Good morning, ladies and gentlemen, and welcome to the Branicks Group AG half-year results 2024. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Peter Dietz. Thank you, operator. A warm welcome from my side, from the IR side, everybody, to our half year result presentation for twenty twenty-four. Before we start, some quick remarks from the IR side. This call will also be webcasted live on branicksgroup.com. A replay of the call will be available on our website shortly after the end of the call. Our CEO, Sonja Wärntges, will now give you an overview of our financials, our guidance, and the current market environment. After the presentation, we'll be happy to take your questions. Please note that management comments during this call will include forward-looking statements, which involve risks and uncertainties. For a discussion of risk factors, I encourage you to review the safe harbor statement contained in today's press release and presentation. As always, all documents relating to our half year reporting have been made available on our website. I now turn the call over to Sonja Wärntges for her remarks. Sonja, please, the floor is yours. Thank you, Peter, and good morning, ladies and gentlemen. Also, a very warm welcome from my side to Branicks half year twenty twenty-four results conference call. Today, I'm joined by my colleagues from the accounting and investor relations. As usual, during our quarterly calls, I will give you an overview on our key numbers and what has been achieved in the first half year, followed by a Q&A session. Dear all, in terms of a rough overview about the last half year, I would like to highlight the topics mentioned on slide number two. Also, our market environment remains challenging. We deliver on our promises and have achieved a lot. First of all, and maybe the most important message for today, we are fully on track in terms of our financial consolidation and our planned disposals. From initially EUR 500 million bridge financing for the acquisition of VIB, we only have EUR 40 million outstanding. Our focus remains on reducing our liabilities further, with a continued concentration on our liquidity situation, laying the foundation for shaping the company in the future. With regards to our disposals, Branicks was a very active participant in the market in the first six months of the current year, with selling 15 properties for a combined EUR 361 million. This underscores the high quality of our real estate portfolio. Following the original expectation that the market would not pick up again until the second half of the year, Branicks can already look back on a satisfactory business performance in the first six months of the financial year. Our commercial portfolio shows a positive momentum, and our clear strategic focus on office and logistics real estate is once again reflected in the high percentage rate these two asset classes constitute with regards to their market value. As in former quarters and years, our commercial portfolio generates stable and predictable rents, benefiting from the rent indexation. So again, we can report a like-for-like rental growth. With EUR 9 billion assets under management, our institutional business remains the second strong pillar of our business model, also recording a 2.5% like-for-like rental growth during the reporting period. The announced partnership with Encavis regarding our new asset class renewables has the potential for further successful activities, supporting profitable growth within this segment, and last but not least, again, we saw further progress regarding our Performance 2024 action plan. Besides the further OPEX reduction mentioned on the slide, we also made progress on the other points of this program. For example, the mentioned reduction of liabilities, the realization of disposals, the concentration on the operational portfolio business, as well as attractive investment ideas. With regards to our financial maturity profile, we set a course already in the first quarter of the business year, when the lender of the 2024 promissory notes, loans amounting to EUR 225 million, voted in favor of the company's restructuring plan. In doing so, the promissory notes were extended to June 30, 2025. Another major milestone in the first quarter was the agreement with the lenders of the bridge financing for the acquisition of the shares in VIB Vermögen AG, completed in 2022. We agreed on an immediate repayment of EUR 40 million and an extension of the term concerning that at the point remaining EUR 160 million until the 31st of December 2024. The extension had been achieved on almost unchanged conditions. Since then, we were already able to pay back another EUR 40 million at the end of Q2, as well as another EUR 80 million in August, resulting in an outstanding bridge debt of EUR 40 million. Let me also underline that our focus to deleverage while monitoring our green bond covenants remains one of our priorities. With 59.1%, the bond loan-to-value covenant should have peaked and will improve due to the disposals and the planned redemption of the bridge financing over the course of the year. We are aiming to reduce our LTV further in 2024, and achieve an even bigger headroom in the midterm. With 2.00, the ICR covenant has also enough headroom to the 1.8 threshold, and we are confident to keep our interest cover ratio stable, with even an improvement expected in 2024, also due to the planned redemption of bridge and of course, above the 1.8 threshold. In terms