end of 2027, Jelmoli is going to be back online. That makes only sense to compare it then on a like-for-like basis by 2028. On the asset management side, Anastasius mentioned that before. We are confident that we can reach CHF 16 billion plus here again in assets under management, given our current market share and the activity that we see in the asset management market, and that with an EBITDA of CHF 75 million. We see clearly the economies of scale that we can produce. That brings me to the last page and also the key takeaways that we want you to take home. We have a really focused strategy now with the two pillars in Switzerland focusing 100% on real estate, both in the commercial side with an exposure also on the residential side through the fee income. We have a very disciplined capital allocation. We maintain our A3 rating going forward. We are very diligent in terms of how we allocate our capital so that it is accretive, all the acquisitions that we do or the developments that we do. We are the largest player in the Swiss real estate market with roughly CHF 30 billion going forward, assets under management, which allows us to benefit from economies of scale across the platform. That together sets a clear aspiration for us to deliver resilient growth with a 10% FFO potential going forward. Thank you so much. I will now hand over to René for Q&A. Thank you. You will not hand over to me. You hand over to all of us for the Q&A. I certainly will not answer all the questions myself. For the Q&A, we will start with the Q&A here in the room. You also have the possibility to ask questions in the virtual room. Please just hands up. Florian here, Florian Hauber, not Florian Kuprecht, will handle in the second way all the questions from the virtual room. Let us start here. Please, one question after the other, even if we have no translation at the moment in the room. Ken, I have seen that you have the first question. Yes, we have some micros. Thank you. Thank you very much, René. First question is for Anastasios. The question is, if you see further potential for consolidation in the Swiss real estate asset management market? Thank you for the question. Ken? Yes, I see potential. That's clear. We have some small players and bigger players. Some bigger players may be too big. We know these big players. I see potential, yeah. Would you acquire another competitor again, or do you think you have now the necessary size? We have now the necessary size. Those CHF 16 billion plus, which we have shown just on the screen, in the end of 2027, this is organic growth. This is definitely organic growth. There is no acquisition inside those CHF 16 billion. Now, it would be completely wrong to say no, definitely no. We would not do that. It is definitely not in our current plans that we will make another acquisition in the next years because we think that now we have the platform and now we have the staff to operate and to go up from those CHF 13 billion to CHF 16 billion with the same people, with the same employees. This makes us then really efficient. I think another acquisition, it is never easy to do an acquisition. We have done two very nice acquisitions. Until you have integrated all those people, I mean, this also needs some time. The answer would be rather no, but never say definitely no. Okay, thank you. The second one is for you, René, and it's about the deployment of the capital that you've raised. Where do you stand with your acquisition pipeline of properties, and where do these kind of yields that you see play out currently? In terms of the yields we just showed you, net yields of 3.5%-3.8%, this is the acquisition pipeline. This is not general market or anything. This is the pipeline that we're currently talking about, and that translates that into an FFO yield if you leverage after taxes, et cetera, of this, I would say, roughly 5% plus that we mentioned before. In terms of where we stand in the acquisition pipeline, we're obviously in different stages. I cannot comment too much about it. If you say your due diligence, it's not that we just started. With these transactions, you never know how long they might take. Okay, and the third one is also for Marcel. Just make sure we're here. Florian Kubrecht said that the financing market is difficult because of the consolidation of some banks plus the Basel legislation. You have a very large credit portfolio. I am a bit worried that you're too large for the Swiss market once the bond market might be closed and the banks might be very, very restrictive. Do you feel that you are too large as well? If so, how do you tackle this issue? If not, could you explain why you believe not because you have a rather large size in this market currently? Yeah, a couple of points on that. First one is what my feeling is since the end of the last year, I've seen more interest from banks again. We did a couple of elements also for the Anastasios asset management product that I thought would have been difficult a year ago or something like that. We were talking here about unsecured financing also for our products. We're talking about here credit lines that are committed, et cetera. We could do that again at the beginning of the year. We got good quotes, several quotes. I think a key element here is also that we're relatively large. For our partner banks, we can provide them not only do they do a mortgage with us, but we can do capital market elements. We can do unsecured financing. We can do private placements, et cetera. I think that makes us an attractive partner for these banks. Now, in terms of size, at this point, I think, as you might have seen, no problem. We issued last year over CHF 500 million at very attractive margins. We issued this year already CHF 210 million at the beginning of the year, lowest spread in the industry despite the