Hello, good morning, from our Prague office with an update on the first half of 2023. Good news, I can confirm, we see strong performance. First half of 2023, we've been able to sign many leases with a total of 850,000 square meter. We have been able to sign those leases at an average EUR 5.50 per square meter per month, which is 12% more compared to same period last year, when it was EUR 4.90. Good take up, a lot of leases at higher rents. CTP remain market leader in the CEE region. We've been able to increase market share in line with our plan and target, that's good. We remain, I myself remain in touch a lot with the, the tenants. I do visit the different countries, the different teams, the construction sites, meet with tenants with whom we have a, a long-term relationship, listen to what they have to say, what their plans are, their strategies are, and how CTP fit in. In June of this year, I had the opportunity to visit some of our Asian clients. I went to Taipei, Taiwan, and spent a week in Hong Kong to meet with our Asian clients. We have many of them, and we see fantastic opportunities to grow with them in Central Europe for a number of reasons. First of all, rethinking of the supply chain. Obviously, we have seen a lot of supply chain constraints over the past couple of years, and many many of our tenants, therefore, adjust their strategy. One reason, so supply chain, which often means that they rethink their global footprint in terms of where they produce for whom. What we see is, many of our clients have facilities in, for example, Mexico for the North American market, but at the same time, these clients also have facilities in Asia for their Asian business and for their European business. They pick Central Europe as an ideal location to supply their European-based clients. That's a trend, s-supply chain related, but also geopolitical reasons. In short, we continue to build facilities for our Asian-based clients. Inventec is one example, but there are other examples as well, with whom we have been working for the past decades, and we now continue to develop facilities for them in the Czech Republic, but also in Slovakia, as well as in Serbia. A couple other things which I wanted to share with you on Central Europe, obviously, remains our core business. Our clients like it, infrastructure well developed, support from local governments. There's a workforce available, and also support of getting immigrants to the regions here, whereby also CTP helps with affordable housing as well as with providing education programs. Also our Western European markets pick up. More on that a bit later. We're looking at the CEE. We still see under supply, low vacancies overall in the market, and we have a good demand and a bit less supply. We've seen that some of the peers and some of our colleagues, they have slowed down their supply, mostly for funding or exit scenario reasons, et cetera, which is not necessarily bad for us. In this context, we have delivered another set of strong results. May I start with the operator, which is the income-producing part of our business. As you know, we split operator, developer from the energy business, those three sectors. To start with operator, 11 million square meter of gross lettable area now means and makes us the largest listed player by GLA in Europe. With that portfolio produces EUR 654 million of income over the next 12 months, and that is up 21.5% compared to last year. That is good for strong cash flow. Get a lot of rent, EUR 650 million out of that portfolio. Yeah, which is good. Also, widely and, and very diversified with lots of different international tenants, but also local, mostly international. There is more than 1,000 blue-chip tenants from a broad range of different industries, so not overexposed to one specific industry. Strong rent collection, as always, 99.8%. Occupancy for the standing income-producing portfolio, a bit lower, 93%. We have been 94, 95, 96. We are currently 93%, which is a bit down compared to last year. Maybe why? Also because of some properties came to the market, including the Amsterdam City project, which we do in the Port of Amsterdam. It's a new market for us. It's a new product as well, so that will take some time to lease it up, although quite positive about the leasing and demand activities. When I jump from the operator to developer, the developer, the in-house construction company, well on the way to reach our yearly targets. We have already delivered almost 300,000 square meter during the first half, which is a lot for the first half, because typically you start in spring to complete later in the year. The 300,000 square meter, that excludes Amsterdam. That is another 120,000 square meter. 1.8 million square meter of property is currently under construction, again, at around 10.6% yield on cost, whereby actually we think we could grow to 11% yield on cost, looking at the construction cost per square meter and the rental income, which, as I explained earlier, we are able to do deals at a bit higher end compared to what it was, was it before. The stuff under construction, we continuously lease, and we think, yeah, we're gonna be around 80%-90% again upon completion or before completion. That's for the products under construction. I wanted to update you on the land bank. 20.7 million square meter of land, 20.7. That is land which we own. 62%, two-thirds, in existing business parks, which allows us to extend the footprint, the portfolio, the size of the portfolio, and grow to now the 20 million square meter target, which we said we'd like to hit before the end of the decade. Back to 2023, target is at least to deliver 1 million square meter, more if we see demand. The in-house general contractor concept allows us to adjust timing, speed up, or slow down, but also it gives opportunities to do amendments to the property for our clients. Maybe