Thank you. Good afternoon. This is Pere Viñolas, speaking live from Paris. I'm happy to introduce today, also here in Paris, Carmina Ganyet, Chief Corporate Officer. It's Juanma Ortega, Chief Operating Officer, joining us from Madrid. Carlos Krohmer, Chief Corporate Development Officer, and the rest of the team joining us from Barcelona. We are very happy today to share with you a new investment opportunity that we have done. It's about Colonial entering into the science and innovation arena with a lot of promising details. Before going into these details, let's. Line unmuted. Small video, very short, that will introduce better what we'll be talking about in a few minutes. Innovation, science, and talent need modern spaces to grow and achieve success. That is what Deeplabs is today: a vibrant ecosystem formed by three interconnected science and innovation campuses, over 138,000 sq m where companies can develop, located within a rare convergence of institutes, universities, hospitals, and research centers. In essence, a place bursting with talent, knowledge, and innovation. At Deeplabs, we are committed to driving progress. That is why we have created bespoke spaces that go beyond the traditional office and lab model, setting a standard of excellence for our tenants. Deeplabs is fascinated by science, excited about innovation, and understands the changing needs of science companies. We are guided by the philosophy of deep science, deep innovation, deep impact. Our mission is to make a positive impact in society by accelerating research and development. With leading campuses in Madrid and Barcelona, Deeplabs is looking to expand its vision and community to new cities and countries. We aim to be part of this change by partnering with the companies and individuals who will drive the world forward and define the future. The future is Deeplabs, science and innovation districts. Okay. So. Line muted. We'll return as an introduction to what this investment is about. Let me now be a little bit more specific about what we are presenting here today. We are presenting a specific investment, but as important as this investment is the context and the future beyond this specific investment. The investment is about Colonial buying an existing portfolio, which is today the leader in the life science and innovation sector in Spain for a total amount of around EUR 200 million. This is what the deal is about. I think that more important than the investment on this existing portfolio is to understand the context of what is beyond this initial investment. Colonial is investing in this existing portfolio because of the quality and returns of this portfolio, as we will see later, but also because this is a first stage of a strategy that has to go very well above this initial milestone. What Colonial is doing is investing, first of all, into a build-up strategy based on the global megatrends accelerating the need for science and innovation space. It's about demographics, it's about technology, it's about geopolitics. These are megatrends that are supporting this accelerating need for science and innovation space. We are investing in an existing portfolio, but we are here also to invest in a megatrend, in a build-up strategy. It's not only about investing in this asset class; it's also about how are we investing in this asset class. We are doing this through a unique partnership between Colonial and Stoneshield. Capital is a very well-recognized leading asset manager with a fantastic track record in the science and innovation field. We believe that together we can create a success history. This alliance is also a fundamental part of our investment. We are also structuring this new strategy not only based on this alliance between Colonial and Stoneshield Capital, not only with this investment being done by Colonial, but opening this opportunity to third-party money that is with a new business model to be developed that will allow us to fulfill our goal, which is the pan-European ambition of creating the leader in the science and innovation segment. An ambition that today is about the existing portfolio that we are investing in, but it is also, as I said, about growth. It is about short-term growth, and it is about long-term growth. Short-term growth, it's about EUR 700 million of identified pipeline in the short term that we can achieve. It's about long-term in a scenario where we can target in excess of EUR 2 billion of investments across Europe. As you will see, it's about asset classes, new asset classes in the science and innovation field. It is also about Europe. It's about where Europe is today and the opportunities that it offers. Of course, it's about returns. As we will see later on in the presentation today, it's investing into a vertical that allows for stabilized yields on cost between the range of 7%-8%. It's about long-term IRRs of double digits in the field of 15%. These are the main characteristics of this investment, which, as I said, is about seizing the European real estate opportunity behind strategic growth. Maybe an additional comment that I would like to make, and I must slide seven of the presentation, is that this investment is fully consistent with our strategy in Colonial. As you know, Colonial has for many years been focused on a strategy where, on the one hand, Colonial had good recognition for an unreplicable portfolio of trophy assets in the office arena oriented to long-term capital preservation and growth. It was also about putting at work the capabilities of Colonial in human transformation, in creating new top products, in expanding into high-flow industries with increasing demand. We already gave some examples of this last year with the Alpha X initiative. This