Hello, welcome to the ICADE results as of September 30th, 2021 conference call. My name is Courtney, and I'll be your coordinator for today's event. Please note that this call is being recorded, and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any time, please press star zero and you will be connected to an operator. I will now hand you over to your host, Olivier Wigniolle, Chief Executive Officer, and Victoire Aubry, Chief Financial Officer, to begin today's conference. Thank you. Good morning, everyone. Olivier Wigniolle speaking, and thanks for joining this call this morning. I'm going now to present our Q3 results with Victoire Aubry, our CFO. As it was said, the presentation will be followed by a Q&A session. In terms of context, you know that the COVID-19 crisis is more or less now behind us. It's not 100% over, but the sanitary situation is more or less stabilized in France, and the situation on our market is getting back to normal. Just as an example, we have now most of the people clearly back to the Office building. Day after day, the situation on our different markets is improving, and we are probably a little bit more optimistic than we were in July. Let's go to slide four to start the presentation with the figures of our revenue. Total revenues for ICADE for the first nine months of the year amount to EUR 1.224 billion, which is an increase of +25.2% compared to last year. Maybe more important, it's an increase of +20.2% compared to 2019. If you look at the revenues from our investment portfolio, they increased by +3.7%, and they are more or less stable on a like-for-like basis. We have a significant increase of the revenues for ICADE Promotion, our development subsidiary, +47.4%. That's for IFRS revenues. I will come back later for the economic figures. The growth is even higher. It's clearly a strong rebound for the activity after the COVID-19 crisis. You will have your own analysis. We do think that those figures are quite satisfying in the current post-COVID-19 environment. If I want to comment the key highlights, I'm going now to slide five for the key takeaways, and Victoire will elaborate more into the detail of the different figures. I think we had a very solid business performance across our three different business lines. For the Office portfolio, I would like to highlight two things. The first one is the very active asset management with more than 140,000 sq m signed or renewed during the nine months of the year. It represents an annualized headline rental income of more than EUR 35 million. Our gross rental income for the Office portfolio were up +1.9% and stable like for like, which reflect a very resilient leasing activity. Regarding the Healthcare division, the revenues are up +7%, driven again by acquisition and the pan-European expansion in 2020 and also 2021. Again, Victoire will come back to that later. The good news for ICADE Santé is the fact that we have renewed with one of our most important tenant, Ramsay Santé. We have renewed 10 leases in France for another, an additional 12 years, which mean that we have secured EUR 38 million of headline rental income again for the next 12 years. For ICADE Promotion, our development subsidiary, the business rebound is still ongoing as expected, and it's driven by a very strong demand for Residential. Residential represents 85% of the total revenue, that remain very strong. As I said, the economic revenues stood at nearly EUR 780 million, up + 55% compared with 2020, up + 31% compared with 2019. If you look at the figures for new orders, they are also well-oriented. It's + 39% compared to last year and + 8% compared to 2019. Again, Victoire will give you some more detail, but if you look at the asset rotation within the portfolio, we have been quite active during the first nine months of the year. In terms of disposal for the Office portfolio, we are very confident in our capacity to reach our EUR 500 million plus target of disposal for 2021 for the Office portfolio. At the end of September, we have already closed EUR 462 million. You know the reason for that is that the appetite for core asset is still very strong in the Paris market. In terms of investment for the Healthcare division, we have invested nearly EUR 480 million and we are fully in line with the annual target that we have for 2021, which is between EUR 450 million- EUR 500 million. It is important also to highlight that our balance sheet remains very strong, and S&P has confirmed the BBB+ rating with a stable outlook for ICADE and ICADE Santé. I will come back to the guidance during the conclusion. As a first comment, we do think that the first nine months figures reflect, I think, the resilience, not to say the strength, of our three different activities. Again, the market is now much more well-oriented, and is clearly linked with the fact that probably the sanitary crisis is more or less over. Victoire, now, the floor is yours. Thank you, Olivier. Good morning, everybody. Let me now share with you the operational performance of our business lines, starting with the Office property division. I'm on slide six. Let's talk first about the leasing activity. The top three figures reflect clearly the continuation of the very active asset management, with a total achievement of 140,000 sq m signed or renewed since the beginning of the year. This volume achieved in the market and the take-up, taking into account changes in demand and requirements, represents an amount of annual headline rents of EUR 35 million and an average of seven years until break option, a resilient duration. Important to highlight that those new leases were signed in line with the market levels and with stable headline rental income. I want to underline also the resilient rental income of the division in the context of