of our average interest rates, that you can see that the redemption of the bridge improved our average interest rate already by 15 points to 3.21%, compared to 3.36% as of end of March 2024. Let's now take a deeper look in the results of our real estate platform in the first six months, 2024, shown on slide number 4. As already mentioned, our like-for-like rental income remains strong, and our teams once again performed exceptionally well. The like-for-like rental income rose by 2% for the entire portfolio under management. The rent increases were realized primarily through indexations in the commercial portfolio with a plus of 0.8%, and in the institutional business with a plus of 2.5%. In terms of square meters, the letting performance of the Branicks platform in the first half year, 2024, declined by 30% year-on-year to 180,900 square meters, mainly due to the disposals. In total, assets under management with EUR 12.5 billion were slightly down compared to last year's end of Q2, mostly due to disposals, which became ineffective in the course of the year. The commercial portfolio saw a decrease from EUR 4.1 billion to EUR 3.6 billion, which was a direct result of the disposal activities year-on-year. The institutional business was also affected by the end of a larger property management mandate, and as of today, only 1.8% of the total annualized rental income would expire in 2024 if lease contracts would not be prolonged. Over 70% of the annualized rental income has a lease length until 2027 and longer. For larger expiries in 2024 and 2025, we already proactively started discussions with the tenant. On our next slide, let me highlight the development of our main income stream. Net rental income fell to EUR 77.1 million, primarily driven from the sale of the retail properties into the VIB Retail Balance I fund. The same effect you see in the increase of income from associated companies, resulting from fund shares, and it contains the share of profits in VIB Retail Balance I. The real estate management fees slightly decreased from EUR 21.8 million to EUR 20.8 million. This number solely comprised recurring asset, property, and development fees. As in the prior year period, no fees were generated from transactions. Therefore, our recurring income on the platform, with EUR 97.9 million, was slightly lower year-on-year. Now, let's take a closer look on the development of the FFO year-on-year that were overall in line with our guided expectations. The net rental income saw a decrease of EUR 7.9 million due to disposals and to the fact that the prior year period still included rents from properties in the VIB Retail Balance I fund. Development fees decreased by EUR 1 million, while the share of the profit from associates and our OPEX development had a positive contribution to our FFO. The increase of our net interest result was mainly due to the restructuring of our liabilities, resulting in higher interest expenses and incurred non-recurring expenses. Until year-end, we will see significant improvements here. Also, taking into account adjustments for transactions, legal and consulting costs in respect of the restructuring of liabilities in the amount of EUR 10.3 million and EUR 4 million of non-controlling interest, we see an FFO of EUR 19.4 million for the first half year of 2024. In view of our expectations for the current business year, we did not make any changes. We still expect gross rental income in the range from EUR 160-175 million, real estate management fees between EUR 40 and 50 million, an FFO 1 after minorities and before taxes of EUR 40-55 million, acquisitions of EUR 150-300 million, whereas we expect all of them in our institutional business, and last but not least, disposals of EUR 650-900 million. Thereof, EUR 500-600 million in our commercial portfolio, and EUR 150-300 million in the institutional business. Beyond our unchanged guidance for the current year, our midterm ambition also remains unchanged. We strive to transform Branicks Group towards a profitable ESG focus and value generating asset expert with sustainable cash flows and financial positions. Our ambitions are clear, and we are working hard to achieve them. We want to substantially improve our earnings and cash flows, and we want to return to net profit and positive net cash flow in 2026. In doing that, we will monetize our ESG expertise, and we have a clear midterm ambition to further reduce our debt, going along with improving the respective KPI. Having said that, I would like to hand over now to the moderator for your questions. Thank you very much. Dear ladies and gentlemen, if you are dialed in the conference call and have a question for the speakers, please press nine, followed by the star key on your telephone keypad now to enter the queue. Once your name has been announced, you can ask a question. If you wish to cancel your question again, please press nine, star a second time. So one moment for the first question, please. At the moment, there seem to be no questions, so please press nine, star, if you wish to state a question. The first question comes from Stefan Scharf, SRC Research. Please go ahead. Yeah, good morning, Sonja. I have a couple of questions, perhaps, step by step. The first question is about your green buildings. You have now a share of 44%, and my question is: Is there a roadmap to reach 50% next year, or let's say even 66% or something in the following years? Good morning, Stefan. Yes, indeed. So if you remember, we had the