investment opportunity that we are presenting today is about expanding into this philosophy, is about expanding this capability into a new segment of thriving ecosystems. Therefore, as I said, it's not about reshaping Colonial strategy, it's about being consistent with this long-term strategy. Alpha X was a number of, we are a number of projects that we presented last year. This science and innovation SOCIMI are the projects that we are launching this year as part of this alliance with Stoneshield. This falls within our long-term strategy of matching together the core pricing power of a long-term exposure to prime office products with value-added human transformation opportunities as the one that we are presenting today. In the next sections of this presentation, we'll be presenting a little bit the rationale of this investment as a sector, later on the specificity of the European leader where we are investing right now, and finally the growth profile and returns that this investment opportunity is offering. Please, Carmina, step in on section number two. Thank you, Pere. In this section, as Pere mentioned, we are going to analyze the main driving forces that underpin the proposal we present today and why we specifically think that now it's a key moment. I am in page 10. As you know, the science and innovation sector is an ecosystem of interconnected industry involving diverse knowledge-intensive corporates highly specialized. The global market is expected to be more than $6.3 trillion, with significant expected for future growth on the back of megatrends. This means this growth means increasing demand for science and innovation real estate and specialized space. The growth estimated at 14% backed by multiple underlying industries across pharma, biotech, medical, technology, energy, defense, and security, and research and development. Size and growth reinforce the momentum. This momentum is not just now. I'm on page 11. We strongly believe that the market of reference of the science and innovation backed by a clear megatrend, as you have seen, is not conjunctural. It could be here, it can be here, will be here for a while. Why we believe this is an important avenue for the coming years? Different factors playing into our favor: demographic factors, aging population, expectancy of life, and safety drivers, especially in Europe, where the population over 65 years old will increase 43% versus 2019, as well as technology. Artificial intelligence is accelerating scientific discoveries, and especially in the U.S., the size of semiconductors market is expected in 2030, increasing four times, as well as quantum computing, 14% on a yearly basis. Finally, geopolitics, the important bet by Europe through an ambition plan to fund value-added industry and defense and security, accelerating the strategy autonomy for Europe. In page 12, this ambition is being strongly pushed by recent announcements in Europe with an unprecedented plan of expenditure and investment across the key science and innovation industry, allocating a government budget for R&D, research and development, expecting to double in 2030, and with annual expenditure increasing by three times. That means the opportunity we present today is the right moment and in the right place. The big bet for Europe is an important tailwind accelerator and is seizing the Europe real estate behind the strategic autonomy of Europe. This sector is more location-specific. In page 13, we show you who drives the locations where the ecosystem can be built through a quadruple helix model: government, civil society, universities, and business. This location concentrates the skills and talent pool of people, capital, meaning high-quality tenants and a specialized knowledge industry. Consequently, on page 14, based on the science and innovation, real estate remains the key emerging sector in Europe with an alternative real estate by firms and investors. Europe becomes a growth destination for this industry, supported by a significant strategic commitment to Europe, as we have highlighted in the previous pages, and by organic megatrends as we have been sharing. Capital inflows in 2023 in Europe for this sector have been EUR 45 billion, increasing 18% since 2020. This environment creates a unique opportunity attracting global demand in Europe. We strongly believe that the good momentum for this industry. I am on page 15. Europe is a less mature market in comparison to other international markets with strong growth projections, especially in Europe, and with very few consolidating locations with specialized infrastructure. We see critical undersupply of strategic innovation infrastructure across Europe, and this is why we believe, we strongly believe that it's a good opportunity for now this investment we present today. This means momentum also for Barcelona and Madrid and Paris as an international science innovation destination where strategic infrastructure for European sovereignty in this field is located as well. Especially where Colonial has a strong presence and Deeplabs has been starting this activity in Madrid and Barcelona. Let me start some comments about Barcelona. I am on page 16. Barcelona is the favorite city for research and development investment. Let me give you some indicators. In the appendix, by the way, you have more detailed KPIs on different cities. In the case of Barcelona, more than 50,000 students across 12 specialized science innovation universities, 12,000 researchers being number three in Europe, approximately represents this sector 8% of the GDP, 7% of the employment, the second job creation in Europe, and the third largest economic sector. This is the reason, by the way, why AstraZeneca decided to allocate the new hub