market slowdown in line with expectation, with a total revenue at nearly EUR 285 million, up +1.9% compared the same period of 2020, and stable on a like-for-like basis. By the way, the collection rate is still high at more than 80% year- to- date, 85% only for the Q3. Of Q3, reminding that our tenant base is very robust. The spot final occupancy rates stand at nearly 89%, slightly down, in line with the general slowdown in the Office market that was expected in 2021. That implies also longer time need to find tenants. The KPIs have clearly been mechanically impacted by tenant departures communicated in 2020 and effective this year, but also on the top of that, the disposal of the three leases mature assets, and also the completion in Q1 of the Origine building, 80% let, impacted the TAF. Thanks to an ability to find strong maturity in new leases, seven years, I remember you, I just said that before. As mentioned before, the WAL is stable at 4.2 years. Second topic I would like to highlight, the development pipeline activity. A strong driver for value creation for ICADE, with four major deliveries representing more than 115,000 sq m. We are talking about Origine, the new headquarters of Technip Energies, completed in Q1, and West park, completed and handed over in Q2 to Groupama after being refurbished, previously named Fontanot. Those two buildings, representing more than 80,000 sq m located in Nanterre, a quite attractive area just behind La Défense, with exceptional transportation and also attractive price per sq m for new tenants. The deliveries also include the Latécoère headquarter in Toulouse, completed in Q2, and the last one, the 14 sq m FRESK building located in Issy-les-Moulineaux, that was delivered at the very beginning of October. Those four deliveries are let at a level of 80% on average and will generate, once fully let, an annual rental income of EUR 47 million and a total value creation of EUR 232 million. Last topic I want to share with you on the Office division is the asset rotation that has more than actively resumed since the beginning of the year. We managed to complete in Q3 the sale of the building Silky Way at 36,600,000 sq m, asset located in Lyon, for EUR 138 million, bringing the year-to-date disposal total to EUR 462 million. Disposal that were carried out under very good condition, as already announced in June, since they were made with a plus merely 10% premium to GAV, to gross asset value, as of December 2020. In terms of value-add acquisition, we also completed the acquisition of Equinove for EUR 183 million. This 64,000 sq m building located in Claye-Souilly in the suburbs of Paris, is fully let to Renault, with a remaining leases term for over four years and an appealing cash on cash yield of 8%. In addition, there is a potential of value creation that will be unlocked through future redevelopment into a Residential scheme when the tenant will leave the building. This transaction, together with the value add acquisition of the Le Prairial building in Nanterre closed in June 2021 for EUR 60 million, brings the total amount of ICADE's Office property value add acquisitions in the beginning of the year to EUR 243 million. Going forward on page seven, in a focus on the Healthcare division. As Olivier Wigniolle said, our revenues is at a strong level, with a gross rental income at EUR 239 million, up nearly 7% year-on-year, slightly up on a like-for-like basis, mainly due to the index-linked rent reviews. The gross rental income was mainly fueled by the acquisition carried out in late 2020, and also beginning 2021 in France, but also abroad with, in Germany, I remember, the acquisition of seven nursing homes from and operated by Orpea at the end of 2020, and in Italy, the acquisition of six nursing homes, out of which four operated by COOP, the largest Italian operator. Occupancy rate is unchanged at 100%. Furthermore, we continue to benefit from a solid portfolio of tenants that are long-term committed with the WAL standing at eight years as of September 2021, up by half a year, due in particular to the lease renewals in July of 10 leases with Ramsay Santé in France for another 12 years. This renewal represent headline rent income of nearly EUR 38 million, and it is clearly a good illustration of the sound resilience of our revenues, even in period of renewal. Our investment activity remained strong at the end of September, with transaction totaling EUR 370 million on a year-to-date basis, including preliminary agreements. Investments in France in short, medium, and long-term care represent EUR 158 million. Investment abroad represent EUR 93 million, split between Germany for EUR 46 million and Italy for EUR 47 million. Investment in the pipelines stood at EUR 61 million, with EUR 15 million France related to the delivery of four short stay facilities in the beginning of the year. Since the beginning of October, investment momentum continue with close to EUR 170 million of investments in France and Italy, bringing the year-to-date investment to over EUR 480 million, including EUR 219 million in France and nearly EUR 200 million abroad. This amount is in line with the annual target of EUR 450 million-EUR 500 million, as Olivier said before. All these metrics confirm once again our ability to deliver our ambition to grow in this asset class, both in France and in the European country we are focused on. Now on slide eight for third business line, property development with ICADE Promotion. As Olivier said previously, the business rebound is here as we expected. The growth of the economic revenues, that is to say, IFRS revenues plus joint venture, is up by +55% compared to 2020, and this is also a growth of +31% compared to 2019. It is clearly driven by Residential, representing close to 85% of the total