goal to have more than 20% until end of last year, so we now have reached, or we have more than doubled this. So we have, as you said, 43.6% now, and we have to go the goal to reach 70%, because we are now on a very good trip, so to say. We have a very clear roadmap, what to do and how to do this. And the good news is we have a very professional department installed here during the last years, and we can not only analyze what the assets, what stage has the asset at the moment, but also see what the potential is for the future, and we can also realize these changes. So therefore, we have a very clear roadmap, and we see a lot of potential in our portfolio because it's a, yeah, a middle portfolio, so to say, where it is good to improve, to green, but without billions of euros, and I think we have shown this in the past, that we can do this without billions of euros, and so we will go further here, and we try to reach the 70% within the next three years. What's your forecast for the office transactions in your pipeline? The first half was more or less the focus, or the majority was more on the logistics side. So what may we expect within slightly improving market in office transactions to come for the second half of the year? Yeah, as said, we have at least our goal for disposals of EUR 650 million-EUR 900 million. We have reached more than half of this now, and we have the processes in place also for retail and for office buildings. It takes a little bit longer because as said, at beginning of the year, if you sell office buildings, these are very special deals, so to say, with a very special interest from the potential buyer. And so therefore, we will see some transactions, but I think it will be a mix of office, retail, and logistics until the end of the year. Besides this, we are planning. We are in the planning phase for the next year now, and so, seeing that the market is a little bit better than the last month, it will also be a mix of all these three asset classes for the next month. ... Okay, okay. If you have a look at the letting performance, the renewals were quite stable from one hundred and sixty-nine thousand square meter to one hundred and sixty-one thousand. That's more or less the same, but the new lettings were down remarkably from ninety thousand square meters to just twenty thousand square meters. Perhaps you can say a bit more about a possible reluctance of tenants to rent office, or also say something about the prolongation terms. Are they shorter now, the new contracts than the old contracts have been? Yeah, that's a very good question, Stefan. So, at first, you're right. What we see at the moment, and this is, I've said this also in the last month and years, if there are crises, it's normal that the tenants stay where they are and do not change. So, this is the very good positive news, and the same positive news on this side is that we can renew the lettings or the contracts with the higher rent, so to say, so they pay the indexed rent, then also in the future. What we had, we have had in the past was, when you remember, development, and therefore we brought up new floors, so to say, to rent for new rent, so to say, and we were successful in this. So if you remember here, the Global Tower, we had thousands of sq m, and we have let them within 18 months, and so this was all new lettings, yeah. At the moment, we do not have such developments, and what we see in the office is that, as said, the tenants stay where they are. They do not use less spaces, so to say. But yeah, it's hard to do something new. And what we also see is that there is a lot of questions about ESG also on the floors, because the big companies have their own roadmaps to have floors with ESG linked, so to say. And on the other hand, there is also the question: how does the office look like? How should the offices look like to bring the people back in the offices? That's the two major issues, and I think we have answer on this, but it takes a long time to bring the tenants in new floors. Mm. It's generally more than they stay where they are. I see. I see. Yeah, that's also my assumption for the development at the moment. So, one other question is about your new renewables asset class that you started some months ago with a partner. And, perhaps you can say a little bit more here about what you expect for fees to come in, let's say, for 2025 or 2026. Yeah, we are working on this asset class and also on the investors. So it's at the moment, the investors are, yeah, how should I say this? They do not have that much money, and they are thinking very deep what they are doing with their money and how to use it. Besides the fact that a lot of funds do have a lot of cash in their funds, and they want to stay with that cash because they do not really know what the investors in these funds do and whether they have to pay out some of them or not. So the cash positions are higher than in the past, and therefore, the investments are not so quickly done as it was in the past. On the other hand, there is a lot of interest in renewables, and we have a lot of discussions with potential investors, and they look at this, and we have also a very strong partner here in Encavis, but I don't think that we will have a lot fees out of this until the end of the year, but we expect them to come in twenty twenty-five. It will also not be a high number because we have to start this, and this is a fund where we have a mix of development and existing assets, so to say. We are