of more than 1,000 employees in Barcelona and with an additional expansion plan as well in the city. A very important driver, you can see here some examples of the strategic infrastructure, but one of the important drivers in life science is the clinical development. Barcelona, I don't know if you are familiar with, but it's very well positioned, meaning that in clinical trial in advanced therapies is number four in Europe and number eight worldwide. Highlighting some of the infrastructures, you can see here some examples in this page. The supercomputing center, for example, is one of the most important in Europe, critical for life science, climate change and developments, and artificial intelligence, quantum computing, and the chips industry. This is the reason that recently in [NOVAP], a very strategic European project, it has been decided Barcelona or has been selected Barcelona to allocate the large generation microchips factory for the semiconductor industry. It is very key for the Europe strategy, as you know very well. Another key infrastructure of Europe for its strategic innovation plan is the Synchrotron Park. It's number seven, the accelerator of electrons, which are very few in Europe, by the way, and it's used by a lot of researchers and innovation industry. These are some examples for Barcelona. Let me jump in Madrid on page 17. Madrid is another existing key location of Deeplabs today, and it's another important hub of international biomedical and innovation centers. Takeda, GlaxoSmithKline are some of the examples. In the same line, a lot of well-known international research institutes, you can see here some examples, but some biology center, biotechnology, and genomic center are some of the strong ecosystems that attract new innovation hubs and international talent. In the defense and security field, Indra is a prominent, as you know, Spanish defense and tech company, and in Tres Cantos where Deeplabs has an important presence, there is a space hub focused on satellite communications technology. Cyberspace Command, the National Institute of Aerospace, are located in this area and collectively contribute to Madrid's role as a center node in defense and security innovation escape. Finally, you know that we have also our presence in Paris. We have a lot of capacities as well in this large science and innovation destination, which is Paris. This is as well an important network of world-class research institutes such as Institut Pasteur, Université Paris Cité, the Centre National de Recherche Scientifique. You have here some examples, and this is the major players of medical and digital health as well have a very strong presence in this city, such as Sanofi, Pfizer, among others. Recently, France has also launched a new updated innovation plan for 2030, has been updated at a higher scale, EUR 7.5 billion, so reinforced the destination of Paris as an important hub for this industry. As a conclusion, not only the megatrends are an important lever for the growth in demand and specialized demand for adequate infrastructure for this industry, but also the strong commitment and the ambitions for Europe in innovation technology, defense, and security reinforce the momentum. Our presence in the market, Colonial is present in Madrid, Barcelona, and Paris, as all of them are a clear destination due to the strength of the ecosystem and strategic infrastructure, reinforce especially the alliance we present today with Stoneshield as a unique opportunity to invest today in the science and innovation real estate. This partnership with Colonial and Stoneshield becomes an early mover aligned with our long-term strategy. Thank you. We now enter into a new section. Juanma, when you wish. Thanks. Now, in this section, I will describe how we are going to capture the beauty and the value of the megatrends explained by Carmina by offering the right product to the clients in the science and innovation arena. For that, let me walk you through what we have acquired with Deeplabs and how this platform sets the stage for our ambition to become a leading pan-European science and innovation player. Let me move to slide 20. What are we buying and what are the strengths of this platform? We've acquired a powerful innovation platform, 22 assets across two hubs, Madrid and Barcelona, located in the cities of Madrid and Barcelona. That is five properties in Barcelona accounting for 60,000 sq m and 17 properties in Madrid accounting for 87,000 sq m. It's not just about real estate. is also about the team behind it, a solid group of both real estate and science professionals who created from scratch and operate the platform. What makes Deeplabs stand out? First, its scale because it is already a leader in Spain with a strong market share of 33%. Second, the ecosystems it has built. It is about dynamic environments that mix workspaces, wet and dry labs, research and development areas, amenities, and much more. This has been possible thanks to this talented team. The team knows how to transform outdated assets into high-demand, customized innovation spaces. The team has strong sourcing skills. They are great experts in opportunities where it is turning existing space into lab or acquiring assets with triple net leases where the team offers different options to tenants to make the most of the opportunity of its critical infrastructure. I'm now on slide 21, and this is about the ecosystem in action. As I mentioned, the mix of experienced people and strategic hubs has created a real ecosystem. Looking at the map on the right-hand side, you'll see the hubs in Madrid and Barcelona. These clusters have been created by Deeplabs through many different acquisitions. The tenant mix includes major pharma companies, biotech firms, manufacturing, research institutions, among others. Good idea of it, just have a look to the corporate logos in this presentation. Sector-wise, the portfolio touches many key areas. 