Thank you very much. Good morning, everyone, so y eah, this is the Q4 for 2020, and i f I take the next slide, please. We will go through in four parts, the annual report, of course, and then we will go through the markets, the property and rental market. We will also look into our development pipeline and ongoing developments and, f inally, of course, comment on the Entra deal and what that is for the Castellum owners as well as the Entra owners. If you take the next slide, please, we will start with the year-end results for 2020. We can summarize it very shortly in that it was a very strong and good result for Castellum, and that we have proven this through following numbers. If you take the next slide, please. Let's start with the income from property management. We have increased the property management with 7% in spite of the ongoing pandemic, and a lso, the last quarter isolated has the growth of 3%, even though we suffered from the pandemic in nine months. The results shows the efficiency we have handled the ongoing pandemic on both the income as well as the cost side. We are, of course, very proud that we can do this under these circumstances. On top of that, I mean, this is down to two or three reasons. It's, of course, the quick reaction time we had and adjusted when the pandemic came to our knowledge, so to say. It was also because we have a good portfolio with a good tenant mix, but that we've shown in a very few bankruptcies, and that actually is lower than last year and very limited rental losses. Thirdly, I think this shows that property and especially the office market in the Nordics is resistant and very strong. Looking at the value, I mean, we increased the value with 10%, and that was built up with the cash flow developments and yield compression. The last quarter, it was, of course, mostly affected by the Blackstone deal that we have partly in the valuation, and we will come back to that. The NAV or the NRV, more correctly said, at the year-end was 214. We have already secured another SEK 2 per share because we have not calculated in the portfolio premium in the Blackstone deal, so w e are at 216, and we will come back to that. We can already guarantee that we have a very strong balance sheet coming out of Q1 because we are, even if we only exit the first part of the Blackstone deal, then we will be lower than 40% on the LTV, and shortly, the markets then. This report and also looking at the market at home, we can conclude that it's no drama in the Nordic office market. The evidence is the stronger lettings for us, of course, and the last quarter compared with last year. The SEK 239 million net leasing is, of course, very strong, but it's also strong on all lines. We have rented out more in the existing portfolio and more on developments, and on both those is stronger than in isolated Q4 than last year, the same thing. If you look at the rents levels then, we are offering the same rent levels that we did before the epidemic. Looking at what we can see into the market and that is also what's occurring. I think this proves that so far the office market has been very strong and we can discuss that later. Will not the office market change then? Yes, of course, it will change, but it will develop, and t he winners, I think, is the ones that are already prepared in a very strong balance sheet and a good position, and Castellum is definitely one of them, and t hen to the logistic market. The logistic market is very strong, and that is, of course, driven by the accelerating e-commerce. We are now changing with the sales to Blackstone that we will be even more active in the logistics market on the new developments. We will be showing this presentation that we have the capacity of building approximately 1 million sq m already on already owned land. That will be done with approximately profit in the development of 50%, and we have the capacity of taking 30% of all that are built in Sweden the next coming years, and t his market is strong in rents. It is also a market with very strong interest, as you can see in the deal with Blackstone, where we were able of increasing the value with 20% from what was booked in the book value, and t he Entra deal. If we are able of securing the deal, it will be very accretive for the Castellum shareholders and Entra shareholders. This is two winners in this game. We are the only one that have the possibility to create the prime office real estate company that are the strongest in the future, as well as creating a strong logistic company. Castellum has the strength to now do that with the strengthen of the balance sheet and not will need any more capital. We are prepared to go ahead and simply close the deal on Entra. Should the deal go through, the shareholders of Castellum will still be in a golden seat. The shareholders of Castellum is the winner, whatever happens, and that is what we have created simply with the Blackstone deal and this big structure. Okay, Ulrika, I leave to you to go into the next page, please. Yeah, and then to the income statement for 2020. One year ago sitting here, we did not know what was coming. Another good year of deliveries, maybe in a more softer market was our belief. The black swan came flying with the name COVID-19, and suddenly the game was another for a couple of months. It was more about acting faster than normal, trying to understand the impact on our tenants, increased liquidity control, working more remote, digital, and being more flexible, and be humble. However, when