highlight Poland, our largest expansion market, also the largest country in CEE. As you remember, we were lucky to enter the market with an acquisition. Currently, 450,000 square meter under construction, with good progress in terms of letting. Already signed leases of almost 200,000 square meter, and they are also in advanced negotiations with many other parties. As explained, I am seeing them quite often, every week or second week in Warsaw, or anywhere on site in Poland. We see good demand and great future for our business in Poland. With regards to the market in Poland, we have seen significant rental growth, more than 30% according to the market reports, and yeah, that maybe was a nice opportunity for us to enter 1 year or a year and a half ago. The German team, which we didn't talk about too much, but we see a rental growth there as well. At the moment, a few projects already under construction, and projects being prepared for construction start during the second half of 2023. In Germany as well, we see opportunity in this market to get feet on the ground, and we think that CTP will become a sizable and an important player in Germany as well. All in all, so far, quite positive. The other Western European country, which I didn't talk about, is Austria, where we have been able to complete a project in Vienna at the airport. In the meantime, doing construction works on two other sites in and around Vienna, and it's not a huge market, but very positive about the yield on cost and what the Austrian team have been able to achieve so far. Let me end with an update on the energy business. We install solar panels on the rooftops, and we sell energy to the tenants in the parks, which obviously is much appreciated and in line with the ESG strategy, which our clients do have, and we continue to grow our team. I'm very pleased with the team and its performance, of course. As I explained, the results for first half of this year are fantastic. That is a compliment definitely towards the team and all our partners and people who have helped us to get where we are by the end of June of 2023. Thank you for your attention. I will be handing over to Maarten. Happy to answer any of your questions later on. Thank you so much. I will now run you through the main financial highlights. We continue to deliver on our promises. On the back of the robust occupier demand highlighted by Remon earlier, we achieved, in the first half of 2023, a like-for-like rental growth of 7.5%, driven by indexation and strong rent reversion. 58% of the portfolio is indexed to the consumer price index. The other 42% has fixed escalations. By the end of 2023, we expect around 70% of our portfolio contracts to be linked to CPI. The reversionary potential increased to 14.1%, thanks to the strong ERV growth. We've also been successful in capturing this potential for the leases that came up for expiry. This is illustrated by the average monthly rent per square meter of the leases signed in H1 2023 being 12% higher than the same period last year. Our rental income for the first half increased 21.7% year-on-year to EUR 280.4 million. As we reduced the service charge leakages, our net rental income went up even more, by 26.8% year-on-year. Company-specific adjusted EPRA earnings increased 25.4% to EUR 158.1 million. In addition, the EPS increased 20.5% year-on-year to EUR 0.36, on track to reach our guidance of EUR 0.72 for 2023. The gross asset value of our portfolio came to EUR 12.4 billion, up 8.2% compared to 31st of December 2022. The positive revaluations in H1 2023 amounted to EUR 417.2 million and were driven by projects under development, development completions, as well as standing assets. On a like-for-like basis, the standing portfolio saw a positive revaluation of 0.4%, as the yield widening of 30 basis points was fully offset by positive ERV growth of 6.3%. The reversionary yield widening was mainly driven by the Czech Republic, Slovakia, and Hungary. Romania, Serbia, and Bulgaria, on the other hand, saw less yield widening, as the yields in those countries were already higher. With the larger yield movements in Western European markets, the yield differential between CEE and Western European logistics is back to the long-term average. Going forward, with 70 basis point reversionary yield increase in the last 12 months, we expect no further material yield widening.... However, we do foresee further positive year growth on the back of continued tenant demand, which is positively impacted by the secular growth drivers in the CEE region. CEE rental levels remain affordable, despite the strong growth seen, as they have started from significantly lower absolute levels than Western European countries. The EPRA net tangible asset per share increased from EUR 13.81 as of December 31, 2022, to EUR 14.84 as at June 30, 2023, representing an increase of 7.4%. This increase was driven by the portfolio revaluation and recurring earnings, partly offset by the dividend we paid out. Now I hand over to Richard, who will run you through the funding and outlook. Last week, Moody's confirmed our Baa3 investment grade rating with a stable outlook. This reflects our robust balance sheet and access to multiple pools of capital. In H1, we tapped the international unsecured bank market, closing a EUR 280 million first tranche, with a second tranche of EUR 80 million to follow later this month. We also closed EUR 228 million of secured financing with two separate banks. The average cost of this debt was 4.6%, with maturities between 5 and 7 years. In the first week of August, we signed two additional loan facilities, a EUR 200 million, 10-year unsecured loan facility, and a EUR 103 million, 7-year secured facility at a fixed all-in cost of 4.7%. In addition, we have a strong pipeline for further financing, with a material amount of funding agreed, which we plan to draw in the coming months. Our pro forma cash position, including the loan facilities we signed in August, is EUR 991 million, sufficient to meet our cash needs for the next 12 months. Including our EUR 500 million RCF, our pro forma liquidity position amounts to almost EUR 1.5 billion. Our average debt maturity stands at 5.3 years, with a EUR 400 million bond maturing in November 2023, which we will be repaying from available cash reserves. Following this, we have no material debt maturity until mid-2025. CTP's average cost of debt stood at 1.8%. This will slightly tick up going forward as we bring new funding on to finance our developments. 