30% of the clients come from the pharma, biotech, medtech industries. 20% aerospace, defense, and mobility, and circa 11% automotive and telecom. How is the value growth captured? It is through an integrated platform with strong operational expertise and tailored approach. Deeplabs and Colonial share two core strategies. The first one is the Alpha strategy that Pere was mentioning before, and this is about creating tailored work environments that fit client needs. The second one, also mentioned in these presentations, is about the urban transformation strategy, creating spaces and neighborhoods. Together, both the strategies, plus the operational mantle of Deeplabs' team and consulting support from BienNova, we are bringing real value into this transaction. It's not just about space, as I said, it's about how it's managed and used. I am now in slide 22, and let me introduce what's the value proposition of the deal. In terms of product design, we are talking about specialized spaces, wet labs for microbiology, biochemistry, cryotanks, et cetera, dry labs like data visualization rooms, computation centers, research and development workspaces tailored to technical needs. That is in terms of product design. In terms of clients, I think it's important to highlight why do science and innovation tenants stay longer. This is because their spaces require heavy investments, equipment, certifications, critical infrastructure, and what they do cannot be done remotely. That creates strong tenant stickiness. Finally, in terms of results, having into consideration the product design and the clients, we achieve rental premium, longer contract durations, and from a value perspective, a resilient portfolio with greater liquidity and yield compression. In the end, 40%-50% increase in workspace rental values, plus three times the rent in the space devoted to labs and technical facilities. Here you can see on the right-hand side a real example in one of the properties in Madrid, which is in Cuarteles 19. Finally, let's move to slide 23. After describing what we are acquiring, let me go to what we are building from here. Looking ahead, we see a clear path for growth, not just in Spain, but across other European clusters, as it was introduced by Pere at the beginning of this presentation. We are targeting markets with supply constraints with strong innovation fundamentals. We have a pipeline of EUR 2 billion, and 40% of it is already identified. That was referred to as the short-term pipeline, including EUR 200 million in advanced negotiations or under exclusivity in cities like Madrid, Barcelona, and beyond. We want to capitalize on a first-mover advantage. Together with the joint capabilities of Colonial and Stoneshield, we are confident we can accelerate that growth, bringing in third-party capital to scale up quickly and efficiently. To sum up, we are not just buying a portfolio. We are something that successfully works. We're investing in a platform with proven execution, strong fundamentals, and with the opportunity to replicate the model across different European destinations. Thanks all for your attention, and let me now hand it back over to Pere Viñolas. Thank you, Juanma. Let's now talk about returns and growth profile. As Juanma was saying, this is about three things. First of all, it's about investing in the existing portfolio. Second, it's about a build-up strategy. Third, it's about putting at stake the asset management capabilities that Colonial has. It's about these three components that we are talking about returns. I'm now on page 26. Let's talk first about the existing portfolio, which is, roughly speaking, EUR 400 million. Here, we are talking about 130,000 sq m, the leading portfolio in Spain, an existing reality already, a proven concept. Here, we are talking about a combination of yielding assets, some released assets, and some additional projects. Here, we expect a stabilized yield on cost between 6%-7%. This is the base case of the returns of this portfolio. It comes to the second part, which is the short-term pipeline. Maybe the most important idea about this short-term pipeline is the visibility. We already have very high visibility on the investment opportunities that our platform can acquire, and therefore, we can do some assessments on the returns based on solid fundamentals. In this respect, we expect a second layer of yields in this range between 7%-8% of stabilized yield on cost. Finally, there is this growth ambition, the acceleration of this business model, and the idea of doing this through asset management on third-party capital. If we put these three things together, on the next slide, we are talking about an estimated geared IRR of 15%, and we are talking about a stabilized yield on investment, which is above 10%. It's a double digit. Certainly, it's an opportunity with very high returns in return of the hard job that we expect to do here. Implications of these for shareholder value. First, we believe that regarding NTA, this will be slightly accretive in the short term, but definitely accretive in the long term, as anyone could imagine with this kind of returns. Certainly, will mean an important growth of the assets under management of the company. Concerning the EPRA EPS, we believe that the combination of existing yields, income-producing assets, and new projects will mean that in the short term, the EPS will be very slightly accretive. In other words, we do not change the guidance that we've provided to the market for 2025. On the other hand, we