revenues, with 378 new orders for Residential apartments over the period figure up +39%. Those figures reflect the demand which remains structurally high, coming from both individual and institutional investors, stable at 50%, and therefore confirming their strong appetite. I also want to highlight the economic revenues for the Office and Public segment is once again significantly up, +44% compared to 2020. It includes, notably, the sales of the Emblem complex in Lille, 900,000 sq m Office space to MACIFIMO, and two sales involving ICADE investment division, like the Outlet Village in Saint-Ouen-sur-Seine, representing at 100% more than EUR 50 million. Looking at leading indicators, they remain well-oriented, confirming growth potential for the future. Total backlogs stand at EUR 1.5 billion, up by +3.2% compared to December 2020, +5.6% only for Residential. An additional potential of revenues of EUR 2.5 billion deriving from the Residential portfolio comprising more than 1,100,000 units that we do control through option of preliminary agreements. In total, the medium-term revenue potential for ICADE Promotion is close to EUR 7 billion in the five coming years, slightly up compared to December 2020. It represent over 19,000 units for the Residential segment and more than 300 sq m for the Office segment. Thank you very much, Victoire. Moving to slide nine to conclude this short presentation of our Q3 figures. We do think that the figures reflect a quite solid business performance for our three different business lines, 2021. It reflects the evolution of the different markets, and it reflects the evolution of the economic environment in France post-COVID-19 crisis. We are still focused on delivering our priorities. For the Office portfolio, the disposal plan was carried out as scheduled. We have also adapted our development pipeline, and it's still very profitable, as Victoire has mentioned. We have adapted the pipeline to the current letting market environment. We had a strong volume of new leases and renewal during this period. Again, we do think that the kind of Office building that we have in our portfolio, if you look at the value from an item of rents and location, is the appropriate combination to fit the new requirements in the post-COVID-19 environment. For the property development division, I think clearly we are on track to achieve the target. The implementation of the roadmap is well on the way. Just to remind you that we plan a significant increase by the end of 2025 at EUR 1.4 billion of revenues. Again, there are some changes in the market, but we follow our roadmap, and we do think that we will deliver the target in terms of volume and profitability. For the Healthcare investment division, for ICADE Santé, for sure, we had the growth and the international expansion with investment, which are close to EUR 480 million this year. We are again right on track to deliver the growth of the portfolio. The bad news of September was the fact that we had to postpone the IPO. It was mainly due to a market which was not well-oriented the week we have launched the IPO. It was disappointing. I think it's important to highlight that we have reached a book close to EUR 1 billion, clearly showing the fact that the asset is really attractive, but market was not there. We have decided to postpone the IPO, and now we are considering the option that we will have in 2022. As a conclusion, we do confirm our guidance. Just to remind you that the guidance was increased in July. Now for 2021, the net current cash flow for ICADE is expected up at +6%, excluding the impact of 2021 disposal, as well as the impact of the dilution deriving from the scrip dividend. It means, at the end of the day, a +3% per share compared to last year, including the impact of the two elements I was mentioning. For the Healthcare property division, we also confirmed the guidance at EUR 251 million. Finally, we confirm also the dividend for 2021 that will be up by +3%. That reflects a payout ratio of nearly 83% in terms of payout ratio. Thank you very much to have joined this call. Just to remind you that we will have our Investor Day on November 29, and it will be the opportunity for ICADE to provide an update in the execution of strategic plan. Now with Victoire, we are ready to answer your questions. Thank you. As a reminder, if you would like to ask a question on today's call, please press star one on your telephone keypad. Please ensure your line is unmuted locally, and you will be advised when to ask your question. That was star one on your telephone keypad, and please stand by while we prepare for the first question. Okay, our first question comes in from the line of Florent Laroche-Joubert calling from ODDO BHF. Please go ahead. Hi, Olivier. Hi, Victoire. Thank you very much for the presentation. I would have two questions. The first one is on Offices. I have understood that you are more optimistic now in terms of leasing activity, but your occupancy rate is still in slight decrease. Would it be possible to have maybe more colors on your expectation in the coming quarters, regarding your occupancy rate and breaking options that you could have in 2022? That would be my first question. My second question would be on Healthcare. As far as I understand, your investment, for the first nine months of the year, already reached your annual target. Does that mean that you don't expect any further acquisition on investment in November and December? Thank you very much. Thank you, Florent, for your two questions. I will answer the first one, and Victoire will answer the second one. It is true that we are a little bit more optimistic, as I said, compared to July. I think the market is probably a little bit better. If you look at the figures provided by real estate brokers, I