doing the fine-tuning of the fees until November, as always in our planning. So I cannot really say what we will expect for next two years, but definitely we are working on this asset class with a lot of interest from the investors. Oh, okay, I see. I see. One last question is about your debt profile. There are next year the EUR 290 million in promissory notes. Perhaps you can say us a little bit more here about the structure and the maturity structure. What comes in the first quarter, say, in the second, in the third quarter, or in the final quarter? Yeah. Most of them are the two hundred and twenty-five promissory notes, which we have prolonged until mid of next year, meaning thirtieth of June 2025. And the rest of it comes in the third quarter, twenty twenty-five. Okay. Thank you very much. Thank you, Stefan. Thank you, also from my side. The next question comes from Markus Schmitt, ODDO BHF. Please go ahead. Yeah, thank you. Thanks for taking the questions. I have also a couple. So first of all, you had these two transactions post-reporting date. Could you disclose what's the net proceeds where? And then I have a couple of other questions. ... We have to look it up. Perhaps you make the next questions. Okay, yeah, sure. Looking at the right number. I will. I have another question on the vacancy. I mean, you just spoke about it, the new lettings is a little bit difficult right now, but I'm interested what the split is between - I mean, you had asset sales and maybe letting business, which is imperfect. I want to call it that way, so what is the split about in terms of vacancy increases? Is it more coming from the asset sales, or is it more coming from the letting business? Maybe you could quantify that. It's difficult to quantify that, but, it will come more from the letting business, I would say. Okay. Another question on the funding situation right now. I mean, when you discuss funding costs with your financing partners for secured and unsecured, I mean, what are the levels you are discussing right now? Can you repeat this? I haven't got this really. No, when you talk to your financing partners, your banks and promissory note lenders and so on, I mean, I think you're in constant discussion with them in terms of managing also your debt maturity profile. So I'm interested, what levels are you discussing currently for secured debt? And what levels are you discussing for unsecured debt? Yeah, secured debt, I would assume you are able to incur debt at, let's say, 3% and maybe unsecured, I don't know, 4%-5% whatsoever. So that is something I'm looking for, for the levels you are discussing with your financing partners. I understand, you mean the interest levels? Exactly. Ah, okay. Sorry. I spent all my time. Yeah, at the moment, so we had the decrease of the interest rates, and- Right ... they are, yeah, in the perspective of the bank, so to say. So we are discussing more or less only with secured debt at the moment- Mm - on the capital market, and thereof, we had around about 4%, 3.75%-4%, which are in discussion here. This is the range. Okay, I see. Good. And, yeah, another question. I mean, you mentioned just that the ICR will likely improve in the second half from now two times, I think. I have a little bit of a hurdle there because I mean, EBITDA is coming down due to the asset sales. Your funding costs improve because you bring down the bridge now. So, is there any guidance where you see ICR in the next months or maybe at the end of the year? Yeah, we are looking in our model for this, and. Okay ... in the meantime, I can answer the first question. Very good. For both of the transactions, we had net proceeds of EUR 351 million. 351. That is the net proceeds you really collect eventually? Because I saw in the H1 report, I mean, one of the transactions with the 12 assets, the logistics assets, was I think EUR 309 million, and the other, I think the two retail assets, if I'm not wrong, was EUR 27 million. So that gives me EUR 336 million. So any net proceeds must be materially lower, given that there's a mortgage on these assets, right? So, because I'm looking actually for what your pro forma liquidity is. I mean, you had cash of EUR 91 now, then you had net proceeds, which is coming in, then you paid down the bridge by EUR 80 million, and I'm looking now for what is your pro forma liquidity as of today, basically. Let me take this one. Hello, Hello. We define the net proceeds as the gross purchase price deducted by the costs. But if we deduct the mortgage, which is on it, it will be... Hold on a second. Round about EUR 140 million, we are expecting as cash inflow also. Yeah. That is the, I mean, the equity value eventually, no? What you got. So that is what I'm looking for. 140. Okay. So it's 91 plus 140 minus 80 to give me the pro forma liquidity, I guess, no? Yes. Okay, good. Yeah, and coming back to the ICR, maybe you have a figure available, what round about what you have in mind until end of the year. For end of year, we expect around about two point oh. 2.0, so flat from now, basically. Yeah. Okay. Yeah, and thank you very much, yeah. Thank you. Thanks a lot. Next question comes from Philipp Kaiser of Warburg Research. Over to you. Yeah. Hello, everyone, and thanks for the presentation. I'm taking my question, just a couple from my side. I'm starting with the admin expenses. I think you mentioned during the Q1 call that this number should come down, the rest of the course of the year, but now it's up again. Could you just