believe that this portfolio can be very accretive in the midterm. Some back-of-the-envelope numbers also are more precise modeling. What it's telling us is that this can add approximately EUR 0.3 cents to our EPS in the midterm. I'm talking about 2027, 2028. Last but not least, all of this is designed to be done within a framework of a stable EPRA LTV. That means without any harm or without any downside on the solidity or absorbency of our capital structure. Therefore, very good prospects in terms of returns. Let me now go through some final conclusions. First of all, as I said, this is an initiative that is rooted in the long-term strategy of Colonial. You know that we see ourselves not only as a holding company of irreplicable assets. We see ourselves as a unique platform that, as I several times mentioned, most of these unique assets that we own is because at some point, we manage them as we transform them. It is a company that has solid grounds in a trajectory of human transformation. In this respect, we have long-term had a strategy of putting together a portfolio of stable yield, income-producing assets with very good growth profiles, our unique portfolio of trophy assets, but also this hand-in-hand with our capacity of putting human transformation capabilities at stake and devoting some of our portfolio, around 10% of our portfolio, in value-added initiatives. It is in this context that we see this investment in science and innovation in the alliance with Stoneshield. The first message is about consistency in the strategy of Colonial. The second, of course, is a message of confidence in the strong roles that the science and innovation space will have in Europe and is already having. It is a number of things that are happening at the same time. It's about demographics and aging population that is having an impact in the growth of science. It's about technology and all of the impact that has in innovation. It's also about geopolitics. I think that Europe is changing. Europe is changing in the direction of more growth, more spending, more innovation. It's crystal clear that the deglobalization is reshaping the European landscape. Is it on the back of all of these megatrends that we see this opportunity as an important one? Not forgetting that, as Juanma explained, this is not about global megatrends only. It's about micro returns obtained through real estate management based on our capabilities. As I said, this investment opportunity, it's about a combination of things. What we are presenting today is the investment on a portfolio, EUR 200 million being invested on very solid grounds, but it's also about investing in the build-up strategy. It's about investing in a new business model. It's about investing in a new environment of growth. All of this is based on this alliance with Stoneshield Capital, but it's also based on the existence already of a prime leader of Deeplabs, which is the main operator in science and innovation in Spain, will be the basis for this growth strategy. This is the presentation we wanted to share today. Thank you for your attention. As usual, we will be open to any questions you may have. Thank you. Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please press star five on your telephone keypad. Thank you. The first question comes from Mr. Adam Shapton from Green Street. Please, sir, go ahead. Hello, Pere. Hello, team. Thank you for the presentation. I hope you can hear me okay. I mean, I have a lot of questions, but I'll stick to two. First is, what do you envisage being Colonial's share of the JV in the long term? Obviously, we know the initial investment, but as you invite third-party capital and work towards a target AUM of about EUR 2.5 billion, what would you expect your share to be? And maybe why not just, why would you not have ambitions to fund the whole thing yourself with an operating partner? I mean, maybe a more real estate question. Just wondering what the mix of lab space and conventional office space is that you'd envisage for the portfolio. I mean, science and innovation can be quite a broad term, including all the types of lab space you mentioned, but it could equally be conventional office for sort of science and innovation companies. I wonder what the mix of lab and other would be in the sort of EUR 2 billion of AUM. Thank you. Thank you, Adam. Very, very good questions, both of them. I think that regarding our long-term share, first of all, of course, we always have in mind our capital structure and its strength. We are a company with a reputation of holding solid fundamentals. Basically, that is one of the constraints in order to have this long-term view. I would say that here there will be three stages. The phase number one is that Colonial is, of course, holding the major share of this existing investment because we are the founding investor at this stage in this portfolio together with Stoneshield. The second phase, I think that it is key to leverage on the appetite that third-party money, third investors will have. This is not only about money, it is also about strategy, and it is also about returns. We will be diluting our share in this platform. We understand that we should go below 50%. Let's say that a 40% number in the midterm would be reasonable. As you suggest, maybe depending on the trends and returns and the performance, different things may happen. We may increase again or down. That will depend on the long term. We do not have a rigid view on this, but I think that the initial phase is for us to give a little bit of room to third-party investors and to dilute ourselves below 50%. Your second question is about the mix of labs versus office. Before going into this specific question, let's also say that we