also do think that they are a little bit more optimistic. It's because the situation is maybe not 100% normal, but it's now easy to organize. It's very pragmatic, and it's easy to organize visits of our premises. I think that now corporates are probably now thinking maybe not to postpone their corporate real estate project, but they have now probably the capacity to move forward. We do see more activities on our marketing side, more visits and things like that. You still have the question of the real or the exact development of work from home with large corporate. When we look at our portfolio, we do not see any specific move linked to the post-crisis environment. Development of the work from home will have, on a midterm, long-term trend, will have an impact on the overall volume of leasing transaction on Paris. The forecast made by the largest real estate broker is that on midterm perspective, it could be around minus 15%, in term of volume of leasing transaction, which means probably the trend will be a little bit below 2 million sq m on the market. We do see that in our portfolio, and we have a discussion with our largest tenant. Having said that, most of them used to have an agreement with their employees for work from home before the crisis. Probably they will increase. If you look, and as said by Victoire, the departure that we had in our portfolio, they were anticipated before the crisis, especially we have some departure in Lyon and so on. Nothing to see with the crisis. I'm not saying that the Office market is booming. I said that the situation is rallying back to normal. Again, we do think that for the kind of tenants we are looking for, the kind of building that we are putting on the market, good location, very affordable rent in term of CSR specification, close to state of the art. I think we have really some competitive advantages to fit with the new requirements of the market. The two transactions that we have announced in July on FRESK and on Edenn in Nanterre, I think are a good illustration of what will be the market for large corporate. They are looking for very good building, affordable rent, again, state of the art in term of carbon footprint. I think we have several projects that are fitting those criteria. Probably now, we're seeing that we have adapted our development pipeline. If the market will be a little bit better, we have been very quick to adapt our development pipeline. If the market will be better than we have expected six months or 12 months ago, we have also the capacity to put new projects on the market. We will be still, I don't know if the word conservative is the appropriate word, we are looking at exactly what is the market. We have several projects in our pipeline. We have said that we will launch less project on a speculative basis due to the current letting market environment. If the market is better, we have the capacity to increase our pipeline. Again, no CRUs discussion with tenant for major departure within the portfolio ahead of us. It doesn't mean that we won't have the normal rotation with our tenant base, but no increasing departure within the portfolio. Victoire, on the second question. Back to the investment plan we have done on the Healthcare segment, Florent. Regarding the figures, we have already done end of September, 239 concretely signed. In addition, EUR 70 million on preliminary agreement, which means end of September, we have achieved a EUR 310 million of investment. As we specify in this press release, in October, we have signed additional preliminary agreements for an amount of EUR 170 million, which means the total is, so far for this year, EUR 480 million. It's true, of course, that we have got additional projects under review, which means it could be possible we improve this figure, one more time, EUR 480 million, before the end of the year. In my point of view, EUR 480 million is a minimum total investment for 2021 year. Okay. Thank you very much. That's very useful. Thank you. Just before we move on to the next question, as a reminder, if you would like to ask a question on today's call, please press star one on your telephone keypad. Our next question comes in from the line of Christopher Fremantle calling from Morgan Stanley. Please go ahead. Hello, good morning. This may be a question that you Office investment activity, when you compare disposals on the one hand, and acquisitions and development CapEx on the other. I don't think you have mentioned how much you're spending on development CapEx as part of this release, but perhaps you could give us that clarity. The reason I ask is that the proportion of your overall portfolio in Healthcare has been increasing over the long term. If you are net neutral in investment on Offices, the speed of the growth in proportion of Healthcare, is a bit harder to achieve. If you could just give your broad intention there on Office investment or disinvestment or net neutrality, please. Hi, Chris. Thank you for your question. I'm happy to answer now, and also maybe to come back to that during the Investor Day. I think where we have a very clear view of what we want to do, is the disposal plan for the Office portfolio. We have a target per year between EUR 500 million-EUR 600 million for the next three, four years. It's clearly I think what do we need to finance the new investment. It's also, I think, the good way to show market value for the type of asset that we are within our portfolio. This figure is clearly, maybe we could do a little bit more if we have interesting offers, but a disposal volume of EUR 500 million-EUR 600 million per year is what we have in mind. In terms of investment, in terms of CapEx in our development pipeline, for sure, as we have said that we launch less projects on a speculative basis, that it means