Hello, everyone. Together with Icade's entire executive committee, I would like to thank you for being here this morning and welcome you to the Icade Hub. It's a real pleasure to see you again in person given this ever-changing health situation we are facing once again, which make us appreciate that much more the ability to meet you in person, with you in person. We would also like to acknowledge those who were not able to be here, but are attending remotely across Europe. The COVID-19 crisis may not be completely behind us, other European countries are going into lockdown again, and we must observe the necessary health measures more than ever. That being said, despite the current COVID-19 health and economic crisis, we can recognize and celebrate the resilience of Icade's business lines and the health of its balance sheet. Once again, this year, our business mix and the expansion and adaptable risk profile of our office property investment, healthcare property investment, and property development divisions have enabled Icade to stand out as the economy recovers from this health crisis. As such, I would like to thank all of our Icade teams and 1,200 employees who were able to stay on track and achieve great operational success this year. Olivier and the Executive Committee will come back to this later in more detail. The board of directors and I lend our full support to Icade's management and have confidence in their ability to continue and further the efforts made in 2020 and 2021. To conclude this brief introduction, I confirm that the board of directors will review Icade's strategy, as it regularly does, to ensure that it is in line with the latest market development. While maintaining the enhanced 2019 and 2023 course, we will be particularly attentive to any opportunities that may arise as the economy emerges from the crisis. We can already reaffirm that Icade is in a position to maintain its growth objective for its three divisions. This is particularly the case of our healthcare property investment divisions, which has the potential liquidity event scheduled before the end of 2033. I thank you for your attention. I will turn it over to Olivier. Thank you very much, and good morning. Good morning, everyone. Yes, I do confirm it is nice to see you again here at Open. I'm very happy to return to the pre-COVID format of our Investor Day. Welcome here at Open, the headquarters of Icade. For sure, some of you are still with us through video, so welcome also to those that are behind their screen in Paris, London or Amsterdam. The program of the day, it's a presentation of about two hours by some of the ExCo members with a Q&A session at the end of the presentation. A lunch and the visit of our last office development, Fresk, which has been delivered at the end of September. As we have done since 2015, this Investor Day is for Icade the opportunity to provide you with an update of our strategic plan and also of the impact or not of the COVID-19 crisis on our different activities. Also to elaborate on opportunity deriving from the post-crisis environment and also on our medium-term outlook. Let's start and let's move to slide eight. As a brief reminder, this slide is exactly the slide that was presented during the Investor Day at the conclusion last year. It is the executive summary of what we wanted to implement over the next three years. Resumption of asset rotation, the revised development pipeline with more pre-commitments, the significant growth of our healthcare portfolio, to working on residential development on part of our land bank, and also, the continued expansion in residential property development. In fact, all those actions were a way to adapt our strategy and our business mix to the current situation. I also told you last year that our three business lines were ready to seize the different opportunities that are deriving from the crisis. I do think it's fair to say that it's exactly what we did in 2021, and what we will continue to do. I'm now on slide nine. Before to talk about the future, I would like now to very quickly go over all the key 2021 achievement, starting with the property investment division. Regarding our office portfolio, 2021 has been definitely a record year in term of new lease space in offices with 217,000 sq m. This quite impressive figure includes, and Emmanuel will elaborate shortly on this, new signature acquisition and the four significant 2021 deliveries. Again, it's for Icade a record year. With a volume of disposal of more than EUR 500 million of mature asset in very good financial condition, as well as EUR 243 million of value add acquisition, 2021 is clearly a year of resumption for the asset rotation within the office portfolio of Icade. Especially with the two acquisition for EUR 243 million, we do prepare the future with two new promising and attractive future developments. We have delivered this year four significant projects in 2021, exceeding 115,000 sq m, including the asset Fresk that we will visit this afternoon. I think it's important to highlight that the value creation, which is associated with this project, represent EUR 232 million at year-end. Clearly, development projects are still a very good way, not to say the best way, to create value in the office segment. Regarding the healthcare division, the revenues at the end of September are up 7%, driven by acquisitions and the pan-European expansion of the portfolio in 2020 and 2021. Another good news for Icade Santé is the fact that we have renewed with one of our most important tenants, Ramsay Santé, 10 leases in France for an additional 12 years. We have therefore secured EUR 38 million of in-line rental income for the next 12 years. Growth of the portfolio has been very strong in 2021. Xavier will come back to that, with a volume of investment of EUR 600 million. With the entry into Spain at the beginning of 2021, we are now present in the four most important markets in Europe: France, Germany, Italy, and Spain. Now moving to slide ten. What did we achieve in the other activities? For Icade Promotion, for sure, a very strong business momentum in 2021. Looking at revenues, new housing orders, and new supply, Icade Promotion did very well, and clearly outperforming the market. Emmanuel Desmaizières will also detail the new offers, Urbain des Bois, AfterWork, and Synergies Urbaines, that are new business levers for Icade Promotion. As far as our low carbon footprint is concerned, we have already started to deliver on the ramping up of the strategy that we have presented last February. One of the KPI I would like to highlight is the reduction of the carbon footprint of Icade we have achieved, -18% for 2020 compared to 2019. For sure, this reduction has of course been facilitated by the crisis with a lower volume of construction, let's say like this. It also reflects our commitment and the good execution of our low carbon strategy. For those who missed this information last week, Icade comes first in the 2020 world ranking released by the newspaper Le Point for the most virtuous and responsible companies in France. Finally, on financial topic, 2021 results are expected to be back at the level of the pre-crisis level in terms of recurring cash flow. Victoire and I will come back to that. We are also happy to announce today an acceleration in sustainable finance that Victoire will explain further shortly. Moving to slide 11. A quick reminder also of our priorities for 2021. I really do confirm that all the teams of the three business lines stay very focused on delivering those priorities. For sure, one of those has been postponed, the IPO of Icade Santé, and we will come back to that later. Even if the COVID-19 crisis is not over, and you have seen the recent developments, unfortunately, Icade activities were fully in line in 2021 with our strategic plan, and the results are, in our view, quite satisfying. I now leave the floor to my colleagues, starting with Emmanuelle Baboulin, responsible for the office property division. Emmanuelle will elaborate on the office market, but also and especially on our ability and capacity to continue to create value in the post-crisis environment. Thank you very much. That's for you. Thank you. Thank you, Olivier. Good morning, everybody. I'm going to give you some key points about the activity and the strategy of the office investment business line. First of all, some figures about the office markets in Paris region. The take-up is picking up with new standards. We can notice a rebound backed by enhanced macroeconomic perspectives. We expect for 2021, 1.7 million sq m, an increase of 20% compared to 2020, and two million are expected for 2022. The 10-year average of 2.3 million sq m should be recovered by 2023. Furthermore, the large transaction are back, even if they are a bit lower in area than before the crisis. We expected 50 transactions above 5,000 sq m this year, and 75% of these transactions are done for surfaces lower than 10,000 sq m. The vacancy is rising in all sectors, but the headline rent levels are resilient for the most qualitative assets and the most attractive locations. The market in French regions remain very dynamic, especially in Lyon and Marseille, where Icade has new assets and ongoing developments. The rent in these cities are increasing and the supply is limited, and the vacancy rate remains stable. Now a word about investment market. It remains solid and attractive, especially for core assets. More than EUR 26 billion are expected for this year. The investors are very selective. 