fact that we are double the size of the average transaction. That shows that our investors, our debt investors, are very eager still to invest in our products. Hence, I am not worried at all. There are other options. As we mentioned before, we do have our convertible options that we did not extend now, but that is certainly a very different market from the market that you have in the Swiss. I see more potential also with the Swiss banks now that the consolidation has a little bit settled, et cetera. I do think there is potential to increase here a little bit the unsecured financing. There are markets above and outside of Switzerland, which we believe are potentially suitable for us going forward. Okay, thank you. Yes, please. Morning. Thank you very much for the presentation. Eleanor Frew from Barclays. First question for Anastasius. It sounds like you're seeing strong interest in your products in recent times, but maybe thinking back to the pre-interest rate rise, how does the interest you're seeing now compare to back then? How is the interest that you see now compared to 2020 or something like that, or 2021? What's changed a little bit? What changed? Is the interest in asset management investments, is that the same or larger or lower? Yeah, we see after the crisis that the interests are growing. The last two years was the market a little bit still. We have not so many investments in real estate indirect in our products. Now we see the big bubble that they have to invest. We see at the slide from the Swiss pension fund market, this CHF 70 billion that they have to invest, 23% goes to the real estate market. This is around CHF 4 billion-CHF 5 billion every year or each year. The last two years, they had not invest. Now they have. Now they have a lot of power to invest, yeah. This gives me the opportunity really to—that's just a slide he mentioned. I mean, if you compare the asset management market in Switzerland, the asset management market just around Switzerland, let's take Germany, for instance, it's just not the same market. Why is it not the same market? Because we have here this pension fund money, which is not the case in Germany, just for a small part. This gives us the stability inside this market. This also explains a little bit why we have such a high amount of recurring fees and of really stable clients. He mentioned 650 pension funds only invested inside our different products. As he said, they need to invest. I mean, they need to allocate the money they get each year from the employees inside this country. Maybe shed a little bit additional light on that. That's one particularity. I saw some eyebrows going up here when we showed 23% real estate allocation, which is obviously much higher than in many other European countries. I think part of that is these pension funds need to deliver 2.5% cash, basically. That's what they need in order to pay the pensions. In many other countries, you allocate a larger part to bonds. If you look at the Swiss market, you cannot make 2.5% with bonds. It's impossible. Hence, a lot of the pension funds take a higher portion in real estate because this is stable. It delivers stable cash flows. They deliver cash flows that are at whatever, 3% or something like that. In that respect, that is also a key difference. If the market is a little bit flattish or maybe even goes down a little bit, they still stay because this is for them a long-term, 30-year investment that provides them with the basis of cash flows that they require in order to pay their pensioners. I think that makes a huge difference. These are not the guys that go in and out very quickly. These are the pension funds that stay. Thank you all. Very clear. Maybe one for you, Marcel. You mentioned your acquisition yields are higher than your current portfolio yields. Do you think there will be any read across to your portfolio value as that transactional evidence filters through? Downward pressure on values, perhaps? Or is your strategy more focusing on those stranded assets that Florian alluded to that there isn't as much interest in? No, no, that is not what I wanted to allude that we see here a downward pressure, not at all. I think every one of these situations are special situations. René mentioned the one that we can talk about in terms of SGS because it was kind of a mutual benefit. They needed an office in the canton of Zug. We provided them an office in the canton of Zug. At the same time, they wanted to sell that. The negotiation was very much focused on that joint approach. I think that is what we can deliver as SPS because we have the size and we have the coverage. Also, if you look at the other opportunities that we're currently pursuing, these are all in a way special. Might be sell at least back with a strong focus on they want the Swiss fire for whatever reason. There are some private people involved in that. No, I think it is more of the special situation that we are after where we can bring our size, our leverage, our reputation. That helps us to generate higher, not the market. Maybe as a quick follow-up to that then, how do you see your portfolio value kind of evolving as the half year goes on? Up. It's the right direction. Up, yeah. It's always hard to say. Yeah, I don't think we will see major moves in the discount rates, rather flattish. As I mentioned before, we deliver like-for-like growth. Hence, up-ish, yeah. Thanks very much. Yes, please. Let's start with that slide, please. Hi, from Green Street. Two questions for Marcel, I think. On the acquisitions front, you expect kind of CHF 70 million worth of income by 2028. Is that, or rather, sorry, that is on the equity raised. Would that be CHF 70 million based on the CHF 300 million equity raised, or would that be CHF 70 million based on equity and leverage, so CHF 450 million or so? Sorry, which 