explain why is it, and could you give us a run rate for the rest of the year with regards to the admin expenses? Yep, good morning. So, yeah, we had the one-off for the restructuring, so to say, for the banks and so on, for the fees. But at the end of the day, if you look on the split, you see that personnel expenses are down a lot compared to last year. And so this is what we worked on and what we had achieved. And so we will also see a decrease in the second half of the year because the actions which we have taken will result in the second half of the year. But nevertheless, the admin expenses went up because of all these restructuring things and fees for banks and so on. And if you look on the run rate, let me see. It will be around about EUR 22 million for the admin expenses, as a run rate. Okay, perfect. Thanks a lot. Then, I think a couple of weeks ago, you handed over, you finally handed over the Global Tower. Are there any related fees triggered by the final handover, first? And second, are they already included in the H1 results in the management fee, or is more to come out of this in the second half of the year? Yeah. As you know, we had a percentage of completion method, so to say, during the development of the Global Tower in the balance sheet and in our results. With finalizing and handing over the complete tower, we had got the last mile of the development fee, so to say, with around about EUR 6.5 million, and you will see this in Q3 then. Okay, perfect. So that means you now stood at almost EUR 21 million. So you're not really related to transaction performance in the second half, just the run rate, and you will reach the lower end of your guided range for the institutional business fee. Is that correct? Definitely. With the EUR 6.5 million, we have now reached, according to our recurring fees, which still are unchanged. And I think that's a very, very good positive news, yeah, which we see here, that we haven't lost any investor here, and that we get the recurring fees out of it. And therefore, we have now reached the target of our guided management fees. Yes. Okay, perfect. Thanks. Then the next part is the interest expenses. They went up again, compared to Q1, which should actually be the highest number. And that's due to restructuring of liabilities. Could you shed some light on this effect, and could you give us a kind of a run rate for H2? Now, we have, like, two times a bit elevated interest expenses, and then now the redemption of the bridge. So what can we expect for H2? Have one moment, please. Yes, sure. Hello, it's me again. The reason why the interest expense went up in Q2 compared to Q1 is that we already paid back a huge amount of debt. And considering those, we have to, as under IFRS 9, we are using this amortized cost method. We have to recognize those fees that have been deducted when we got the invoices now have to be recognized in the P&L. That's the reason why it went up. Mm-hmm. And as a run rate- Mm-hmm ... for the entire year, we are around about 125 interest expenses we are expecting, including one-off items. Okay, including one-off items. Okay, perfect. Thanks for the clarification. And then with regards to the impairment charges of roughly EUR 115 million related to the transaction, could you give us an average discount to book value first? And secondly, is this linked to one specific transaction or across all the transactions you did in the first half, the discount? That would be helpful. I haven't understood the first question, but I'll answer the second one, no, we do not expect that to come for the whole portfolio, so to say, so we had thought a lot of what we want to sell and who can sell this, and so at the end of the day, we tried to sell the assets where we expect a write-off, so to say, anyway, and where the interest- Mm-hmm ... of the potential buyers are there. So they can do this better than we, and therefore, we sold it. For the total portfolio, we do not expect a high impairment. We expect on. I would say between 5% and 8%, yeah. So maybe you can repeat the first question because I haven't got it. Yeah, sure. Sure, sure. Just in brief, can you give us the average discount to book value, which caused the EUR 150 million in impairment charges with relation to the transaction? Was around about 20%. Okay, thanks a lot. That was all from my side. Thanks a lot for taking my question and the answer. Thank you. Thank you. Thank you very much. We are moving on to the next question. Next question is from André Remke, Baader Bank AG. Yeah, good morning, Sonja. Thanks for the presentation. Starting with a follow-up on Philip's question on the impairments. Again, does the impairment only relate to the already signed property disposals or also to other properties you may intend to sell? This is the first question, please. Yeah, good morning. So, yeah, at the end of the day, we are in a selling process and try to reach the best out of it. We do not have a real picture on this, so I cannot say a lot more than set for the sales. And for our existing portfolio, for the evaluation, as said some minutes ago, we expect them to be between 5%-8%. Mm-hmm. Okay, and on the EUR 300 million, roughly EUR 310 million disposals from the commercial portfolio, how much relates to the disposals to VIB? And what is already included in the balance sheet as of first half, and when do you expect the next, the rest being closed? The transaction that has been closed in half year or until June of thirtieth, there was