99.4% of our debt is fixed or hedged until maturity. Thanks to our strong cash-generating portfolio, we have a healthy interest coverage ratio of 4.3 times, while our forward-looking ICR, reflecting annualized income for our developments, comes to 5.0 times, and our normalized net debt to EBITDA to 9.5 times. Our LTV ratio stood at 45.9%, slightly above our 40%-45% target range. We expect the LTV at year-end 2023 to be around 45%, as the revaluations of our developments are fully booked. We continue to deem this LTV range appropriate, given the higher-yielding nature of our portfolio. We are confident in the outlook for CTP. Despite some slowdown in the macro environment, leasing dynamics in the CEE region remain strong, leading to continued rental growth and supporting valuations. Our pipeline is highly profitable and tenant-led. The yield on cost for our pipeline has been increasing in the first half of the year, and our target for new projects is 11%, thanks to decreasing construction costs and continued rental growth. CTP has the team, the land bank, the balance sheet, and the tenant relationships to deliver on our promises. We confirm our guidance for the 2023 company-specific adjusted EPRA EPS of EUR 0.72, and are on track to reach 20 million square meters of GLA and rental income of EUR 1 billion before the end of the decade. Thank you for your attention. We now welcome your questions. Our first question comes from Pieter Runneboom of Kempen. Pieter, please go ahead. Hi, team. Congrats on the results. I've got a couple of questions. First one is on the current EPS and the guidance. It seems to me that looking at currently already halfway guidance, does this halfway there, already halfway the guidance, does this mean that we can expect some upside here? Hey, Pieter. Let me take that one. If you look to our EPS for first half, indeed, EUR 0.36 on track to reach the EUR 0.72 for the full year. Look, you will have 2, 2 factors. In the second half of the year, you will have, of course, some more rental growth from deliveries coming online. However, indexation is already taken fully into account, as that, of course, happens for us at the 1st of January. The higher rental growth due to deliveries will be partly offset by the higher interest expense. ... as we are bringing new debt online, as Richard explained, with marginal cost of debt around 4.5, 5, we will see that reflected in our P&L. That's why we stick to our guidance of EUR 0.72 for the full year. Okay, thanks. That's very clear, Maarten. My second and last question is on the like-for-like rental growth. Is it possible to give a split between what part of this is indexation and what part comes from reversions on the renegotiations and expiring leases? That is very similar than we had at the Q1, because, like I said, the indexation all happened in January. Indexation is contributing between 5% and 6%. The remaining is reversion. Okay, clear. Thanks. Those are my questions. Our next question comes from Steven Boumans of ABN AMRO. Steven, the line is yours. Hi, good morning, and thank you, of course, for taking my questions. I have two questions. First is, how do you look at the occupying market for the coming period for your main countries? Could you please help us with the type of tenants and geographies that are expected to be stronger or weaker versus, let's say, a half year ago? In addition to that, could you please elaborate how you expect to fill the city park, Amsterdam City by year-end, and whether that will be still ahead, be ahead of estimated rental values? Hey, good morning, Steven. This is Remon speaking. Thanks for your question. Starting with question 1, the occupier, the demand, which we see from from our clients. Maybe explain, first of all, that more than two-thirds of all the new business we do, we do for existing tenants, and obviously, most of the portfolio is Central Europe. What happens is that, yeah, there's multiple drivers. First, I need to explain and confirm that there is less stock in Central Europe compared to Western European markets. If you just calculate the amount of people who live here compared to the amount of industrial warehouse space, you'll see that you could say there's an under supply. That's, that's what we have seen. That's, that's one of the reasons why we are here, why we are so active in, in the market of Central Europe. So that's first of all a given. But anyway, the existing clients grow, and where does that come from? Well, that comes from, I, I would say mostly industrial, so value add activities, any type and different types of manufacturing. Second is, is a typical warehouse space. Maybe go a bit more into detail on manufacturing. The CEE has a lot to offer, brand new infrastructure, well-connected road network, support from local governments, labor force, workforce at 1/3 of the cost compared to Western Europe. You can get affordable people here, high productivity, and that's what brought many companies to Central Europe in the past, and now these companies continue to grow and extend. Why do they do that? Well, one of the reasons is nearshoring, friendshoring. They bring it from other parts of the world into Europe or back to Europe, for Europe. What they produce here is for the