will pay a lot of attention about the right combination between actual cash flow versus great ideas. You know what I mean. When you are in this kind of sectors with growth, you have to be wise and prudent in putting together existing streams of cash flows with solid growth together with a great capacity that some new ventures may offer. That is another combination that we will have very present in our thoughts. Answering your question, we believe that wet and dry labs will have a share of 25% of the total assets under management, always being in mind that all of this exposure would be to this science and innovation sector. Therefore, even if it is offices, it will be a very unique kind of clusters that will have a specific focus to this vertical. I also wanted to emphasize, as I said before, it is not about a narrow view of, let's say, healthcare, of life science. It is about these. It is about the energy sector. It is about technology. It's about defense. It's about a number of sectors. That was the answer to your question. Thank you, Adam. Great. Thank you. Sorry, can I just have one supplemental just on the JV? Do you expect to earn fees? Do you expect to earn fees in the long term as you bring in third-party capital? Will there be fees going to Colonial? Yes, yes. The business model is based on this assumption. In fact, we are partnering with one of the leaders in this with a very successful, proven track record in doing this for a number of years with several billion under management. Yes, this is a part of our business model in this phase. I think that it is also wise, if you allow me the expression, in the current environment that we have. I think that when you have a platform like Colonial, it is wiser to expose them to, let's say, capital markets as we know them, indirect capital markets, but also leverage on your capabilities to also put your values at stake with the access to private capital or third-party money, which is a way to leverage the returns that, in the end, we are offering to our shareholders. Great. Thank you. We have another question from Veronique Meertens from Kempen. Please, ma'am, you have the floor. Good evening, all. Thank you very much for your presentations. Also, a few questions from my side. Maybe to start off, just so I understand correctly, what's now exactly Stoneshield's share in the JV now in Deeplabs? Because you're acquiring for EUR 200 million, for EUR 400 million of assets. Yes, Veronique, how are you? Look, there are two different levels. Here, we are talking first about an asset management company where Stoneshield and Colonial will be partners or are already partners at a 50% basis, both in equal terms. That would be the management company of the portfolio. Then at the portfolio level, at the beginning, at this moment, Colonial, because of this investment, will be holding 90% of the property of the existing assets. Okay. Okay. Thank you. That's very clear. Maybe you mentioned the short term and EUR 700 million of assets identified. What is short term? Is that one to two years, or what should I think about? Yes, we wonder about these two. No, look, I think we are talking about one year because there is a lot of work that has been done on the next layer of pipeline, and the appetite of the investors is there. That is why we are very precise in identifying this, let's say, short-term pipeline because we would like to execute this part in a period that would be more close to one year than two years. Veronique, sorry, there is a pipeline that is in the same area that today Deeplabs is being developed. There are some tenants that they are willing to expand and to strengthen the campus. We have been identifying additional, I would say, assets in the same areas that we are now Deeplabs is very active. Okay. Okay. Thank you. Maybe on valuation of these assets, what kind of yields in the end do you think you can get on these assets? What kind of development gains do you expect on these developments or redevelopments? The strategy, it's sort of a triple net lease. They have the capacity, this platform, as well we, as Colonial, very close to our tenants to do some kind of transactions in the line of sale and leaseback. This triple net lease strategy is. As we said, they are yielding assets and repricing and re-rating and the refurbishment or reconversion into potentially some part of a wet labs or dry labs provides these additional yields. This is why the expected yields, even being a yielding asset, it's stabilized in 7%-8%. Sort of the kind of gains, do you expect to make on this or nothing significant? Can you repeat, Veronique? The line was cut for a second. Can you repeat? What kind of development gains, for instance, for that EUR 700 million pipeline that you have? What do you have in mind there? Yes, in this frame as we highlight, 7-8% yield. Okay. Maybe one last follow-up. The EUR 700 million, that's already for third capital, just to be sure? Yes. The second phase. Yes. Okay. Thank you very much. Thank you. Thank you, Veronique. We have another question from Emmanuel Clow from Jefferies. Please, sir, go ahead. Yes. Thank you. Good evening. Actually, I have a couple of questions on my side. Can you give us the average age of the portfolio, the existing portfolio, excluding the pipeline? Maybe Juanma, you can deal with that one. Yeah. Yeah. Yeah. Most of the portfolio has been recently renovated since 2021. I'll say that from renovation, four years old. The assets requiring transformation are currently underway. It's an updated real estate portfolio. Can you give us an idea on when those buildings have been built? These buildings were built. The platforms, you mean acquired? No, built. Built. Built. Built. These buildings were