76% of the investments are dedicated to core office assets. Foreign investors are back in France. They represent 43% of the whole amount invested. All these indicators reflect a recovering market that will benefit Icade. I'm now on slide 14. Let's focus on Icade strategy. Icade had this year a very strong asset management activity, which allowed the signature of new leases and renewals for more than 140,000 sq m. These leases generate EUR 35 million in annualized headline rents. We can say that Icade is very active in major transactions. Indeed, on the nine transactions above 10,000 sq m reported in the entire Paris region, Icade achieved two of them. I will come back to them later. It's also a record year in terms of new leased space over the last five years. A total of 270 sq m signed, including acquisition, fully let, completions, and new leases effective over 2021, representing EUR 65 million of annualized headline rents. Let me give you two examples. In the Orly Rungis business park, we signed almost 20,000 sq m of new leases. Another example, with the occupancy rate of ParkView in Lyon, delivered at the end of last year, it is of 87%, increasing of 31% since last year. All teams are very committed for acquisitions, developments, letting to leave the crisis behind us. At the same time, the asset rotation has resumed very actively and successfully. We achieved, since the beginning of 2021, three disposals and a fourth is under preliminary agreement. These disposals represent a total of EUR 507 million with an average cap rate of 4.7%. These disposals have been achieved 10.8% above the gross asset value as of December 2020. In addition, we have signed opportunistic value-added investments as we announced it previously. Two assets fully let to triple-A tenants and presenting potential for redevelopment after the tenants leave and potential for value creation in the future. Now slide 16. Just a slide to remind the active portfolio rotation since 2016, with a strong five year track record. EUR 3 billion in cumulative disposals and EUR 3.5 billion in investments, acquisitions, and developments. The disposals have been completed on an average of 12% above appraised value. Using our land bank for development of core buildings and value creation is our DNA. The proceeds of this disposal are fully reinvested in the portfolio. Recycling capital is our business model. On slide 17, as shown, we continuously refuel our pipeline up to EUR 2 billion, obviously adjusting it to new market conditions. Since Q4 2016, we completed 23 projects for total investment amount of EUR 1.8 billion. From now on, our launched pipeline is contained below 10% of the portfolio value, and we have projects and potential opportunistic developments ready to be launched as soon as they are pre-let or to offer turnkey project for EUR 1.1 billion more. Our pipeline is adapted to remain secure, and you see the volume is there. On slide 18, our pipeline ensures a significant potential for value creation. Eight projects have been already launched, representing EUR 0.8 billion, 113,000 sq m, and EUR 43 million of potential rent. Six projects not yet committed represent EUR 300 million. The estimated value at delivery of the already started and the not committed projects is EUR 1.4 billion. The pipeline has an attractive yield on cost of 5.3%. Two projects will be completed until the end of 2022, and they are already 70% pre-let. They present a double-digit equity internal rate of return. As explained, 2021 is a record year for our leasing activity, but also for our developments. Indeed, this year we delivered four buildings representing a total of 115,000 sq m and a total amount invested of nearly EUR 800 million. EUR 232 million of value creation are expected from these deliveries when the buildings will be fully let. The occupancy is already 80%, allowing an additional rent of EUR 40 million already secured. Let me give you some details. Origine in Nanterre may be visited by some of you two years ago, new headquarters of Technip Energies. This building, with its wood structure, obtained one of the best existing certification. West Park 4, also in Nanterre, fully let to Groupama, a very high quality refurbishment. Latécoère, the new headquarters of Latécoère in Toulouse, and Fresk, that we'll visit this afternoon, 70% pre-let before its delivery. A strong value creation delivered in 2021, with a development margin close to 30%. On slide 20, let me give you a focus on Fresk. We'll visit it this afternoon, and for those of you who will not be able to attend the visit, a video will be available online, and you will see how we achieved to make this building very attractive. We bought it at the end of 2016. It was fully let to Technicolor, and the departure of this tenant was expected at the end of the lease at the beginning of 2019. It then provided an annual rent of EUR 9.5 million. We prepared the refurbishment, the studies, and the building permit to be able to start the works as soon as the tenant left. We will explain during the visit how we transformed the building to make it more efficient, increasing the letting area, creating extensions inside the courtyard, providing internal terraces. The pictures before and after the work demonstrate our know-how. It's now a new building, bright and perfectly adapted to the new ways of working, with a lot of services, restaurants, even a wonderful rooftop with a great view over the Eiffel Tower. We rented 67% of the areas before the delivery to PariSanté Campus, a digital health government agency. The potential annual rent is EUR 11.2 million, in excess of 20% compared to the former rent. The expected value creation is above EUR 30 million, and the yield on cost is 5%. The equity internal rate of return is above 10%. On slide 21, another example of our capacity to create value is Edenn, a new project at Les Terrasses de Nanterre, just next to Origine, a very attractive location behind La Défense, very close to the public transportation hub. An outdated building, as you can see on the picture, that Icade decided to demolish after the last tenants left. We started the studies on the new development in 2018, and launched an architect contest. The new project will have twice more surfaces than the existing building, more than 30,000 sq m, and it will provide the best standards, especially in terms of environmental features. We already pre-let 60% of the surfaces to Schneider Electric for its new headquarters in Rueil by now. The beginning of work is expected in 2022, and the completion at the beginning of 2025. The future annual rent is EUR 12.8 million, representing 3.7 times more than the former rent. The total amount investment for this project is EUR 225 million, and its yield on cost is 5.7%. A double-digit equity internal rate of return is expected, and value creation is expected at around EUR 50 million -EUR 60 million. For sure, we will organize a visit in the next year. In the meantime, I propose you a short video about this project, and you will see how satisfied the tenant is to have found, thanks to Icade, the perfect building. Indeed, it will meet all the new needs of Schneider Electric. Finally, I would like to remind the significant value creation potential deriving from our land bank in synergy with Icade Promotion, like in Épinay-sur-Seine or in Marseille, where we sold a plot of land to Icade Promotion for development of a residential program of 129 units. We already identified the development of 3,000 housing units on our land bank, which represent more than EUR 500 million expected revenue for Icade Promotion. As of today, we still have almost 900,000 sq m of potential projects of offices, residential, of other uses in Saint-Denis, Aubervilliers or Rungis. This land bank is currently estimated at only EUR 100 million in our book, which is significantly below market value when we will launch the projects. As a conclusion, I'm on slide 23. Let me say that office letting market is recovering and the rents are close to stable. The core buildings remain attractive, and the liquidity of these buildings is very strong and will continue to be. The developments continue to deliver high level of value creation. With our efficient asset management activity, the active rotation within the portfolio, our attractive development pipeline, and the flexibility of our land bank, Icade's office portfolio will continue to deliver attractive total return. I thank you for your attention and leave the floor to my colleague, Xavier Cheval. Thank you, Emmanuelle. Just adjusting the mic. Hi, good morning, everyone. I'm glad to see you in person for many of you. I had the opportunity to meet many of you, and I'm here to update you on Icade Santé's business. I'm here to deliver three key messages. First, the attractiveness of the healthcare real estate is undisputed. Second, Icade Santé is doing the job and retains its objectives and the targeted growth path. Third, following the IPO attempt, we are eager to reinforce further the structure and strengthen even more our business. Let's start with our market. It is compelling and still has very favorable tailwinds, both in terms of volumes and prices. As a reminder, Icade Santé invests in hospital care assets and nursing homes across the four largest countries in the Eurozone, France, Germany, Italy, and Spain. In these markets, demographic trends, the aging of the population and higher expectations in terms of quality of care, are supporting growing expenditures in the healthcare space and thus higher needs for buildings. In France only, by 2050, around 1.4 million elderly people are expected to suffer from heavy disabilities. This figure compares to the current 600,000 beds installed in nursing homes. The healthcare expenses per capita are also about three to four times above average for people more than 80. In other words, if you consider that there are about 85 million people above 65 in our four core markets and 2.3 million beds, over the coming years, there will be tremendous needs for new beds. The population of people above 70 will increase by 20%-30%, and hundreds of thousands of new beds in nursing homes will be required. While enormous capacities in hospitals will also be required, either in new hospitals or in refurbished hospitals. Besides the strong prospects for nursing homes, our healthcare real estate demonstrates very interesting features in that space. Healthcare real estate is essential to the activity it hosts. Healthcare real estate comes with strong barriers to entry. It offers strong and predictable cash flows. It is backed by a supportive, very supportive financing scheme, either state-funded or Social Security-funded. All in all, it provides very attractive risk-return profile. Indeed, there is no surprise that investors' appetite for this kind of assets remains very high. Only on the four markets Icade Santé is mainly focusing on, EUR 4.5 billion were transacted last year, and already more than