European business. I think of all kind of things, a data center industry, for example, Hewlett-Packard, and they produce, manufacture patch panels to install in data centers as one. Consumer electronics overall is still. There's a huge market. There's a lot going on in that industry. Other industries are EV, so electric vehicles, or electric bikes as well, but also an electric vehicle, there's much more electronics in that compared to a traditional car. Any car nowadays, they have all kind of entertainment systems and camera systems, and I don't know whether we go into autonomous driving. For that, we need all kind of electronics, which is being produced and developed, et cetera, et cetera, in the region of Central Europe a lot. We see a lot of demand, and I don't think it's gonna stop. We are in touch with our existing clients. We see high occupancy, and there's no vacancy in the core portfolio. Czech Republic, record high rental income per square meter, but also record high occupancy, but also similar goes for Slovakia. That's the one group, the manufacturing, very strong, and then the second group is maybe, yeah, consumer FMCG. We are building 100,000 square meter in Budapest for Tesco, excuse me. We are doing a project in Romania, in Bucharest, which is similar size, also another 100,000 square meter plus 80,000 square meter next year. Bucharest or Romania, also the location for manufacturing, as I mentioned, also from out of Asia, you see similar trends and, and, and strong demand for that. I hope that answers your question. It's also about getting new properties, us building these properties in parks, often extensions with land we own, and often is an enlargement of a facility already built, or it's another building next door, part of the cluster, part of the ecosystem, part of the city park concept, as we maintain this relationship with these tenants. Also, by the way, maybe I should also mention that we have now new tenants because we bought that portfolio in Germany, and also from the German clients, we now get demand for from them building facilities in Central Europe. That is also very positive. That, that in combination with the business we do for FMCG related in the capitals of Central Europe... yeah, that's very interesting. With respect to your second question on ALC, the practice in Amsterdam, unfortunately, I have less good news there. It's not gonna-- we cannot have-- we will not fill it up by the end of this year. We are currently 25% occupancy. There is ongoing negotiations and, but that will take a bit more to fill that up. It's not that we are... that, that, that we, that we can't hit the ERVs, that's not the problem. It's, it's much more the issue of the project as it is, which is, it's revolutionary, it's new, it's people need to get used to. People, point one. On the other hand, also, there is not so much transaction in Amsterdam, and the region of Amsterdam is not like everybody does deals we don't. That's not the case at all. There's just no, no transactions. It's, it's, it's, it's a bit slower there. Now, on the other hand, does this concern us? Not really. It would have been nice to fill it up quick, but that's gonna take us more time. Ultimately, I mean, we have a project there which is, which is unique and which offers... Yes, it's a unique proposition in terms of transport into the city, over water or with electric vehicles. As, as you know, ALC has been equipped with a rooftop solar plant, and it produces more energy than, than the tenants will probably consume. All of that is good, and the city of Amsterdam obviously has clear restrictions when it comes to entering the city. From January on, there will be new legislation in place, okay, that gives companies another, I think, 2 years to transfer from traditional cars to alternative EVs or over-water transports. We work closely with the Port of Amsterdam. Even this week, we have been in touch with them, and they supported us with a new tenant. We have another tenant coming in now. Overall, good concept, good support from the city, from the Port of Amsterdam. Definitely also confident on the ERVs, very positive about the solar plant, which has been installed and which is operational. With regards to the rental income, the occupancy, I must say, that will take a bit more time. It's also about finding the right companies for that project, and we like to make sure that we do it right and to create a good ecosystem, to create a cluster of companies who work together and support each other. That's, we are not necessarily open to anyone who pays rent. It's more like we wanna make sure that we do this right for future to create that, that ecosystem, which long-term companies, including ourselves and our shareholders, obviously, will benefit from. That's where we stand with ALC. By the way, we have a new country head in Holland, Ronald Dasbach. Very experienced, the property person. Yeah, that is, that's also positive, and I think he also contributes now to the well-being of the ALC project. As you know, we completed the building in during the first half of this year, so still fairly fresh, but also the team have been, has been extended. I think that's also good. With that new people on board, I think we can also see improved, improved performance of the Dutch team. Okay, very clear. Thanks. Our next question comes from Rob Virdee of Green Street. Rob, the line is yours. Good morning, gentlemen. Just a couple of questions on your development pipeline. First of all, could you just give me some idea how much construction costs are coming down, just some kind of% year-over-year? Secondly, on your comment that you supply has come off or is coming off, can you tell me which countries you see that in? Following on from that one point, given the quite high yield on cost you're seeing in development, are you seeing anywhere, or are you worried about some