that we'll have to pre-let them, in order to launch new project. For sure, when you do that, you have to adapt the pipeline to your capacity to find new tenants. For each year, we don't know exactly how much we have to invest in terms of CapEx in our development pipeline. As I said, answering the question of Florent, maybe we will have to invest a little bit more than expected because the market is better. That's our understanding. That's what we do see on the ground. I think maybe compared to what we had in mind in November 2020, we will invest probably a little bit more in our development pipeline for Offices, but it means that we would have been able to find new tenants. Again, Edenn, what was a very good news, the new headquarter for Schneider in Nanterre, and we could expect to have some more transaction. Where we have to be very flexible is on acquisition for Office. At the end of the day, we do not plan a volume of acquisition every year. We are very flexible and opportunistic. We have announced this year EUR 243 million of acquisitions. At the beginning of the year, those two acquisitions were not integrated in our budget, in our plan. Again, it's because on Office acquisition, we are very opportunistic. We are looking for what we do think are interesting opportunities. If you look at the two transactions that we have closed, they are completely different. One is an Office building in a location that we know very well in Nanterre, very close to all our project, Origine, Edenn, West Park, and so on. The building is fully let to the French state for the next three, four years. We know that the tenant will leave, and we have already a project. We develop the building. For the time being, we have an appealing cash-on-cash return of 6%. We know that after redevelopment, we should target a double-digit IRR. We like this kind of project, but it's difficult to know if we'll be able to source one, two, three during the year. The other one is completely different. The project that was mentioned by Victoire, Equinove in Plessis-Robinson. It's a project fully let to Renault, more than appealing cash-on-cash return at 8%. The end of the story it's a Residential redevelopment. We will sell internally the building to ICADE Promotion and redevelop one of the most important Residential scheme in the Paris area. It's difficult, it's not that I don't want to answer. My view is that probably over the next three, four years, we should be net seller in our Office development. If we are able and the market is providing interesting opportunities for acquisition, if we are able to find several new tenants for our development project, at the end of the day, we should be neutral or net investor. We have also the capacity to sell more. That's the way we look at the rotation within the Office portfolio. If you look at the plan that we have on the table today, it's probably we should be a little bit net seller over the next three, four years. Again, with the market that we have around us, we have to remain very flexible and opportunistic. Thank you. We currently have no further questions in the queue. I don't know if you have one more question? Yes, we have one more. Go ahead. The next question comes in from the line of [Peter Watson] calling from Clarence Capital. Please go ahead. Hi. Thank you very much for the presentation this morning. Just a quick question on the Healthcare division and the tenant renewed for another 12 years with Ramsay Santé. I was just wondering whether there were any further CapEx incentives agreed on the renewal of those leases. Also, if you could just comment on where the rent level was reset for those leases, that would be very helpful. Thank you. Since the beginning of the year, as I mentioned before, clearly we can see a stable ERV since the beginning. Each renewal is done with a stable condition in term of rent per square meter, to be more clear. It's true that in term of incentive, clearly, we have seen a slight increase compare last year. It's clear that tenants are asking for, we can say, additional CapEx dedicated to improvement of the building in term of CSR criteria and also ability to organize area more in line with the new type of demands. It's a reality. One more time, if there is a stable condition in term of ERV, we have seen since the beginning of the year increase in incentive, and especially dedicated on additional CapEx, more than a focus on free rent period. If I may, I can also coming back the renewal we have done on the Healthcare division because it's a good illustration in this asset class of the soundness of the economic model, we can say, because we renew a significant amount of revenues, with more than 10 leases with Ramsay Générale de Santé, with exactly the same level of conditions in terms of revenues. We just manage with Ramsay Générale de Santé, a dedicated CapEx envelope for the coming three years to improve, as I said before, for Offices, exactly the same thing, the same characteristic to improve the quality of the building and especially to improve the CSR component of the Healthcare building. That's what I can say so far regarding your question. Okay, thank you very much. The next question comes in from the line of Jonathan Kownator calling from Goldman Sachs. Please go ahead. Good morning. One question from me. Can you please highlight how, if effectively there may be slower demand for Office in your pipeline, whether you'd be considering an acceleration of the transformation of some of the areas to other uses like Residential, or even would you consider in some of your more outward areas, the use back logistics, for instance, in Arches? Thank you. I think on our development pipeline, we have several projects. Some of them were put on hold last year due to the current market environment, especially