closing 2020, we can say that it was not such a bad year anyway based on delivery of our results. It is even a really good year with a strong result bottom line, and I think the figures speak for themselves. An increase in income from property management with 7% and that is the same as the average yearly effective increase the last 10 years. Change in property value of 3.9% or SEK 3.9 billion, worth mentioning is that Blackstone contributed with SEK 1.6 billion in this number, and more is to come during Q1 this year, but I will get back to that. A negative change in derivatives, some taxes, that lands in a bottom result of SEK 5.6 billion. Based on this, the board suggests an increased dividend for the 23rd year in a row after SEK 6.9 this year, that's an increase with 6%. If we go to the next slide and look into pure management or you could say like-for-like growth, t he like-for-like portfolio you could say contributes with almost 6% of the growth of 7% that I just mentioned. The big contributor is, of course, still rental growth but also a good cost control. The average increase in like-for-like rental levels were 2.8%, consists of two things. To simplify it, the CPI uplift of 1.7% in made renegotiations that hit the P&L, and then w e had, of course, some high vacancy and a little bit more incentives, and that mitigated. The net like-for-like growth is 2.2%. More interesting is to look into the different asset classes because they behaved a little bit differently. As you can see, all is doing well regarding rent and level increases except retail, that has a negative development. That is, however, not a big part of our portfolio. I also want to highlight the highly discussed office market that we are strong delivery in. As you can see, we have rental growth, and what takes that down is mainly a little bit incentive that was a deal done before COVID-19, and w orth mentioning is expenses. Th at has moved in the right direction. It's down over 6% in like-for-like, and that is based on hard work with our cost in order to be a much more efficient company and, o f course, also a milder year compared to 2019. Let us change picture or slide and talk a little about the COVID-19. I could summarize, the last quarter 2020 with it is more of the same. The volume of liquidity help has not moved so much. However, the ones that needed help earlier in the spring needs further help into 2021. The industries that need help are not surprisingly, you could say, found in the service sector or service providers such as restaurants, hotels, retail, et cetera, and t his is not a big part of our portfolio, but we do have it. The payment pattern is still very good, f ollows the early quarters, so 99% is on the bank. Bankruptcy is still very low, but with that said, this is not over, we say. Up until now, we have not had so much impact, and we keep our humbleness. If we then change slides and go to the balance sheet. The balance sheet of Castellum is strong. The LTV at the first glance is higher than at Q3, but then you have to keep in mind that in our calculation, we are a little bit prudent or cautious, you could say. We don't take into account the Entra stake of SEK 2.7 billion on the asset side. If that is adjusted for, the LTV is one of the lowest we have had. It's on 43%. The NAV at the year-end, which today, to be honest, is history, was SEK 214 per share. That is an increase with SEK 19 or 10%, and o n top of that, the shareholders had that dividend last year with SEK 6.5 per share. If we change slide and look at, go from the history of the NAV to the future. We already know that when the Blackstone deal is closed, we can take into our NAV the portfolio premium that Henrik just mentioned, and that has a value of roughly SEK 2 per share. On top of that, Castellum has ongoing developments of roughly SEK 5 billion, but w e also have a really big pipeline in front of us. If we only take the pipeline in near term, say the coming three years, and on top of that, take the ongoing developments, our estimate now is that that should create another SEK 16 per share in growth in NAV, and t his indicates continued value creating in this company. When we go from that part and the balance sheet and the NAV, we need also, of course, to address the valuation on the next slide, please, and a good uplift of 3.9%, mainly driven by yield shifts, project gains, but also better cash flow than in our early valuation. The main contributor in the yield movement has, of course, been the logistics, w arehouse, and light industry segment. Of course, we have the impact from making our long and hard work visible from a valuation point of view by selling a fully developed and mature portfolio to Blackstone way above our own valuation at Q3. As I said, SEK 1.6 billion is in our numbers at the year-end. A further roughly SEK 0.6 billion will hit the NAV when the deal are closed. As always, we do an external valuation of roughly 50% of the portfolio, more specifically 54%, as like a sanity check. The gap between Castellum's valuation and the external one is 1.4%, where our valuation in Castellum is above the external, and that is SEK 700 million out of a portfolio of SEK 55 billion. That is the lowest gap since 2017. We have never been so close. With that said, there is differences between the different asset classes where we are more positive towards logistics warehouses, light industry versus the external one. On the other side, we are more cautious or negative towards retail part. On the