just the selling of the assets at VIB level and the one in Regensburg that we already discussed in the Q1 call. There's no closing done yet for the rest of the transaction. They're all signed but not closed yet, and will be, then you will see the numbers in the Q3 report then. Yeah. And what do you mean? In the headlines, you mentioned also sometimes significant debt reduction in the first half. Well, the net debt was basically flat, slightly increased, yeah, but basically flat. So when you are talking about debt reduction, you're talking about the pro forma, including the non-closed deals. Is this right? Yes, and especially, also, we published that we reduced the bridge further, and that's included in there. Yeah, okay, but this reduced also the cash position, by the way. The last question is the decline in asset under management of the Evo business by EUR 700 million. What were the main drivers here? You mentioned in your presentations on your losing a mandate, a bigger mandate. What is the amount here? And then what will be the effect on future management fees on the lower AUM basis? Yeah, this, property management mandate, this is a very old thing, so to say. We have, this was MainTor. This was the last tower of the MainTor we had during the development phase. And, one or two years, after finishing the development, it was around about EUR 340,000 because it was only property management, not asset management. And, the second question, we have a very bad line here today, so I'm very sorry for asking again. Can you repeat, please, the second question? What? The first question of the EUR 700 million in assets under management from the Evo business. So I got that this was a property management for the MainTor. What was the exact amount here? So we had the Global Tower, which has gone away, so to say, with around EUR 340 million. And the other things are concerning depreciation. Well, not. Revaluation. Revaluation. Revaluation of roughly EUR 350 million. ... I think we maybe it's better to talk about this after the call because we do not have the- Yes, sure. We have to calculate this, so maybe we can call after the call here. Okay, that's fine for me. That's for my side. Thank you. Thank you. Thank you very much. The next question is from Markus Schmitt again, ODDO BHF. Yeah, thank you. I've just one follow-up. I just realized that, I mean, we just did that pro forma liquidity calculation with EUR 150 million on balance sheet, so to speak, and only EUR 40 million left in terms of the bridge financing. So why was there no appetite on your side to bring the bridge down to zero now? I mean, even then you have EUR 110 million in form of liquidity afterwards, so this is a solid position in my view. So why didn't you fully repay the bridge? From my point of view, we have around about EUR 90 million cash in the balance sheet. Yeah, but let's just, we just discussed, I mean, you have 140 coming in now from the asset sales. You reduced EUR 80 million off the bridge, so this leaves still 150, and you could have taken another 40 to fully pay down the bridge. That is where I'm coming from. Yeah, but we don't have this. So we have, so to say, after Q2, so to say, yeah, we have, we have got liquidity- Sure. - money, and therefore, yeah, yeah, we will reduce the bridge in the next month, so to say. But on the other hand, we have to have a solid cash position here for the two companies, and therefore, we pay it when it's appropriate and according to the contracts we have, and Okay. That way, we will reduce the bridge in the next week, so to say. So the bridge coming down to zero by end September or whatsoever, this is the likely scenario? Yeah, that's the likely scenario. Okay. Yeah. Okay. Thank you very much. Thank you. Thanks a lot. The next question comes from Manuel Martin, ODDO BHF. Hello. Two questions from my side. Sorry, I'm a bit confused with the disposals. If I look at slide number two of your presentation, there is a sale of 15 objects amounting to EUR 361 million. Now, does this contain the disposals to, to VIB, or how can I understand that number, please? No. Our sales number is always and only the number which we sold to external buyers. Oh, okay. Okay. Very good. Helpful. Second and last question on the line for, like, rental growth in the commercial portfolio, and I think it was 0.8%. Given the fact that basically half of that is office and half of that is logistics in the portfolio, do you have a split or indication where does the growth comes from? Is it... Or what are the growth rates in logistics and in office? Yeah, it's a little bit more in office than in logistics. So I would say from the 0.8%, there is around about 60% from office and 40% from logistics. Okay. All right. In logistics and the rent growth is not that strong. Is there a reason or because actually logistics is sought after asset class? You mean the rent growth? Yeah. One minute, please. Yeah. So at the end of the day, it's logistics a little bit more than office. But the negative thing is in retail. So this brings quality and average down then. Mm-hmm. Mm-hmm, okay. Okay, thank you. Thank you. Thank you very much. As there are no further questions in the Q&A session, I'm handing the floor back over to the host. So thank you very much, ladies and gentlemen. This concludes our Q&A session. Thank you for joining us today. Our next IR highlight will be the publication of our nine months results on November seventh. Until then, stay healthy, and let's talk again soon.