spec supply coming back in in some markets? Thank you. Hey, thank you, Rob. It's Remon speaking again. With regards to our development pipeline, as you know, we are an in-house construction company, and we build on land which we own. So land which we bought years ago, which we bought for relatively low money at that time. Those are land plots within existing business parks. So imagine you have a site of, I don't know, 30 hectare, 300,000 square meter. You have developed all the infrastructure, you have developed half of that, you have built multiple, multiple buildings. And then we continue now to build additional buildings on the remaining land, which we bought at that time, at a certain price, let's say EUR 50 per square meter, 5 0, and we have already invested in infrastructure. The next building, which we are building per square meter is, is cheap. You can say you share the infrastructure cost, which you already paid for in the past, with the infrastructure for the entire park. Point one, second, construction cost, we see they come down. They have been in our market. I'm just looking at an overview, for example, for Romania, EUR 450 per square meter, maybe 500 on average. Romania is obviously one of the lower, although, construction costs in Poland are even lower than that. Serbia, I think, is a bit lower. Czech is a bit higher. If you say, between EUR 425, EUR 400-500, EUR 525 per square meter, I think that's average. And that was, maybe, 10% more, what, 12 months ago, maybe 18 months ago... for a similar spec, I would think. We continuously adjust the specification. There's new building materials, better building materials. We're quite picky when it comes to, when it comes to our suppliers. We, we like to understand how their ESG and what their sustainability, what kind of... We have and we, we, we, we rate these suppliers, so we need to make sure that we have the right suppliers, the right product, and we use building materials which are in line with our commitments when it comes to sustainability and carbon footprint and neutrality, et cetera. Similar buildings, EUR 500, 10% less than it was before. With regards to supply coming to the market, well, we are very careful with that, so we talk to clients and do pre-lease, and then we start to build, or we feel there is demand, we start on site, and then we can slow down, accelerate, once we see the market pick up, once we see demand. You asked me about what do we see in terms of supply coming from, from our peers, the colleagues, and where... I think Poland was a typical trade developer, eh? In Poland, the model was very much about companies and developers building and selling property to investors, traders. Since there is no or has the exit is not yet there or has, yeah, with the war and all the things, money cost, et cetera, that has changed entirely that model. That's why supply is from some of the parties, our colleagues, has reduced compared to two years ago or one year ago. Yeah, that's what we see, and especially I think in countries like Poland, which is a new country for us. When it comes to the Czech Republic, Czech Republic is very difficult when it comes to permitting. We have land with permits. Sometimes we have land, and it takes still time to get the right permits, but it's owned. But yeah, we've been here for more than 20 years, so we have the, the benefit of, of having these sites prepared. With that, I want to say is that we do most of the supply in, in the Czech Republic, it's our biggest market, you know that. Yeah, I think if, if you ask me where, what, what the impact of the, the change in market circumstances in terms of supply, then I think Poland is, is has seen that, has been impacted most, I would think. Hope that answers your question. Fantastic. Very clear. Thank you. Our next question comes from Frédéric Renard of Kepler. Frederic, your line is- Hello, there. Yes, good morning, the t-team. I've got a few questions. If you allow it, I will address them one by one. Maybe first, on the revaluation of your land bank, it's up EUR 69 million in H1. I was just wondering if we can expect more to come, or would you say that it's currently at fair value? Yeah. Hi, thanks for the question. No, I think that there's the land bank that we have in Central Europe, there's probably a little bit more to come there, particularly as we improve the permitting. We'd expect the land values to at to remain stable or slightly increase. Okay. A question maybe on your property operating expenses, they were down on a year-on-year basis, while your top line grew more than 20%. I was just wondering if you expect this trend to continue, and can you give more color on how operationally you're able to do that? Yeah, look, I mean, that's one of the things that we said was when we bought the portfolio in Germany, that there was a lot of operational inefficiency there. We started to work on that in the first half of the year. That's also the fruit of lots of hard working, lots of little areas. We're constantly working on trying to reduce leakage by transferring property tax or insurance to the costs to the tenants. Making sure that, you know, we are minimizing the operational cost of the portfolio. For example, not making, not having all the lights on, all the night, is also helping to reduce the cost of occupancy for the tenants. In reality, it's, it's lots of small actions that we do day by day in all of our individual parks that add up. It's, you know, that's a never-ending story, but it's something that we are committed to carrying on. Okay, we can reasonably assume that it will keep going? Yeah. ...keep working and maintain trying to improve the, the operational margin. Look, just to add on that. Yeah ... we have, of course, had a relatively big bump from Germany. That was a significant part. The improvement will be slightly slower in the second half of the