EUR 3 billion were invested in the first nine months of 2021. Here you see a few figures that only concern long-term care assets, and on top of that, you add acute care and post-acute care transaction. For sure, this is pushing the net initial yields down. We observe now 4.0% for prime assets in the most metro markets in Northern Europe, France, and Germany, and now below the 5% mark for good quality assets in Southern Europe, so Italy and Spain. Looking at spreads compared to sovereign bonds, we are still in the high 300 basis points of premium, which remains attractive to other asset classes. Your question might be, how do we access to opportunities in these crowded days? Icade Santé builds on long-term partnerships. The market is, of course, trendy, but we do not forget that it is a long-term business per se, and it's even more relevant to be a focused specialist investor like Icade Santé. How do we manage to deliver growth? I'm now on slide 29. Our setup to be an everyday real estate partner is to build on our expertise and to establish local teams on the ground. In the past months, we have accelerated in that respect, and we have now representatives in each of our four markets. Philippe in France, Valérie in Germany, Giordano in Italy, and Felipe in Spain are dealing daily with our tenants and with property developers. They are fostering business, and they have a clear mandate both to enhance the value of our existing assets and to expand our footprint. They are supported by a highly motivated team of talented investment and technical experts. Thanks to that setup, we are tremendously active in the 2021 investment market. We have carried already 25 investments, and we have added seven new assets to our pipeline. Doing so, we are actively diversifying our portfolio. Close to half of our investments were performed outside of France. More than two-thirds were made in the nursing home space, and one-fifth in brand-new buildings. One of our objective for 2021 were the opening of a new country, and we did open Spain this year. I will come back on that milestone later. On slide 31. Focus on our pipeline of committed projects. This pipeline consists of 27 assets. Three-fourths of it is international with an attractive yield on cost. Maybe just a quick reminder, our pipeline is 100% pre-let, and it consists mostly in forward deals, which means that we have about no risk when it comes to inflation of construction costs. Our pipeline, of course, evolves over time as projects are completed and delivered to our yielding portfolio, while other projects are entering in the pipeline. Still our current yield on cost stands at 5.4% and will add a potential EUR 23 million upon completion to our yielding portfolio. Now a few case studies about the investments that were performed this year to illustrate and underline the increased strengths of Icade Santé's model. First, we do, and we love to do repeat deals. You see here, both in Germany and Italy, Sale and Leasebacks performed with operating tenants, among the largest ones, with respectively the tenth asset with Orpea for EUR 46 million, and the fourth transaction with COSS in Italy for EUR 51 million. What is also interesting is that many of these assets are located in major cities in Berlin with Orpea, in Milan area for COSS assets that are pictured here. Second case study, we are establishing new relationships with new tenants. That is what we have done in Italy with La Villa. La Villa is one of the top operators in elderly care in Italy. We have closed an inaugural EUR 36 million deal, about five assets. Doing so, we have diversified our tenant base and we are open to future opportunities with La Villa. Now in Italy, where we started operations three years ago, we are working with the five leading nursing home tenants. The market is still to be consolidated, which is very attractive. Third case study. Icade Santé entered a third country outside of France during this year in Spain. This was a clear objective for us, as it is the fourth largest country in the Eurozone in terms of population behind Germany, France, and Italy. It is actually one of the deepest markets for nursing homes, with close to 400,000 nursing home beds already installed. We are glad to have seized remarkable assets under development for EUR 32 million in the Madrid region and in the under-equipped Tenerife island, with a very active operating tenant, Amavir, a subsidiary of Maisons de Famille, which is the fifth largest operator of nursing home in Spain. Back to the fourth case study. Fourth case study, we have engaged not-for-profit counterparties. This is very new. Here you see Grenoble and the remarkable feature of this recent transaction is that it is not only a EUR 51 million transaction about 30,000 sq m of acute care facility with remarkable medical expertise. It is also a first landmark transaction for us in the yet to be tapped French non-for-profit segment. That is also part of our job to diversify in that space. Now on the slide, I already teased you because I'm manipulating the remote. Over the year 2021, cash out related to new investments for Icade Santé will amount to EUR 500 million. This figure corresponds to new acquisitions and fulfillment of CapExes from both the development pipeline and other CapExes from the past years or from 2021. On top of this EUR 500 million, Icade Santé has already committed to circa EUR 100 million of new projects that enhance our development pipeline. We are already above our investment volume objectives, which were between EUR 450 million and EUR 500 million for 2021, and we are well on track to pursue our EUR 600 million objective of annual investment volume from 2022 on. Moving forward, we want to confirm our ambition to expand the portfolio. Indeed, regarding our potential investment backlog that consists in our pipeline, acquisitions under exclusivity agreements, and the rolling volume of investments under review, we are dealing with an amount close to EUR 1.5 billion of new opportunities with daily new files arriving on our desk. Just to give you a sense of how active and selective we are, so far this year, we have reviewed 160 opportunities amounting to more than EUR 7.5 billion. Our portfolio of projects is clearly tilted towards countries outside of France and is balanced in terms of nursing homes versus hospitals. That's interesting because we love to invest in hospitals as these assets are essential to the global healthcare infrastructure. They are very resilient, long-term by nature, and we see now opportunities beyond France, especially in Southern Europe. All this to confirm that our EUR 3 billion investment goal by 2025 is confirmed and is backed by a solid and lively backlog. Let's now look back at Icade Santé's IPO. You are well aware that we launched an initial public offering last September in order to support our growth strategy. Our project was aiming at raising immediately EUR 800 million of new equity, thus giving Icade Santé the firepower to fund its investments for four years. This IPO will have also allowed Icade Santé to gain additional flexibility in its operations and will have provide liquidity for existing shareholders. In the summer, we had a busy and very encouraging pre-marketing, and we received very positive signals about demand from the investors. However, upon launch, in a market shaken by Evergrande's case and the fears about long-term inflation, especially coming from the U.S., we faced less willingness from investors to engage in an IPO despite the strong interest of some investors that were ready to invest nine figures tickets into the transaction. At the end of the day, the market window we chose proved to be the wrong one. Despite our solid business case and our readiness to execute, Icade and Icade Santé's Boards decided not to finalize hastily the process. The order book ended weaker than expected with EUR 700 million of allocable demand at EUR 115 per share. A price representing 25% premium over the last reported NTA NAV. For the time being, Icade Santé is focusing on its operations, is executing new investments, is delivering growth. Icade Santé will also further strengthen its management and internationalize its teams as it expands abroad. Doing so, Icade Santé continues to benefit from the confirmed support of its historical shareholders who intend to underwrite the required capital increases to fund the growth and further build Icade Santé's leadership. As a conclusion, and that is our key messages. Icade Santé stays on course to establish and strengthen its European footprint in healthcare real estate. We confirm today our commitment to grow the portfolio by EUR 3 billion between the start of 2021 and the end of 2025. We have the required support and mandate from our shareholders to do that. We have the team, we have the know-how, and the track record. Following our initial public offering attempt, our capabilities in that respect are intact, and our conviction that Icade Santé is a trophy asset is reinforced. Thank you. I now leave the floor to Emmanuel for property development. Thank you. Thank you, Xavier, and good morning, everyone. I am very pleased to have the opportunity to share with you today about the activity of the third business line of Icade. As you know, we have been pretty much impacted by the sanitary crisis in 2020, due notably to shut down our construction sites. I can tell you that all the teams remained mobilized, which allowed Icade Promotion to fully benefit from the very strong rebound. Let me start on the slide 40 presentation with our vision of the French residential market. This is the largest segment on priority for Icade Promotion. I am on slide 40. It is fair to say the environment is challenging at the moment, with notably the fact that it takes longer time to obtain permits, especially since 2020 local elections. We have also seen, as all the market, an increase in the construction costs, as well as more requirements related to CSR regulations that could be, by the way, an opportunity for us. I'll come back to that later. Looking now at the demand for residential, it remains very strong, supported by solid fundamentals such as demographic trends, favorable interest rates, and the continuation of government incentives. Another interesting consequence deriving from the crisis is definitely the change in customer expectations. Let me just give you a few examples, which are, by the way, totally integrated in our offer. An increased demand for individual or collective outdoor space, a need for nature, especially in a very urban environment, an increase in the appeal of medium-sized towns served by high-speed trains, particularly in the west of France, which allows people to divide their time between working remotely from home or working in an office setting in a major city such as Paris. Let's just slide 41. With few figures on sales performance. 