70 million are you referring to? The CHF 70 million additional. That is both. Otherwise, the yield would be on the CHF 300 million that would be too high. Okay. CHF 25 million worth in sales. What kind of volume do you expect? Look, as I mentioned, a third to half already happened because, as René showed before, part of our capital re or upcycling, we sold almost CHF 350 million last year. And a lot of them relatively late in the year. That will be already a significant chunk. What are we selling? We're selling smaller buildings. We're selling buildings that are not in prime locations. We're selling buildings where we see less potential going forward, et cetera. You can assume that the average yield there is a little bit higher than our average yield in our portfolio. I don't know, say four-ish or something like that as a rough indicator. Thank you. We switch on the right side. Yes, thank you. Actually, it's a question on the market, maybe also Florian. Oh, Florian, yeah, of course. I mean, I just have the impression that, and I totally agree about that core CBD market for office is still a good market. I believe in the good economics there. I have the impression that lately, what the definition of a good office location, it has become smaller. On the outskirts of the CBD, you can see from competitors of yours or other investment vehicles that they struggle a bit with such locations. You can see some change of use of those office spaces, offices which are not really or have a problem to be relit again at the same conditions. I mean, you might not agree with that, with my assessment, or maybe you have what is your strategy in your portfolio to deal with that? First, me, I'd like to answer. It's a question concerning the market. I mean, in general, there's evidence to that. That is why I've shown that slide. Yes, in the suburbs, vacancy rates are increasing still. That's an average figure, obviously, but we clearly see that we need to provide more quality. What does it mean? I would like to particularly stress what I called amenities and services. You have to have an environment where you can gather, where people like to come to. If it's as isolated as at home, if I may say so, and you go from a place even isolated to even more isolated, why should you go there? That is what we see. A lot of corporations say, "We cannot bring our people to the outskirts of Zurich or Geneva or whatever city. Why would they go there?" You need to give them a really good offer to come together and collaborate. If the buildings are good enough to do that, and you have such examples around the airports, for example, or here, people would come. If you have old buildings, unflexible buildings, which are maybe also not ESG compliant and other elements, corporations do hesitate to still rent. Is this okay as an answer? Yeah, I wasn't talking about the suburbs. I was talking about just the outer border of the CBDs. You can see that it's eating a bit into this area. Yeah, that's actually the area where things come a bit together. It's true. You still see a high demand in the city centers. Clearly, people want to be there. What is different to a couple of years back, it's not just the banks and insurance companies who want to be there, but you have the tech companies and the advisors. If you are going a bit further out, you need to have good connectivity. You need to have all these services there as well, then it still works. If you don't have that, it's faster being a suburb in a way. Not a question here. Yes, please. Good morning. Thank you for the presentation. It's Jonathan from Florencewood Kempen. On asset management, this is for Anastasius. Could you perhaps put the CHF 400 million that you raised year to date into perspective and to the CHF 600 million that you're looking to raise every year? Also, given that you're seeing, well, more demand for real estate, is this CHF 16 billion perhaps a bit of a too conservative chart? Yeah, at the moment, this is target. Maybe if the market a little bit change, a little bit faster, it could be more. It is also the average from 23% from the pension funds, it could grow to 30%. It could be that this number goes to 700 or 800, yeah. On that CHF 400 million that you already raised, did you capture more market share or is this really just more inflow into real estate? Both. More inflow, but we have more shares from the market. Yeah, it is. We have more products. We have good products. Our performance from our products are high. We are on the top three in each part. Yes, the investor likes our performance, so we get more capital. Yeah. I mean, the question was, is there not enough ambition in those CHF 60 billion? I mean, we speak about three additional years. What you can see in the current market situation, geopolitical situation, markets can change very, very quickly. Keep in mind, if we speak, we are very stable with our pension system inside Switzerland, all this pension money. What happens if all the share prices go down, and this was the case for two or three weeks, then their allocation inside the real estate market will be too high, so too big. What will they do in this specific moment? They have two options. The very bad option is if they go on the market and they make sales with the real estate, that is the very bad one. Also not very attractive is that they just stop further investment inside this market. You never know how this geopolitical situation will change during the next three years. That is why I say we will go up to those CHF 60 billion. Maybe it is more, but you cannot say it definitely at this specific moment. Okay, clear. Thank you. Just as a follow-up on the Globus project, you mentioned two different options. The two different options is, I mean, we are currently really in discussions with Globus Management, including Central