in the north or south of Paris. At the same time, as we said, we have started discussion and negotiation with local authorities in order to transform part of our land bank into a Residential scheme. Again, negotiation with local authorities are now moving forward. I think it will be an additional flexibility to use part of our land bank for an Office development or Residential development. I think the situation compared to one year ago is probably quite different. In November 2020, for sure, due to the COVID-19 crisis, we were less optimistic in our capacity to develop some new project. What we are seeing now, one year after that, I don't know if it's 100% the end of the COVID-19 crisis, what is the situation in France, in the U.K., and so on. What we do see is that some corporate are now thinking to look for a new headquarter to relocate, probably to decrease some of their premises and so on. Some projects that were postponed, or maybe some projects that were supposed to be transformed into Residential scheme, we have the capacity to be flexible. We are not 100% sure on the fact that we will launch more projects that we have in the pipeline now. We do see a market environment which is more favorable. It's not precise figures, it's not a clear example, but we have a project in Lyon. Just to give you an example, situation is quite different if you look at regional cities. We have a project in Lyon called Stratégie that we will for sure launch on a speculative basis because we do think that the market there is quite interesting. We have no doubt to the fact that the appropriate thing to do is to launch that on a speculative basis. In Paris area, we are launching the Edenn project. It's prelet at the level of 50%, but we are comfortable with the fact that 50% is not already prelet. Again, more optimistic compared to one year ago. Okay, thanks. The final question comes in from the line of Véronique Meertens, calling from Kempen. Please go ahead. Good morning, all. Thank you for the presentation. My question was actually also about the incentives, so maybe one last thing about it. Do you see any significant change in terms of development of incentives throughout the different areas of Paris, and maybe also in terms of market rents? Sorry, I didn't catch your question. If you're seeing any significant changes or differences in terms of development of incentives throughout the different regions of Paris? Yeah, for sure. You have different submarket, and the situation in a submarket that we know quite well, which is Nanterre where we have a lot of projects. It's even a different situation compared to La Défense, which is very close, where you have probably a risk of oversupply. I think that the market environment in the north of Paris is probably quite well-oriented. Could be for us or for other players, the development of the Grand Paris Express is now something which is a reality. The fact the Olympic Games will be in 2024, some subway lines will be completed for 2024. South of Paris, where we have our business park in Rungis, what we do see, you will have the new subway line completed also by 2024. It's not for tomorrow, but it's now for two years and a half from now. For corporate, it's something that they are now taking into consideration. What we do think in Rungis is a strong demand for laboratories and what we do call activity for Residential, probably less for Office. Clearly, when you are talking about the Paris market area, after that, you have to go into the detail, sub-market by sub-market, to look and to see which kind of product is adapted. We are very confident for Offices in the west of Paris, for sure. We are not a CBD player, but the market is well-oriented in the CBD of Paris. We are less optimistic when you look at the La Défense market, and the specific reason for that is that you have some projects arriving on the market that were launched three years, three and a half years ago. It's what you need to develop a new tower, risk of oversupply. Plus the fact that post-COVID-19 crisis, probably a lot of people, a lot of employees of corporate are more or less reluctant to go to work into high-rise building for sanitary reasons, for the fact that with elevators, with a capacity which is divided by two or three, life is more difficult. La Défense will be probably a difficult market for the next two, three years. Again, north of Paris is clearly a location where you have a lot of, let's say like this, a lot of buzz. These two new subway line in the north of Paris, a lot of investment. I don't know, probably this year is a bit too soon to organize a visit of the Olympic Village. If you look, we are developing a third of the Olympic Village, but around in the vicinity of the Olympic Village, clearly the environment is changing. Again, for sure, a lot of differences, sub-market by sub-market. After that, if you are talking about regional cities, they are probably more well-oriented compared to Paris area. There are absolutely no risk of oversupply. As maybe you have noticed that we have acquired a small Office building in Marseille. As I said, we will launch a speculative project in Lyon. On regional cities, we are probably even more optimistic than we are for the Paris region. We have to adapt to where is the demand, we have to adapt ourselves to what our clients are looking for. Again, overall, more optimistic than one year ago. Okay, perfect. Thank you. Thank you very much for the call. If you have any additional questions, do not hesitate to send them to Anne-Sophie, Victoire, or myself. I hope we will have the pleasure to meet you physically for our Investor Day at the end of November. Have a good day. Thank you very much. Goodbye. Bye-bye. Thank you for joining today's call. You may now disconnect your handsets.