2021 has shown a rebound for Icade Promotion that's reflected in the Q3 growth of economic revenues, nearly 55% compared to 2020, and more important, an increase of 31% compared to 2019. This performance is clearly driven by residential, representing close to 85% of total revenue. We also performed well, very well in terms of new orders, with an increase of 17% compared to 2019, whereas the market is double-digit down. The strong commercial performance is also supported by growing demand from institutional investors with an increasing appetite for the residential market. Together with block sales to social landlords, this represents almost half of our reservations. Icade Promotion outperforms the market in terms of sales performance. This has been made possible thanks to our ability to renew our stock faster than the market. Let's now move to slide 42. Despite a challenging environment I mentioned in my introduction, Icade Promotion managed to increase the number of building permits being issued to us by 35% compared to 2019, whereas the market is struggling at 1.8% for the same period. This has notably been made possible thanks to our local footprint and our capacity to adapt our offer, meeting the expectations of local authorities. They are indeed increasingly focused on protecting the environment, on promoting the use of bio-sourced materials. As a consequence of our stock of properties available for sale is increasing. That will allow us to ultimately gain a larger market share. Over the same period, the housing stock available for sale in the market as a whole fell by 23%, while the stock of Icade Promotion increased by 26%. A word on price changes on slide 43. The increasing number of environmental requirements on the global supply chain, disruption for building materials, partly explain the increase of construction costs. Higher selling prices, which are estimated between 3% and 5% over two years or even higher in certain areas where the supply is more limited, have enabled us to offset the increased material and construction costs over the same period. Higher prices have also helped us to further increase our profit. I'm now on slide 44 to elaborate on the growth trajectory we are fully engaged in on many drivers we have activated to reach our goals. I remind you EUR 1.4 billion of revenue on 7% margin in 2025. Let me highlight few of those drivers, an efficient local network with 21 regional offices, a capacity to offer new solutions adapted to change in demand, a growth strategy based on two pillars, low-carbon construction and nature in the city. We can talk about our offer called Naturellement chez soi, an approach promoting low-carbon design and comfort of use, which has been redesigned post-crisis. Examples include common areas that integrate bicycle use, shared areas on flexible housing solutions for addressing remote work and changing family structures. It also includes nature by providing a green outdoor space design as an additional room. We also created, in the first half of this year, the brand Urbain des Bois. This new entity focuses on the standardizations of wood construction processes, on the increased customization of housing. It is also reflected in our ability to look beyond the building and be involved more widely at the neighborhood level. This is the role of our dedicated team called Synergies Urbaines. This team brings a new vision of the city by integrating a mix of products, services, or local shops, with particular attention paid to the base of the buildings. The Athletes' Village for the 2024 Olympic Games in Paris is a very good example. Last focus I want to mention is about transforming the city, including of course, carbon footprint reduction, but it is also about addressing the obsolescence of a large part of the office stock post-COVID. This is the purpose of our AfterWork approach, which aims to ramp up in the transformation of obsolete assets into housing projects, for instance. Let me now share an example of project carried out with the AfterWork approach, with the conversion of an hotel in Neuilly, located on Victor Hugo Avenue, into a high quality residential development in harmony with its urban surroundings. This 15,000 sq m hotel that is currently poorly adapted to changing market expectations, will be converted into a 164-unit residential building. It will take advantage of the highly landscaped environment of this renewed district of Neuilly. This project will generate more than EUR 200 million in revenue with a margin over 14%, which is significantly higher than the market average. The building permit will be filed in early 2022, and will include the best standards used for our concept Naturellement chez soi. Back to the new demand I mentioned before, the apartments will benefit from the larger private and vegetated outdoor spaces. On slide 46, we are also involved in transforming neighborhoods in urban environments. This is the role of Synergies Urbaines. The project Equinoxe consists in converting 65,000 sq m of offices into housing. It's a good example of cooperation between our office property investment and Icade Promotion. Through these acquisitions, Icade benefits from the rent from the tenant Renault over the remaining term of the lease. In the meantime, we will prepare the conversion of this asset into a residential project, one of the most important redevelopment scheme in the Paris region, with more than 2,000 apartments. As a conclusion, on slide 47, we maintain our goal to grow in a market that is driven by strong demand, and in which we are able to ensure that our stock can meet such demand. Our property portfolio is up by 17% compared with the end of 2020 to more than 11,000 homes, with a backlog of EUR 1.5 billion, which is also up by 3.3%. Our potential revenue over the next five years, estimated at EUR 7 billion, on the continued improvement in our operating margins, clearly support the objectives of our roadmap to 2025, with revenue at EUR 1.4 billion on a net margin of 7%. I'm going to leave the floor to Flore to elaborate on the low-carbon strategy. Hello, everyone. Thank you all for being here and remotely. Oops. Climate change is the century's biggest challenge, and we think it's fair to say that Icade is one of the low carbon pioneers in our industry. As you know, we ramped up our low carbon strategy in February 2021 in order to remain at the forefront. Our low carbon strategy is structured around four strong commitments. Selling objectives specific to each one of our business line, which are improving our low carbon emission. We will detail it in a minute. Creating a EUR 2.5 million Fund, internal fund, to finance and support our low carbon initiative and innovation. Sorry. Better? Sorry. Launching Urbain des Bois, Icade Promotion, new subsidiary specializing in two innovative areas, as Emmanuel already told you so, low carbon timber construction and customization. At least developing an ambitious and responsible offsetting policy used at last resort after our carbon reduction efforts has been exhausted. You will find some detail about it in the appendix. What are our new and more ambitious goals in a nutshell? Icade Promotion aims to extend its energy and environmental performance requirements to a greater share of its development projects. The objective for the office development is to reduce the carbon intensity of our assets by 45% between 2015 and 2025, which is 5.8% per year. Icade Santé aims to define an energy and carbon reduction pathway for the facilities in the portfolio by 2021 in France and 2022 in Europe. We are working on a well below two degrees plan. Here it is. As you can see on slide 50, Icade business activities emitted a total of 212,644 tons of CO2 in 2020, which is an 18% decrease compared to last year, to 2019, sorry. In 2020, carbon intensity decreased by 5% for healthcare investment, with more covered square meters. Emissions decreased for office investment by 12%, and for property development by 14%. This decrease is due to our efforts in low carbon construction and energy efficiency. We have led the field on this subject for many years. It's also due to the COVID crisis, thanks to empty buildings and also rescheduled operation. As you will see on the next slide, the trends have gone down for years. It works. You can see on slide 51 that this is a five year trend. Between 2015 and 2020, the intensity of carbon emission, which is kilo of CO2 per sq m per year, fell in our three businesses. This is a decrease of 40% for the office investment activity, a decrease of 27% for the health investment activity, and a decrease of 14% for the property development. We are well on track toward the 1.5 pathway for the office investment division and the corporate. We will see details on this result by the business in the following slide. As we stated beforehand, the office investment division achieved its goals of being aligned with a 1.5 degrees pathway in 2020. We have already reduced by 14% our carbon emission in 2020, thanks to the COVID-19 crisis, but we were already well-oriented in 2019 with a 27% decrease. All the measures we put into place and finance in former years allows a reduction of our carbon intensity, thanks to a dedicated EUR 55 million work plan the last four years, and significant investment in renovation and energy efficiency. Also with points of attention during our development schemes with CSR criteria. We can do even better, and we intend to continue our efforts, as you can see with the around EUR 100 million plan to be invested between 2022 and 2025 in the sustainable work plan. The office investment division