Group, which is the owner of Globus in Switzerland. They have three floor spaces inside our portfolio, Lausanne, Lucerne, and Geneva. Now why those two options? I mean, I cannot speak for them. If they will continue in those three sites, that's already a good thing. At this specific moment, I'm not sure if they are ready and open in their mind to invest with us in this Geneva project. That's why we said two options. When we showed the Geneva projects one and a half years ago in last capital markets day in Zurich, we had still the situation with Benko. At this specific moment, he decided if he spoke with the other side of the 50%, I have no idea. He said, "We will do that." That is why we showed this transformation of the building. If this is still the case, I can just not tell you exactly. Maybe I know more. I think we will know more in office then when we have our press release concerning half-year results. It doesn't happen, the CapEx requirements are much less, essentially. I've looked at alternative ways to deploy this CHF 130 million. Yeah, I mean, the deployment, we have still a very huge development pipeline. We can, of course, a little bit accelerate the development pipeline, or then we can use this money also for further acquisitions on top of the capital increase. Or what we can do, we can make less disposals. We can play with those three elements. As I mentioned before, we're comfortable with the 38% leverage. Given the current market environment, there's no plan to significantly. That's why I didn't mention a payback. Clear. Thank you. Is there one additional, two additional questions here on the left side? Just start over there, please. Yep, I have a question. Here comes a number. Just a question on the property portfolio. If I remember correctly, on the last capital markets days, you stated that you wanted to keep the property portfolio rather stable at CHF 12 billion-CHF 13 billion. Now, with the acquisition pipeline that you presented today and the rental income target CHF 500 million plus, I would say it's fair to assume that the property portfolio would grow. Do you have a portfolio value in mind that you want to reach? No, we have, if we speak about fair values of the portfolio, I mean, one thing is disposals, on the other side, the acquisitions. Then is also, of course, the current market situation concerning then where are the interest rates. If you have a positive re-evaluation effect by the end of the year or a negative one, this can change very dramatically and very quickly, as we all know. There is no goal concerning the fair value. It should be, of course, lucrative concerning the fair value, that is for sure. Our goal is the rental income. More than CHF 500 million rental income then by the end of 2026 should bring us in the fair value. If the market stays like it is, approximately to CHF 14 billion, CHF 14.5 billion maybe after the end of the next four years, then by the end of 2026. That's not the main goal because, I mean, speaking about the fair value, what we can adjust inside the fair value, of course, we can do some developments. We can do some interesting capital allocations, CapEx allocations. Concerning then the other part of this fair value, this is just the market situation where we have no direct impact on it. Thank you. The following, yeah. Maybe just a follow-up question to the below about the CapEx or the less CapEx and what you could do with the money. One thing you did not mention is delevering. I mean, you could use the money you saved also to pay down debt. You mentioned 38% loan to value. I assume you just want to stay around that number and not go significantly below. How confident are you on your A3 rating by Moody's? Because they kind of always say it is kind of weakly positioned in the A3 rating category. It's no more weakly positioned. It's not. You read the newest report. They just issued a new report, and we are with a slightly leveraging we did over the last couple of years. We are now no longer weakly positioned. That is why we feel comfortable. As a CFO, it is always okay to go slightly below. Then again, we are committed to deliver this FFO growth. As we currently see the market situation with the stability in the real estate market, with the financing situation on the other hand, I think there is no immediate need that we would significantly deleverage going forward. Okay, so around the 38. Exactly. I mentioned that before, the A3 is important for us because this helps us to keep our financing costs where we are. That is certainly something we keep in mind going forward. Tapping the Eurobond market, would that be an option? Never say no. It all depends. Ultimately, it depends on the spreads here. You can swap that. I mean, we could hedge all the currency risk. Ultimately, it depends on the spreads that you get on the euro market. I think they need to be roughly in line, maybe a tick higher than in Switzerland. Otherwise, it would not make a lot of sense. We still have very good access to the Swiss market. That has not been the case, say, over the last two years where the spreads were, whatever, 30, 40 basis points higher than what we had in Switzerland. That might change again. Also in Europe, you see some changes in the perceived risk of real estate. We will certainly have a look at this again. Last question of the room, and then I will look at Florian. Are there some questions? The formal announcement is this is the last question of the room. Let's do one more. Perfect. Thank you very much. Let's say it's 2027, you reach all your goals for Swiss Prime Site Solutions. Would you consider spinoff, for example, going forward? The answer is no at the moment, no. This was never a discussion on the board. We said we want to be very successful now with the asset management. We want to see a certain size that the