year, I would reckon. If you look long-term, historically, you saw that especially 2022 was lower than also 2021. We are- Mm-hmm like Richard said, also in other countries, working more on, on those actions. There is more to come. Just maybe liaising with the question of Pieter, did you take that into account when you did your budget for the year and your guidance of EUR 0.72? Yes. We always said, after the German acquisition that we would improve that, so that, that is reflected as well in the guidance. Okay. Thank you very much for the, for the answer. Maybe, just two last questions on the financial statement. Could you help me understand the difference between the contracted revenues, at EUR 654 million that you announced this morning, and the EUR 581 million cash passing rental income, which is in the, in the computation of the EPRA initial yield? The difference, can you, can you elaborate on that? Yes. There are a few differences, and then we can run on detailed level through that as well offline. The main differences are, if you look to the EUR 654, is that it includes service charges. If you look to the footnote, including service charges, but minus rent-free. That's one. Second, it's a forward-looking view. If we have leased something which would start, for example, in September of this year, we will take 9 months in the next 12 months view, which is included in the EUR 654. If you look purely to an annualize, you take the existing contracts that are in place today. Okay. That's very clear. Maybe the last one, I see that your cash flow from operation are down year-over-year on the back of a big movement, negative movement in working capital. Any color on that? Where, where does it come from? Yeah. That has to do with the timing of when we invoice things. We change the timing of invoicing of our rents to just ahead of the quarter end, instead of the after the quarter end. The second factor is that our suppliers are probably also trying to get their invoices in ahead of quarter end, rather than behind. It's the combination of those 2 factors. We'd expect that to run through so that in a couple of quarters time, you won't see that impact. Okay. That's, that's clear. Thank you very much. Our next question come from Pierre Borski of HBK. Pierre, the line is yours. Hey, good morning. Two questions from my side. One, how much committed CapEx for developments do you have over the next couple of years? Secondly, what is the cost of the unsecured facility which you signed in August? Yeah, I'll, I'll do the second question first. That the pricing for that hasn't been fixed, but it will be less than 4.5. For, for the first- Okay. You're, you're, you're paying less on the unsecured than on the secured? Yeah. Nice. Yeah, we think so. For the first question, regarding to, to the CapEx, as Remon also explained, we are very flexible as we are, our own general contractor and can speed up, slow down, when needed. If you look to the pipeline we have currently under construction, so the 1.8 million square meter, the cost to complete is EUR 680, roughly. EUR 680 million. Not all of that is, is, is in principle committed. It goes back to, to the flexibility that we are having, because, of course, if you work with a general contractor, you sign a contract at day one, and, and you are committed to spend. As we are working with subcontractors, during the process, we have much more of that flexibility. So that's with respect to the current pipeline. Then it's ultimately how much you, you assume we, we deliver going forward. Our guidance is we deliver this year at least 1 million square meter, but more if we continue to see the strong demand. And, and you, you know our long-term target to reach the 20 million by the end of the decade. You can, you can calculate roughly what we need to, to deliver each year and multiply it by your EUR 500 per square meter construction cost that Remon was talking earlier. Then you, you have a sense of, of your CapEx over the years. Okay, great. That's helpful. Thank you. Our next question comes from Eleanor Frew of Barclays. Eleanor, please go ahead. Hiya. Thank you for the presentation. A couple of questions. What kind of rent upgrades are you seeing in Germany, in the Deutsche Industrie portfolio? Just give an update on that. Secondly, given the headwinds you're facing from finance costs, have you got any thoughts on alternative capital, such as joint ventures or equity? Thanks. Sorry, Eleanor, I just want to check if I understood the second question right. The second question was about one-off costs? The acoustics were very bad, sorry. Headwinds over the, over the forecast period. Given, given increased headwinds that you're going to be facing over the forecast period from increased finance costs, any thoughts on alternative capital? You are referring to alternative capital sources? Yes. Ultimately, and I will start, and then Richard can add on that. Look, if you look to our development, we have a yield on cost of 10.6. We target 11 for new projects, and our standing portfolio yield is 6.6. As long as our cost of debt remains in the 4.5%-5% range, it makes a lot of sense for us to continue to develop with debt. Basically, of course, revalue properties at delivery. If we revalue properties at delivery from 10.6 towards 6.6, we generate an enormous amount of equity. We are not looking for for equity solutions at a discount to NTA. It makes a lot of sense for us to continue to develop with debt and and book that revaluation profit and and generate that equity like CTP has done historically. Maybe I would add. Our focus at the moment is on building on the existing land bank that we already paid for. Actually, our marginal return is even higher than the 11%, 'cause we've already paid for the land. All we're paying for now is the construction. Actually, in terms of the balance sheet and the impact on leverage