will accelerate with a ramp up of the work plan, renovation, energy efficient equipment, and energy switches, the launch of new innovative services to help our tenants, leases that include climate criteria based on commitment, partnership, adaptability, and monitoring. This is the Climate Committed Lease. You will find some detail about it in the appendix. We will also help our tenants to reduce energy use by organizing energy supplies for them in order to keep energy costs down and renewable energy. Our new developments, such as Origine and Edenn, which Emmanuel spoke about earlier, is representative of Icade efforts and ambition in this office investment activity. This investment dedicated to carbon, performance and better energy use planned for 2022 to 2025 have doubled, and we will be, and they will be agreed upon with our tenants. We are now on slide 53. For Icade Santé, the reduction in our carbon emission is already by 27% between 2015 and 2020. On slide 53, you will see that the decrease of 27% is due in part to the energy efficiency measure deployed, such as improving the energy performance of existing buildings and improved performance of new construction. On new developments, we certify HQE all our buildings over 4,000 sq m, and several operations are currently in the process of obtaining an E+C- labeling, as you can see with the case study, Bellerive-sur-Allier. We are actively working to support operators by carrying out studies to monitor the carbon performance of buildings. We discuss with them in CSR and Innovation Committee, and we carry out studies to identify energy efficiency levels in order to enlighten operators on the solution to be implemented with the Éco Énergie Tertiaire Decree. For healthcare investment, our responsibility does not include the operation of buildings. However, we want to adopt a leadership strategy. Thus, we are working to define a commitment in terms of reducing carbon emission with investment estimated around EUR 40 million-EUR 50 million between 2022 and 2025. All those efforts gets results. Vigeo Eiris awarded Icade Santé with a score of 63 out of 100, and an A1 rating, placing Icade Santé among the top 5% of the highest ranking companies in the financial services real estate Europe sector. Regarding the property development, we have some tangible results on the slide 54 as 475,000 sq m of timber construction project completed or under development in 2021, which is an increase of more than 30%. Our efforts are significant on the construction with an anticipation of the regulation and increased use of biosource materials, but also more stringent requirements in terms of energy efficiency. We achieved a significant 14% decrease of carbon emission, thanks to our E2C1 commitment and an industrialization of best practices for low-carbon construction. Our objective today is to reduce carbon emission in construction as we already work on the energy-efficient equipment. We manage a start-up studio, Urban Odyssey, which launched low-carbon start-ups on the property development value chain, and you will find some details about it in the appendix. We have created a subsidiary specializing in personalized wood housing construction, Urbain des Bois, and this is a huge lever. To give you an idea of the CO2 reduction allowed by low carbon buildings in a building reaching the highest level of the E+C- label, it's 30% lower than the building reaching regulatory level on a life cycle basis. We are also launching a restructuring offer to work on the transformation of offices into housing, named AfterWork, as Emmanuel told you so. The impacts of for refurbished assets versus new one is estimated around -30%-40% of carbon emission. Our policy is recognized by ESG Rating Agency on slide 56, reflecting all the action rolled out, notably with an increasing MSCI AA score and Icade classified sector leader by GRESB. Last week, we also had the pleasure to be ranked by the news magazine Le Point and the German organization Statista, the most responsible firm, first out of 250 French firms. This ranking evaluated Icade on three criteria: environment, social, and governance. We are very happy to share with you this good news regarding the efforts we are deploying in every part of the responsibility policy to improve our practices. As a conclusion, our carbon intensity per square meter significantly reduce across our three business line. We do anticipate the upcoming French and European regulation, including taxonomy. We have a real low carbon investment plan, which will allow Icade to remain best in class in our sector. Our low carbon CSR strategy mixed innovations as an example with low carbon construction solution and climate committed lease and responsible policy with our offsetting strategy. More, as you've seen in every part of our activity, CSR is a real business opportunity. We will continue our efforts, and I'll drop the mic to Victoire. Thank you, Flore, and good morning, everyone. I'm really happy to be able to resume face-to-face this morning's presentation. Now that my colleagues have presented their achievement and perspective, I would like to provide you with more color on the financial trajectory. I'm on slide 59. I have already had the opportunity on several occasions to highlight the strength of a diversified business model, and its resilience to the health crisis has reflected in the full year 2020 and half year 2021 results. I can tell you this resilience is once again confirmed over the whole year. Let's have a look on the left side of the slide. 2021 net current cash flow in absolute value is expected to be very close to 2019 level. Only one year to remove the financial impact of the crisis. Expressed on a per share basis, 2022 level is expected to be higher than 2019. Looking now at the financial structure and LTV ratio. This crisis had here also limited impact with, as you can see on this graph, a ratio standing around 40%, as we have always said, in line with our historical financial policy. The stability of the LTV ratio reflects also how resilient is the valuation of our portfolio, even up during the period for healthcare. This leverage is still expected to decrease in the medium term, and this will be obviously facilitated by a liquidity event of Icade Santé. Another characteristic I would like to highlight this morning, of our business model, is focus on the slide 60: growth and value creation and the way we finance it. Let's look at the growth of both property divisions from 2019. The office property division delivered 15 projects from the pipeline. They all represent a total investment of EUR 1.4 billion and a value creation of EUR 450 million. That is to say, a strong 32% of total investments, more than one-third of value creation. For healthcare division, external growth is also strong and stands at EUR 1.5 billion of investment over the period, a strong track record. How we have been financing this growth? First of all, with the proceeds of disposals. I remind you, we are engaged in a very dynamic asset rotation strategy, and we managed to dispose of more than EUR 1.6 billion of core assets since 2019. EUR 1.1 billion in 2019, with the disposal of Crystal Park and 49% of the EQHO Tower, and EUR 500 million euros in 2021, with the disposal of four assets in very good condition, by the way, as Emmanuel told you just before. On top of that, sorry, total financing is also carried out through capital increases at Icade Santé level, financed by both Icade and minority shareholders in proportion of their respective holding. Thus, EUR 650 million have been raised since 2019, of which EUR 210 million were contributed by minority shareholders, that is to say, new equity. This dynamic dedicated to growth and value creation also allowed Icade to deliver a strong dividend policy. The dividend yield represent an average over the period of 5.8%. On top of that, leaving behind us the COVID-19 crisis, we will offer shareholders regular growth dividend for the coming years, as we did in the past. On slide 61, I would now like to return for a moment to the question of how to finance this growth and elaborate a bit further on the construction of the LTV ratio of Icade. Another way to say, how do we manage or balance it? Indeed, when we look at the level of 40% at group level and break down by entity on an accounting perspective, some of you are challenging us regarding the difference between the ratio disclosed for Icade Santé at 33% and the remaining one that you are calculating for the rest of Icade. You estimate it around and even above 43%-44%. We have a completely different view when we look at the blended figure. Indeed, when Icade contributes to the capital increase of Icade Santé, it impacts the level of debt of Icade. Just to give you some figures, it represent for Icade more than EUR 1 billion during the last 10 years. After allocation of this part of the debt to the healthcare business line, you get a much more relevant view of the level of LTV per activity. The economic allocation of LTV for the rest of Icade, excluding healthcare, stand below 35%, whereas LTV for healthcare is above 40%. It clearly represent, in our point of view, a coherent and relevant split of the LTV ratio in line with the risk profile of each business line. Even though we plan to reduce the group's leverage, as I said before, current LTV ratio are already adapted and adjusted by business line. Let's jump a step beyond regarding the rigor and the soundness of our balance sheet. I'm on slide 62. Nothing new in reality, just a confirmation of our strong debt structure to face the future. Let me just quickly insist on few points. End of June, average cost of debt at 1.35%, while benefiting at the same time from an average debt maturity at 6.4 years. Represent a quite attractive structure of debt. I take the opportunity to remind you Icade has successfully issued in January a 10-year EUR 600 million bonds with an annual coupon of 0.625%. Our lowest coupons ever for Icade. In the meantime, we pursue a conservative aging policy with an aging cover above 95% in 2021, and above 80% for the next three years. Of course, we continue to benefit from a strong investment grade profile with a rating BBB+ with stable outlook reaffirmed by Standard & Poor's in July 2021 for both company Icade and Icade Santé. This is a good transition for the next topic I want to share with you this morning, the ramping up in sustainable financing at Icade. I'm very happy to announce today we set up a new green financing framework. To be more precise, this new green financing framework has been set up with more ambitious criteria, fully in line with the green bond and green loan principle, and it also already integrates taxonomy technical standards for the part known to date, of course. Thus, we acknowledge eligibility to finance by green instruments up to EUR 2.5 billion of assets. A second party opinion was released last week from Sustainalytics. This framework will be applied to the current green bond issued in 2017, and will also be used for the transformation into green bond of the January bond issue I just mentioned. A consent solicitation has been launched today toward all bondholders with a general meeting to be held in December. Most important, this new framework will be used for the future issues. Having said that, how we'll face the future? Let's finally jump on page 63 to recall the main financial commitments in each of our businesses. First, for the office activity, the key KPI, pursuing a very dynamic asset rotation strategy, we committed to pursue the disposal plan with an average annual disposal level of EUR 500 million-EUR 600 million. At the same time, of course, we continue to invest either in opportunistic acquisition, as we did in 2021, and also in our development pipeline and secured, as we explained earlier. All in all, we are speaking about an investment plan for the office division from 2021-2025, comprised between EUR 1.5 billion-EUR 1.7 billion. For healthcare, we confirm the growth ambition of EUR 3 billion by 2025, representing EUR 600 million per year on average. Finally, Icade Promotion will deliver the growth roadmap for Icade with a EUR 1.5 billion revenue by 2025, and improve margin at 7% minimum. Finally, taking into account all those commitments, the financial roadmap is clearly well on track, and I'm in a position to confirm a growth of the net current cash flow back to the pre-COVID ambitions, plus 4.5% for the coming years on 2020-2025 CAGR basis. As I said at the beginning, only one year to absorb the financial impact of the COVID-19 crisis. We are definitely confident and equipped for the future. Thank you for your attention, and now I leave the floor to Olivier for the conclusion. Thank you, Victoire. Now moving to slide 65. As we said, I really do think Icade has been able to cope with the COVID-19 crisis and to maneuver in this complex and very volatile environment. This will be clearly reflected in our 2021 result. That's why Icade is now in a position to increase the guidance for this year. As a reminder, it will be the second guidance increase for 2021. For 2021, group net current cash flow per share is now expected to grow by +8%, excluding the impact of 2021 disposal, which means a +5% including the impact of 2021 disposal. As we have said, it means that Icade will be very close in terms of EUR 1 miliion to the 2019 cash flow. The shock and the impact of the COVID-19 crisis has already been financially absorbed. Net 2021 net current cash flow from the healthcare property division is now expected above EUR 251 million, which is in line with the guidance that we have given in July when we prepared the IPO. Regarding the dividends, no doubt that the 2021 dividend policy is confirmed. The board will make the final proposal to the AGM in February 2022, when our 2021 final results will be presented. The conclusion now. What are our key messages regarding 2021 and the next three years? We have a few of them. I hope it's not too many. The first one is that 2021 is very well-oriented in terms of results. The second message, as you could have seen, is that each business line has a clear and ambitious roadmap already integrating the challenges deriving from the post-COVID-19 environment, assuming that the crisis is over. Third, our CSR, and especially our low-carbon strategy, will contribute to the performance and will contribute to the total return that we will deliver for the coming years. Our low-carbon strategy is not a nice add-on. Flo has give you a lot of examples showing that a low-carbon strategy is clearly the core of Icade strategy. The fourth message is that our balance sheet is really sound. For sure, the liquidity of Icade Santé that we had to postpone at the end of September will strengthen it furthermore when it will occur. Finally, as we all know, the post-crisis period are time of opportunities. Clearly, Icade, as Frederic said, with the support of the board and the support of our most important shareholder, is clearly in a position to seize them. Thank you for your attention during this presentation. Now, with the Comex team, we are more than happy to answer your question. I suggest to start with the question from the room, then by telephone, and then written question. I think we have microphone for people that want to address question. Where are the microphone? Hi, Olivier. Hi, teams. Thank you very much for this presentation. Florent Laroche-Joubert from ODDO BHF. I would have three questions, if I may. The first- You can. Thank you. The first one is on offices. You have highlighted that the vacancy in Paris market is now higher, and maybe we can see some polarizations between the different markets. My question would be, how can it affect your strategy in terms of developments, in terms of leasings? How can you be affected in your leasing activity, in terms of rents, et cetera? Maybe questions on the Adsquare division on Icade Santé. You have had to postpone the IPO. If we look at the coming months in France, we will have some significant events with, for example, the presidential election. Does it can it affect your agenda for the IPO, for example? Since the IPO is postponed, how can it affect your investment policy for Icade Santé? Maybe the third question, more general. You have a very optimistic guidance for the coming years. I understand that it is assuming that the sanitary crisis is over. Let's say in a less optimistic scenario, what could we expect? Thank you. I will try to answer your three questions. About the market, for sure, it is true that vacancy rate in Paris area will probably increase within the next 18 months. For sure, I do assume it will be the same for Icade office portfolio. When you are talking about polarization, I really do think that the polarization will be between good and bad buildings. It's not, in our view, it's not a question of location or area. It's clearly a question of what are your technical specifications, what are your low-carbon specifications. For sure, if we are able to place some of our major schemes, it's because of technical certification. After that, it's a question of rent. For each given location, you have an appropriate level of rent. In the submarkets, such as Nanterre, where we have a significant part of our portfolio, we really do think we will overperform the market. Why? Because we have the best buildings in terms of the technical specification. If you look at the companies such as Schneider, believe me, they have organized a tender. They have compared probably 30, 35 different opportunities. If we have won the bid that they have organized, it's clearly because we have the good location, the best technical and low-carbon specification, and the appropriate level of rent. For sure, major tenant, they are looking for good value for building. lot of the tenants, major corporate that are our tenant, you know, insurance company, banks, industrial company, the French state, believe me, they are not looking to go back to Paris city center just because we'll have to double the level of the rent. They are looking for sure, probably for less space, minus 15%-20%, that's for sure is the increasing work-from-home trend in the market. That's for sure. We are confident that the kind of building and for sure that you are able to visit Fresk this afternoon, you could see that it's a trophy asset. It's not a trophy asset of the CBD at the corner of Avenue George-V and Avenue des Champs-Élysées, for sure. For people that are looking for rents around EUR 450, EUR 500 per sq m, they can't find a better opportunity in the market. That's what we have in our portfolio. For sure, we do assume that vacancy rate within the portfolio will increase by the end of the year, 1%-2% more, maybe 1%-2% more in 2022. On mid-term perspective, we are very confident in our capacity to deliver the growth, even within the office portfolio. We will have to be also very active and flexible in terms of transaction, which means we have announced a volume of disposal and a volume of investment. Maybe we will have to do more, because we do think that there will be a lot of opportunities in the market, in terms of acquisitions. Some people are under, let's say like this, maybe under pressure. Some people, they don't want to take development risk in the office segment. So if you are ready to do so, Equinoxe and Prieuré last year were two good examples of what could be available. So if we have good opportunities in the market, maybe we will sell more and acquire more. So let's see, but again, in the current market, for sure, the news at the end of last week were not the best news. Assuming a stable market, we do think that the kind of development, the kind of building that we have in the portfolio will really fit the requirements of a larger corporate. On your second question, we have to postpone the IPO at the end of September. For sure, it was not good news. For sure, it was probably not the right decision to launch the IPO in a week that where the market was probably very volatile. We may be, we're a little bit too confident. That's life, let's say like this. you could have seen and Xavier has given the figures, an order book of close to EUR 1 billion, allocatable demand EUR 700 million. We are not able to close the transaction. Just to remind you that we have with the specific tax regime that we have for REITs in France, the SIIC regime, we have the mandatory threshold of 15% of free float. It was an amount of EUR 800 million, so we are not able to