built. The buildings in the northern region of Madrid were built between 1990-2010. It is a diversified range of building age because this is not that they came and they acquired one portfolio of assets. They were acquiring many different assets to conform the existing ecosystems. Okay. In terms of CapEx plan in 2025, 2026, can you give us a broad breakdown out of the EUR 700 million that you want to spend? From the existing portfolio, there is still EUR 21 million included in the price to be deployed as CapEx. For the EUR 700 million, most of the already pipeline identified is not requiring a lot of CapEx. It would require light CapEx and retransformation. Okay. Maybe a final one. What is the average price per square meter of the existing portfolio? If you can give us more color, is there a big discrepancy between Madrid and Barcelona? Yeah. The euro per square meter is quite appalling because it is below replacement cost, standing at EUR 12,700 per square meter. The distribution in Barcelona and Madrid is more or less equal. There is not a big difference. There is not a big difference in rents either. The blended average is EUR 2,700] including the CapEx to be deployed, as I mentioned before, the EUR 21 million. Okay. Okay. Thank you very much. You're welcome. There's another question from Ana Escalante from Morgan Stanley. Please, ma'am, you have the floor. Hello. I have a question about the long-term weight of this opportunity because if I understand it correctly, the total pipeline of EUR 2 billion, that's the gross assets, right, we're talking about, or that's Colonial expected investment? Because even if it was all from Colonial, that would represent what, maximum 10% of your portfolio? Assuming you keep the 50%-50%, yes, stake, maybe 40%, even less. I don't know. Why do you think this is going to turn the story? Or Or another way to ask the question, if you think that this is the most interesting story at the moment, why doing only EUR 200 million at the moment and aiming for 10% of the portfolio? Why not doing more? Is it because of balance sheet constraint? Because this is more kind of experimental and therefore conviction will come with time? Or why not doing more? Yes. Thanks, Anna. We do not exclude doing more. We want to do this in different stages. As I said, first of all, we are taking almost everything that is available today, like 90%. Second, we believe that it is strategic and even better for the history to allow for third-party money to step in. Third, but this, let's say, becomes more uncertain in the midterm, we may consider doing more or doing a lot more. That will depend on the prospects. What is true, following your statements, is that at this moment, yes, you are right, this is not changing the history of Colonial. This is part of our value-added portfolio. This is part of the 10% of the assets under management that we invest more in urban transformation. With these kind of levels, you are not going to change the balance sheet of Colonial. Yes, what you are going to do is to enhance your returns in a significant way, even only with this in the midterm. As I said before, our expectations are in terms of EPS, this may add like EUR 0.03 in just two or three years. It is about, let's say, return enhancement or EPS enhancement. It is not about revisiting our history. You are right in this. It is true that this is an initial investment, and we remain open to take advantage of this if the opportunity arises. We believe that in the short term, it is strategic to open this to third-party capital. Okay. Thank you for the answer. In terms of the scale-up, is the initial target to keep that split in terms of Opco-Propco, under which Colonial will own most of the assets, particularly thinking on different geographies where you are versus the ones that you are currently present at the moment? Will that come mainly from the asset management capabilities, but not necessarily from an asset ownership point of view? Yes. First of all, at the asset management level, this is a long-term alliance between Colonial and Stoneshield Capital. We are investing here together with the belief that this is a fantastic history for the long term. In that sense, we have a share, a joint venture 50/50 that is here to remain, clearly speaking. At a different level about exposure of Colonial at the asset level, yes, at the beginning, our exposure is 90% because of this strategy of growth on one side. Second, giving access to private capital. Our central scenario is that our presence should be diluted even below 50%. That would be our midterm projection, central scenario. After that, as I said, our strategy will be revisited, but that will be our initial base case. Okay. Thank you. Thank you, Ana. It seems that there are no further questions. I'll give back the floor to Mr. Pere Viñolas to close the session. It is a pleasure to share with you this new initiative. It is a very interesting one. It is a new one. It is not business as usual. That particularly means that we are, as always, but even more in this circumstance, fully available to additional questions, inquiries, or anything that you would like to share with our teams. We will be very happy because this has been hard work that has been done in order to be today in this situation. Behind what we have been presenting today is a very well-grounded analysis of individual properties, and it is a very well-grounded business plan supporting this. This needs, of course, being familiar with this. We are very much open and available to have additional contacts with you. Having said that, thank you very much for sharing this with us today. I hope to be with you talking about new returns on this soon. Thank you and have a very good day.