asset management is then also reflected in the share price. This is our main goal. There was absolutely no discussion what to do, what will we do when we get up to CHF 16 billion-CHF 17 billion. I mean, whatever you have is always an option. There is absolutely no decision concerning the future of the asset management. By the way, we feel very good with the asset management because this makes us also special. I mean, you could compare us with PSP. If we would not have the asset management, then we are second PSP. Is this interesting for our investors? Is it not more interesting to have two options, two big options inside this country with a different business model? I think I prefer this. I would say as coming somewhere from Asia, from abroad, from the States or from Europe, I would say it's fantastic that I have these two options of two complete, not completely different, but still different companies inside the country. Maybe I add to that. Maybe what is really important is 99% of our capital is invested in bricks and mortar in Switzerland. That is important to a lot of our investors because they want to be part of the Swiss real estate market. That is 99% of our capital. We are talking about 1%, but that 1% delivers very attractive yields. Plus, it in a sense provides coverage of the entire Swiss real estate market directly, obviously with our rental income. Indirectly, we benefit from an upswing in the residential market through higher transactions or higher fees, obviously, even though obviously this is all owned by pension funds, the real estate. Thank you. Okay, then the very last question over there, just one more, two more. There is still no reaction in the audience. I would like to ask if this building we are sitting in is a good example that a new city center, a new prime location can be created. If you see a few occurrence to be repeated like this in Switzerland? Yeah, I mean, is this a good example? I would say definitely yes. If you make a development and we are not a trading developer, so we develop for our own portfolio, this means that we have really a long-term view. Long-term view means more than 30, 50 years. Now you know the situation here in Geneva. This is Prairie, Acacia, Verne just behind us. This will be a huge potential for the canton and for the city of Geneva for their future development. They will need to attack this and to ask for all the building permission. This will be the ideal situation. This will be the opening of this new district of the canton or city of Zurich, including this direct access to public transport, which is just one station away from the main station in Geneva. I always said it's somewhat similar to what we see in the Heutebrücke in Zurich. You have just one train stop then connecting the city center with Heutebrücke or here with Alto von Rouge. I mean, if you think that everything will develop in just five years, this is completely wrong. That's not the view we have. We have really this long-time investment view. Okay, then. Hi, Markus from Bank of America. I have a question on your rent reversion over CHF 30 million coming from like-for-like. I understand it's all coming from reversion. On your slide, do I understand why this is not a reversion from your sitting rent versus market rent? If it's not, then is there a reversion from your current rent and portfolio to market rent? Because I read it like it's your potential beat to the market rent. It would be CapEx driven. What is the CapEx to reach this 10%? Yeah. Okay, a couple of things maybe. The first one is we have a vault of around two to five years. We have maybe an additional two years on average of options, which we cannot change the rent during that time. Say we have an implicit vault of maybe seven years. Given the 10% that the appraisers give us as a reversion or potential, that translates to roughly 1.2%, 1.5%, 1.6% every year. Obviously, it is not always happening at the same time. It depends which one runs off and in which year that happens. That is the basis. That is a little bit what we have shown here because we are confident that we can get that. In addition to that, we obviously work on getting higher. What we have shown here is not that we buy this by putting huge amounts of additional CapEx in it. One of them is at one of the examples that we've shown here is at Heutebrücke, where we inaugurated the building some 13 years ago. Now typically the fixed term lease of 10 years as well as the option come to an end. Hence we can negotiate again with these tenants. There is no significant CapEx involved in that. It's literally about putting that on a new 10-year contract with all that had happened around that area. Okay, thanks a lot. Then a last look. How does it work, Florian? Do I get? Thank you. If you would like to ask a question from the Zoom webinar, please use the raise hand button, which can be found at the bottom of your Zoom screen. When it is your turn, you will receive a prompt to be promoted as a panelist. Please accept and wait a moment. Once you have been introduced, you may unmute yourself and turn your video on and ask your question. We will wait a short moment to allow people to raise their hands and enter the queue. Again, as a reminder, if you would like to ask a question from the Zoom webinar, please use the raise hand button, which can be found at the bottom of your Zoom screen. If it is your turn, you will receive a prompt to be promoted to panelist. Please accept and wait a moment. Once you have been introduced, you may unmute yourself, turn on your video, and ask your question. We will wait a short moment to allow people to raise their hands and to enter the queue. At this time, there are no raised hands. This session, I will now hand back to René. Thank you very much. This was very short. So thanks a lot for your attendance.