close the transaction. At the end of the day, EUR 1 billion of order EUR 700 million of allocatable demand at a pricing which represent a premium to now for an IPO 25% on the last NAV per share. If you are optimistic and positive, you can say that at the end of the day, it's not that bad result. We have to postpone. For sure, we want to come back to the market beginning of next year where we have now to work, maybe also to improve the structure on the transaction, maybe to improve some of the specific item of the transaction that we have proposed to the market. What we have learned from the previous attempt is that we need a very stable market to come back. For sure, we have no precise clue of when we will have such a window to come back. In the meantime, we continue to implement the growth plan. I think it is very important, back to your question, to say that even if we don't have the EUR 800 million of new equity that we are looking for to finance the growth, clearly, Icade and the minority shareholders have the capacity to finance for 2022 the growth of Icade Santé. We don't want to reduce our ambition because we were not able to close the IPO. I think this is one of the important message. You say we have an optimistic forecast for the next year. I think it's the same forecast that we had before crisis. As Victoire said, we have been able to absorb or to offset, you know, the impact in terms of cash flow of the COVID-19 crisis. When we have started to return the slide, it was two or three weeks ago. We have to have this little, you know, precision, subject to sanitary condition. For sure, if you have in 2022, lockdowns comparable to the spring 2020, we will have to say, "Okay, sorry, but it's not exactly what we have in mind." If we have the kind of market that we had in the second part of 2021, it's not the ideal situation, for sure. We are not exactly back to the same level of activity in terms of letting transactions for offices. Even you know, to organize visits in the scale segment it's still a little bit more complex than in the past because you have sanitary restrictions and so on and so on. For the development segment, it's maybe nothing linked to the sanitary crisis. It's more you know, the reduction of the number of building permits that are granted in France. I think there's nothing to do with the sanitary environment. It's our central scenario. You do know the rule of the game, where when we give such figures we have a buffer. Because when you are not able to reach the, you know, this kind of forecast, you know that the reaction of investor and analyst is quite strong. We have a buffer. After that, if you have a complete stop of the market due to another version of the virus, that will be another story. For the time being, we are able to manage the sanitary situation and to announce the kind of growth for the cash flow on average for the coming year that we have presented. What will be the most pessimistic scenario? I don't know. I don't know because I don't know what could be such a scenario. I don't know if we have other question in the room, so Pierre-Emmanuel and after, Thank you. Pierre-Emmanuel from Kepler Cheuvreux. I have several questions for you. The first one, it's a technical question on the office segment. On the EUR 232 million of value creation, how much of it have been already recognized in June 2021? The second one on the property development segment, what are your assumptions to target a 7% development margin by 2025 in terms of cost, in your construction cost increase and price increases? The third one is just to come back on Icade Santé. Do you think that the postponement of the IPO was a question of pricing or timing? From what I understand from you, it's more a question of timing, let's say. Can we expect you to come back to the market with the same price range for Icade Santé? The last one on Icade Santé also, is there any agreed CapEx with Ramsay Santé for the leases that you renegotiated a couple months ago? I will answer very quickly the third question before to leave the microphone to Emmanuel. Emmanuel and Xavier. We have no idea what could be the pricing of a potential future IPO. It's clearly too soon to have an idea. At the end of the day, I don't know if we have a question of pricing or timing or other topics, but I was just highlighting that, again, if you want to be positive on that topic, we had to be very precise, EUR 693 million of allocable demand at a pricing of EUR 115, and it was a premium of 25% to NTA NAV. That's just a matter of fact. What could be the future for the Clearly, no clue for the time being. On value creation, Emmanuel, you could answer in French or English, and we will translate. In English. I can try. EUR 177 million are already recognized, and the other will be recognized when the buildings will be fully let. For the moment is EUR 170 million. I will answer in French. For the construction cost, we have dual impact in 2021. First of all, on the materials, because it's a worldwide market with a shortage for certain types of materials. The second impact is that of the regulations, upcoming regulations. For the materials, the work we've done with our companies for the large working sites upstream from the orders and on-site work has allowed us to anticipate on these issues and to maintain some margin for maneuver in spite of the potential effects. There was no impact on the balance sheet for 2021. As for the regulations, thermal regulations, we had anticipated as early as 2020 and in 2021, across all of our projects, that we should position with the corresponding E+C- label, so there will be no impact on the technical cost from this point of view. For the next years, there will probably be a correlation between the price of property and the sales cost that will absorb the low carbon improvements needed to get the RE2020 label. Ramsay Santé renewal, about 10 sites. We have an agreement about EUR 26 million of CapEx, and out of which EUR 13 million are paid by Icade Santé and 13 are paid by Ramsay. We have, I think, a question still in the room. Thank you. Can you hear me? Perfect. [audio distortion]. Two questions. Firstly, in offices, you touched about headline rents being stable. Can you come back maybe on incentives, especially for the renewals? How this negotiation with the company have been, and what kind of incentive changes you had compared to the previous one? For healthcare, you mentioned your disciplined approach. When it comes to investments, we've seen quite, I would say, significant yield compression in all markets. Does it affect that you will bring forward investment to avoid overpaying late stage? Or how do you look at your overall investment and we'll say acquisition there? Thanks. Xavier, do you want to answer the second question? After Emmanuelle. If I get it properly about the yield compression we observe in all our markets and how do we work with that? For sure, we tend to have a slightly higher focus on new developments. Historically it was 20% of our investments made in greenfields or refurbishments, and moving forward, it's I would say closer to 30% and to 30%. Doing so, we are able to get some premium because of our early commitments. That's a way to deal with that compression. Otherwise, once again, it's a matter of repeat deals. The flexibility that we may have because we are in a truthful relationship with tenants. For instance, in M&A processes, when it's also about the timing of completion of the transaction, it's also a way for us to get some, I mean, some edge. At the end of the day, I mean, we are still investing in what is, what I think is a firm market yield because it's, I mean, it's a more and more liquid market, but to where it is here. Well, I think that the first good news with cap rate compression is the fact that it will impact positively the value of the portfolio. That's the first news. After that, we have to manage the topic in the acquisition process. When you have a 25 basis points cap rate compression in the market, the first impact is the impact in the external appraisal, because more or less, you will find this cap rate compression in the valuation at the end of the year-end. Clearly, the cap rate compression that we have will impact also positively the value of the portfolio, at your end. Emmanuelle, on tenant incentive in the market, and renewal. Maybe we can go to slide 70, where we have some figures about incentives. Slide? 70. You're right, incentives are increasing in all sectors, of course, and obviously, where the supply is high is important, and especially for buildings not refurbished or not new. You can see on slide 70, incentives are really increasing. For our new signatures and our renewals, we grant to our tenants between 15%-20% on incentives. We have a part of a rent-free period, but also works for the tenants. We limited, with this works, the level of rent-free period. Thank you. There's a question on the back of the room. Morning. Céline Soo-Huynh from Barclays. First question is on Icade Promotion. Can we talk about your 7% margin target? Correct me if this is wrong, but it looks low compared to your peers in France and Europe, especially since you own part of the land bank. How do you explain this? My second question will be on the dividend. If your net current cash flow is up 5%, why isn't your dividend up 5% as well? Thank you. I will answer the second question, and Emmanuelle will answer the first. On the dividend, we have announced a dividend policy for 2021, and it was said that it was a payout ratio of 93% plus part of the capital gain, because as you know, we have some mandatory requirements in terms of distribution. What we have achieved in 2021, for sure, you have a cash flow which is higher than expected, and we have a level of capital gain which is more or less in line with what we have forecast at the beginning of the year. As we said that the final proposal will be made by the board, for sure we have also to take into account, you know, what is the current environment. It is true to say that before crisis, the dividend policy of Icade was to have more or less the dividend linked or moving at the same pace than the recurring cash flow. For the future, let's see, because, you know, the environment is