and the amount of capital that we need for that, it's significantly lower if we're building on the land that we already own, which is our main focus at the moment. Rental growth in, in, in Germany, Remon, do you want to take that? Yeah, I can take that. Also with Richard, when you said, land bank, and so that's a very nice overview, I think, on page, what is it? Page 30. Yep. Of the... and onwards, right? page 30, and then we did, I think Maarten did very nice on that, on that presentation, and it explains the per country, income producing, but also land, which is, as Richard said, land paid for in ownership with infrastructure, which we would then, build on. Yeah, interesting. Anyway, that you can find on the presentation, I think page 30 or around that number. Thank you, Eleanor. Yeah, page 30. With regards... Yeah, with regards to the rental growth, interesting one. Very nice challenge, I think, for us. Looking forward to that. It's, it's, it's 10%, I think more. When we... Maybe a bit more detail. When we bought the Deutsche Industrie portfolio, there was some vacancy here and there. Rent was around EUR 3 per square meter per month, so 36 per year for property. At that time, of course, we did our due diligence and so, but since with the acquisition, I've been able to see many of the portfolio, to meet many tenants. In the meantime, we have a team, in-house team of more than 60 people in Germany, with offices in Berlin, Stuttgart, and Düsseldorf. We do a lot of in-house stuff now, which used to be external. It's not about rental growth only, it's also about NOI. In numbers, I think this year we're gonna be EUR 70 million, and when we acquired, it was around EUR 60 million, maybe a bit more than EUR 60 million, I think. Richard can comment. There was huge leakage. It's not just rental growth, it's also about, it's also about the efficiency, make it better. It's growing the net operating income. It's working with tenants, and it's also understanding the portfolio. I'm positively surprised about the quality of the portfolio, but it's not all new, as you know. It's, there are some older buildings as well, and that doesn't have to be bad. We are now talking with the tenants, with our in-house team in Germany, about different building improvements in order to get them up to a certain ESG level, a nice BREEAM or other upgrades, which means that in reality, they will consume less energy to run these properties. We will add solar, solar energy, solar rooftop plants, et cetera, et cetera. We're actually making those better buildings. They're good locations, good properties, good tenants, also tenants with opportunity to grow elsewhere. That's the plan. The plan is really to double the size of the portfolio over the next years and until 2026. That is what we talk to... With the team in, in Germany. This fantastic team, the management team, with, with, with Alan, who joined recently as our CFO for Germany, but also with Alex and with Timo, based in Düsseldorf. Fantastic opportunity, very excited about it, but also in terms of the rental growth. It doesn't stop with, with the 70. I think we can do between 5% and 10% also next year and, and, and beyond. That is, that is definitely, so far, a, a very good acquisition, and, from, from many angles and from many different points of view. Yeah. Yeah, maybe just to give the exact figures. At the time of the acquisition, it, it, we had the rent roll of EUR 59 million in place. Like Remon said, we are looking towards EUR 70 million by the end of this year. So that means, of course, that the reversion on leases that we are signing is materially, that can be 25%, 30%, 35%, as the leases were so much under rented. Yeah, previously, I didn't talk about different, we talked about different industries and the consumer electronics, but also we spoke about EV. We talked about different things, but there's also defense industry, and there's also other kind of activities which also in Europe, for Europe, manufacturing in Europe, for Europe. Then again, Germany is definitely also an interesting location to be at, and the tenants we have there are, yeah, I think they will be very interesting partners also for us to build a portfolio, not in Germany alone, but also outside. On top of that, we're also looking into more science, science, technology type of value add, lab space type of, projects to be developed in Germany. We're looking at this income-producing portfolio, at the same time, also, we look at opportunities to do new developments. As I mentioned, we have 2 projects on the way, one in Bremen, one in Weiden, in Bavaria. There's other projects where we will start soon on site with construction works. Also, by the way, I didn't mention it yet, but we have a Capital Markets Day coming up, which you can actually meet these German colleagues live in. It's in Brno, but also with a property tour, optional property tour, to Austria and Hungary, as well as to Poland. I think Maarten is going to talk about that a bit as well. We will have the German colleagues, on site on that Capital Markets Day as well, so that you can, you have an opportunity to talk to them directly, but, face-to-face. Very interesting, very, very excited about the opportunity. Yes. We have no further questions on the phone lines, but we have received some from the webcast. The first one from Pantelis Protogeros of Morgan Stanley, asking: "Could you please give a bit of color on how much your competition is developing in Poland? Have they been reducing or adding to their development pipeline projects during the year? Yeah, I think you have been on the presentation yesterday, Richard. From the top of my head, I think CTP is number one when it comes to supply, projects under construction at the moment. In Poland, number one is Panattoni, by far. I think they, they do 3 times as much as what we do, I think. But I think we are number