office, you can say that we are spot on a portfolio level. If we go from the asset to the funding side on next slide, y ou could say that 2020 has been a year where we have proof-tested our financial policy and our review on access to liquidity. We stand strong. We have good access to capital. At year-end, we had SEK 18 billion unused. However, SEK 9 billion of that is a backup of outstanding CP. That gives us SEK 9 billion left, so to say, to invest or to use. On top of that, the close with Blackstone means that another SEK 5 billion will flow into our accounts in the beginning of February. This strong liquidity, together with our belief that this company can create more value going forward and increase the NAV further, means that the mandate Castellum has of buying back shares up to 10%, which the board announced in the spring, is an important tool for Castellum to have the possibility to do a smart investment and invest in Castellum. Then finally, about our figures, the next slide to give a perspective. We can proudly say that we put another value-creating year to the Castellum history. To give you perspective, we are here for the long play. When this company was listed in 1997, the portfolio was around SEK 10 billion. The income from property management was SEK 300 million, and the shareholders' capital was SEK 4 billion. Through financial discipline and hard work, Castellum has increased the shareholders' capital or value to SEK 59 billion, and at the same time giving dividends back to the owners of SEK 15 billion. The property portfolio at the same time has increased to SEK 103 billion, while the income from property management is at SEK 3.4 billion, and i t's always good to have perspective and just not only look one year at a time. With that said, Henrik, I leave it to you to talk about the market. Okay. If we change to the next slide, please, Stan, we will talk now about the rental and property market. Please go to the rental market picture 14, please. Then back to what I said in the ingress is about the office market. We can now conclude no change in market rent. The normal volume of notices for Castellum are the same for the last three years, and for the last quarter, the same. If we are offering anything in the only market that we can see some experience of a softer or stressed market, I would say that maybe it's in the CBD of Stockholm. We are not exactly in the middle center of Stockholm CBD, so we can't say that it's an adjustment there. We simply offer the same rents that we did before. Our rents are going from SEK 6,000 a sq m for an offices and downwards in our portfolio. Looking at the net take-up, we also proven in this page that it's no drama in there. It's some offices being built right now. We have some colleagues in the market that have larger office developments ongoing under construction, but t hat has been needed for years, because of the growth. We actually before the pandemic, had more or less a problem. It was hard to find the space for office tenants in attractive locations. The conclusion from my side is simply that the market is resistant, and that it's in better shape than any analyst that I have seen so far, and maybe that we expected. Then looking forward, if we go into the next slide, please. We have done some researches ourselves, we have gone through whatever research that we can find about the office segment in the Nordics as well as in Europe. I think that you can say that simply one of the most important figures is, of course, approximately 90% of the staff want to go back to the office after the pandemic. The driver of that is, of course, efficiency and meet, m aybe you want to meet new colleagues again. That's, of course, understandable. I think in one way also that the Nordic market sticks out because before the pandemic, it was as much as 50% was already used to that some from time to time work from home. We also estimate that the larger cities is the ones that more benefiting from working remote because you don't need to commute to the work simply. There are very few places in Nordics with long commuting times. Our conclusion is simply there will not be any drama about space use in the Nordic cities in the office side, and then g etting back to the question, why not more companies were giving us notice for leaving at year-end? Our conclusion is that the cost for the space is a very small portion still of the total cost side for a Nordic company. We have experienced that in earlier crises, and we are back to this conclusion. We also see that it's in some way too early to take a decision to conclude how will you change in your organization or how will you change your simple way of working. It's still extremely important for us to be prepared and help our customers, and that's what we are doing right now for change for uses of the space, construct structure, of course, offer more than one locations, as well as using more technical solution and measurements than we're doing earlier. It's extremely important to be on your tool, but it's no drama in the market at all at this point. If we go to one of our items then, or our tools, it's the United Spaces co-working company, and w e can go to the next slide, please. As we said before, we are strong believers in the expansion of using flex space and are therefore investing more in our new sites for United Spaces, our co-working company, that we will double it in this year, and year to come. We have done a loss on it this 2020 results but j ust before the COVID-19, we