what it is. Let's say like this, we have the capacity to do a little bit more. We have also the question of the scrip dividend. Due to what was the environment at the end of 2020, we did think that. Even if some of you have challenged us on that, but we did think that it was, let's say appropriate to have a scrip dividend for part of the dividend, 40% of the dividend 2020. Also on that topic, the board will make the recommendation to the AGM at the end of February. Probably we have, hopefully at the end of February, a clearer view of what would be, let's say like this, the sanitary environment. That's why we have an increase of guidance for cash flow, but no announcement about the dividend as of today. On level of margin. About the margin of Icade Promotion, at 7%, we are in a period where the margin is increasing. We were at 4% last year. On this term, we are nearly about 5%. We need to return the best of class at 7%-8%. Maybe we can explain a little difference between the best of the class by the part of office building in our activity, less important than the certain than other majors of the promotion and the property investment. Maybe it could be the little difference. Maybe one point, I am looking for the slide on land bank, because maybe in your question, you were saying, as you are using part of the land bank, to launch new residential scheme, you should have a higher margin because that's the last point of the slide. When we have for sure, for the land bank, we have the valuation at historical value. Also, it's a topic which is discussed, but we do think that it's reasonable. It's a conservative position for sure. But when we launch schemes for offices or residential, we put the value of the land at market level. Therefore, the starting point is the same as for any competitors. We at that time book the profit of the capital gain. It's only when we launch. In the P&L of any residential scheme launched by Icade Promotion, the starting point for the value of the land is clearly market. It's clearly market level. I don't know if you have question by telephone, Cherie, or not. No question. We have written question, if you could read them. Question by Jonathan Kownator of Goldman Sachs. What is the main reason for the increase of the 2021 guidance? What is the reason? It's a mix. The question is what is the main reason. I think we have a mix of different reason. The first one is the better result of Icade Promotion. The second one is the lower cost of debt. Surprisingly, the third additional reason is the postponement of the IPO. Because with the IPO, we should have been diluted till you know we have been able to invest EUR 800 million, so we don't have the dilution. When you combine the three element, you have the reason for the increase of guidance in 2021. Second question by Jonathan Kownator. Do you intend to convert part of your existing office portfolio into residential or other alternative use, for instance, in Rungis or other outer rim areas? No, it's one of the, I think, most interesting topic, you know, for the future. We have started to announce that last November. We have started in Rungis. We are about to start, you know, in the north of Paris. For any asset, when it comes to be vacant, as an asset manager, you look at what is the best use, you know, for the next redevelopment. Sometimes to keep the same use, you know, office, but it could be to convert that sometimes into residential. And as Emmanuel Desmaizières has explained, we really do think that we have a skill for that. Just to remind you, the acquisition that we have made in July, Equinove, you know, 70,000 sq m of offices in a location that you will probably don't know, Le Plessis-Robinson, south of Paris. Probably an average location for offices. Sorry to say that, but it is, it's true. But probably one of the best location in Paris region for a redevelopment in residential. We have already started the discussion with the local authority and Equinove will be probably one of the largest residential scheme in Paris area within the next five years. For each location, each time we have a building that will be vacant, we will have to compare residential compared to offices or sometimes it could be new student housing or nursing home housing, depending on what you are allowed to do on a given location. For some locations, such as Rungis or after the second ring, but we have only, for the time being, more or less only Rungis. It could be, you know, to compare a use with a data center of light storage or activity. We choose, you know, the use that on paper gives us the highest return. Clearly, it's increasing and increasing, and we will probably do more and more transformation of offices into something different. We have now three questions from Christopher Fremantle. Hi, Chris. How do you assess the fact when you provided a liquidity event for Icade Santé, none of the other shareholders wanted to sell their stakes? How does this affect your obligation or your willingness to provide this liquidity event in the future? What are you looking for to proceed on a liquidity event? Is it simply when the other specialist healthcare stocks are at a higher level? Oh, I think I won't want to speak on behalf of the minority shareholders of Icade Santé. I'm not allowed to speak on their behalf. The first thing is that we, when you launch a topic, we were asked by the bank syndicate to have a lockup of our stake. It was true for the minority shareholders, and it was true for Icade. We were asked to give the lockup. After that, after a six-month lockup, especially for the minority shareholder, they would be free to manage their position. Just to remind you that all those investors have entered the vehicle in 2011, and it was a ten-year business plan, classical for such kind of vehicle, investment management and after that, disposal or something else. The fact is that those minority shareholders, they are life insurance companies, and clearly the asset class, they have the appetite for the asset class because it's a bit defensive. You have very long-term cash flow, but at a quite attractive and appealing level. I don't have any clue of the way they will manage their stake in the future. What I could say is that they like the asset class, they like the vehicle. We have delivered to them a double-digit IRR, you know, during the last 10 years. Such a performance on such a duration, it's quite remarkable in our view. What we have in front of us is also quite interesting in terms of total return, and also because, as you mentioned, we have in a lot of countries in Europe, we do think we still have room for cap rate compression. We have to organize a liquidity, and after that, they will manage their stake. It's probably one of the topics we'll have to maybe to improve because we were surprised, you know, people, some investors were asking a longer lockup in order to avoid to have a lot of paper on the market. But some other were also saying, "Okay, but why you don't have a larger free float?" So we have to balance the two demand. I'm sorry, but I don't remember the second question. Second question by Christopher Fremantle: You are trading at a big discount to Net Asset Value. How does this impact the chances of you offering a scrip alternative to the dividend, diluting the per share measures of Funds From Operations and Net Asset Value? That's a topic that unfortunately we have to take into account, clearly. Because, for sure, for people that are able or willing to subscribe the scrip dividend, it's an interesting proposal. For the others, I do recognize that to be diluted at such a level isn't really good news. That for sure is something that we will have to discuss to the board, but we have also to take into account, you know, some other element. The fact that we are trading at a discount to that is for sure for management and the board a topic that we have to manage, and especially when we have to make the decision on a scrip dividend. Again, due to what is the existing or current environment, this decision will be made by the end of February. You say you are reviewing a lot of healthcare opportunities. In general, is this because you are being beaten on price by competitors, or is there another principal reason that you are choosing not to proceed on most of these? I don't want to answer on behalf of Xavier, but it's because we are disciplined. We have our own financial criteria. We have our concentration criteria. You may have seen that we have not pursued an acquisition made by an asset manager specialized in healthcare asset led to Elsan. That was one of the reasons. So you have both. We do think, hopefully, that we are disciplined in term of acquisition. We have kind of threshold of return that we don't want to cross. We put the best offer that we can on the table. Sometimes we win, sometimes we lose. That's life. As you could have seen, Christopher, with our financial criteria, we have been able to close EUR 600 million of investment and new agreements on greenfield project, which is the amount that we want to close every year. As Xavier said, we have increased the size of the team on the ground, so we have more and more opportunities to study, which is good news, but our financial criteria are what they are. Sorry, but we won't disclose that because for our competitors it will be too easy in the future. We stick to them. I think we have enough opportunities to deliver the growth plan, which is clearly an ambitious growth plan, but to deliver the plan over the next four years. I think it was the last question. Yes, Cherie, can you confirm? Thank you very much to have attended this presentation. For those who stay with us, a lunch will be served on the ninth floor. For the others, we are really sorry, but we are not able to deliver lunch boxes at your office. For sure, Victoire, next year we will try to improve the quality of the service. Not easy, but you know, real estate, it's all about details. For those who are with us, we go to the ninth floor. We'll have a one-hour lunch, and then we will leave for the visit of Fresk. For the others, I really do recommend to look at the video that we will put on the website for the visit of Fresk. Believe me, it's clearly a trophy asset. Thank you very much.