two with about 400,000 square meter, 500,000 square meter of stuff under construction. Correct. coming from, from something like that. Maarten, you, you know, details or Richard? No, that, that's correct. We have around 450,000 square meters under construction in Poland. The pipeline for Panattoni is slowly decreasing, and the other two players who are relatively active in the market at the moment are Hillwood and Exeter, but both of them materially smaller than us. Overall, we would expect the deliveries in Poland to be down around a half, 50% in 2023 compared to 2022 and 2021. Our next question comes from Wim Lewi of KBC Securities, asking, "On Amsterdam, what is the typical tenant? Is there a link to sustainable last mile delivery, e.g., EV vans? Yes, absolutely. There is also a number of criteria. We like companies who do and who will use the facilities which we have in place, which means the over-water transport. We have ALC comes with access to water, with also electric boats, which actually bring from ALC into the city. Think of construction material, which you need to bring into the city of Amsterdam, or think, so construction material traders or construction companies, or for instance, companies who supply the HoReCa the hotels and all of the restaurants in Amsterdam. That's one, but also companies who actually use the energy which we, which we produce ourselves. There is a company who do vertical farming, they will be using the renewable energy which we are producing, as well as bringing their products to the city of Amsterdam. You look for a good mix, and you look for companies who do utilize the infrastructure and the facility for the purpose what it has been built for. That does not mean that we can do a short-term lease, maybe help someone out short term, but that's definitely the concept in the long term, the kind of occupancy we like to achieve. On top of that, we also like those companies to work together to create an ecosystem, to help each other, to grow together, and to contribute also to the well-being of the community around, to employ people. The vertical farming, for example, they also will have an R&D, so they will continue to develop. That's the type of profile we look for. Of course, from a financial point of view, we like them to be healthy and strong so that we are sure that they can continue to pay their rent on time, so that we keep the 99.8% or increase that to the debt collection to make sure that we get paid rent. That's the, that's the idea. Again, there's existing tenants, of course, in the portfolio with 1,000 companies already at CTP, tenants, I mean, who also are interested in ALC and with whom we are in touch. It can be that they have a lease which will expire, therefore, it takes a bit more for them to move in or other reasons, but definitely, many good and interesting conversations with multiple parties to accommodate them at ALC. Yeah. Our next question comes from Maxim Gilis of Econopolis Wealth Management. The question asks: Looking at slide 12 of the presentation, is there a reason why deliveries are usually much higher in H2 when compared to H1? Thank you for the, for the, for the question. Generally, that's also to do a little bit with seasonality. It's a little more difficult to build in the winter, so normally construction will start in the spring for completion in the autumn. You can finish fitting out a building on the inside in the winter nicely, but generally speaking, you don't wanna be installing a frame or doing earthworks then. Normally we're starting projects early in the year and then finishing them in the second half. Our next question comes from Rob Jones of Exane, asking: Why aren't you raising equity? You are one of the few real estate companies where equity can be raised and deployed with a return on capital, employed greater than your cost of capital. Investor interest in growth stories is rising, substantially, and it could address the LTV being above 45% instantly by reducing net debt. Yeah, I, I, I think Maarten try- answered this question a little bit earlier. To the extent that we're con- we're able to continue to develop substantially above 10% year on cost and substantially above our, our marginal cost of debt. It doesn't really make sense for us to raise equity when we continue to trade at a discount to, to, to NTA. So why would we dilute existing shareholders when we can continue to develop extremely accretive business from the balance sheet that we already have? Our next question comes from Francesca Ferragina of ING, asking: Can you talk more about the measure to limit service charge leakage, and if we can expect more to come from other countries in the next quarters? Yeah, as we said earlier, that's something that we work on every day in all of the different corners of the company. Sometimes it goes quicker, sometimes it goes slower. In reality, that is, there are not normally so many golden bullets there. It's a little bit of hard work every day, so you can expect a slow and gradual improvement as we continue to focus on that. It's not always possible to do the same thing in every market. But generally speaking, yeah, we will continue to have a strong focus on improving the operational effectiveness or performance of the portfolio, reducing leakage. In the first half of this year, we did have a nice bump from Germany, which we always said we were going to try and achieve. That's not going to come with the same intensity going forward, but we'll continue to try and work to improve the the margin or reduce the leakage in our standing portfolio. That was our final question, so I'll hand back to the team for any closing remarks. Yeah, thank you all for dialing in. As Remon mentioned, Capital Markets Day on 20 and 21st of September in Brno. We hope to see you all there. Thanks for the questions, and we look forward to continue the dialogue.