was on black figures after nine months of ownership, and are now, of course, experience some downturn on the income side. It's mostly that we don't have meetings and other services sold. We have absolutely the main part of the tenants left as members, and we are expecting a huge expansion on the membership, and therefore we doubled size of the business going forward, and has in January opened two new sites, one in Uppsala and one in Stockholm. If I jump then from the office market to the logistic market on page seven, please. The logistics, h ere we have experienced a very strong market because of the expanding e-commerce, but it's also a lack of good infrastructure and new efficient sites. This is an interesting market and, therefore, we now change our strategy to even focus more on it than new developments, and leave some part of the old stock. We will have SEK 5 billion left in the balance sheet after selling everything that we have said to Blackstone, if also, the two tranches of Blackstone sales go through. Here it is so important to see that the markets can be divided into parts where large international and national sites and then last mile locations. We will focus on both. We will have the capacity of building approximately 1 million sq m of logistics on already our existing land bank, and h ere we can say that both sides of that is extremely important for investment of the last mile, as well as the larger logistics blocks, of course. Th e rents are different. In the last mile, we see an increase up rents to new maximum levels that we haven't seen before in the last mile, and o n the large sector is more stable, but positive on rents. I will come back to why this is so interesting in investment when we're looking at the development side. If we go to our net leasing then and move to the next slide, please. This was maybe one of the most unexpected strong figures because w e have shown that it was better than last year by the full- year when we rented out SEK 239 million in net leasing, stronger on existing portfolio than last year and stronger on development side. An isolated quarter, we can also conclude the same thing. It was better on both lines. We can also conclude if everything is better and the bankruptcies are on annual basis down to SEK 9 million compared with SEK 16 million for the last year, to just give you an example, and then I think this is an effect of three things. The composition of our portfolio, the good work and excellent work by the team, but also a much, much better than expected resistance in the market, as said before, and m oving to something totally different, t he real estate market, the property market. How has the investor acted during this crisis? We can say that we are having a very active Nordic market. If you take the Swedish figure, we are up to a volume of SEK 108 billion in all of SEK 200 billion in sold assets, is more or less the same figure as last year. The number of larger deals are more or less the same, so e xtremely interesting that the property market has been so active. Looking at the yields, we have experienced lower yields on offices, especially central and long leases offices, and w e also experienced, of course, then, as said, lower yields on the logistic assets, and t hat is, of course, reflected in our balance sheet, as Ulrika already said. Our acquisitions then, i f you take the next slide, please, with acquisition 2020. I mean, you can't have missed that it has been a special year for us. We have been very active. I'm not only thinking about the Entra deal, I'm also thinking about other acquisitions we've done, and we show in some parts here, but w e have truly been benefiting from having local teams everywhere. One of the examples is, of course, the acquisitions we've done in Finland, in Helsingfors, that we have been able on acquiring new assets in two deals, and f or the large one of approximately almost SEK 1.5 billion at a 5% yield is, of course, extremely attractive investment we were able of doing when a little bit less competition was in the market. We also have been acquiring a very good position in the meatpacking district in Stockholm. It will give us the opportunity to invest approximately almost SEK 1 billion in that region or the meatpacking district going forward now when we have control of more than one block there. We have continued to invest in the logistics opportunities. The last example is a smaller investment we've done in the local market, and we are also planning to soon be able to announce new constructions in this sector for a profit that are very good, as said before. When we can build for approximately 6.5% yield and a market yield at a 4.2% or something like, that gives at least 50% profit on the development, but then t he sale of Blackstone, Ulrika. Should we go into that on the next slide, please? The next slide, j ust to dive into that, s ome of the information already got, but as I said earlier, the deal with Blackstone shows the value-creating work in Castellum. As you can see here, it's not only logistics according to our definition that is sold, 5% is retail, 5% is offices, 12% is light industry, and 1% is public sector. The portfolio is of mixed quality and age from assets that have been in Castellum from the very beginning to, of course, new production. The deal, as you know, is divided into two parts. The first one we sell at a portfolio of SEK 5 billion. That will be closed in the beginning of February and t he second one of SEK 13 billion will be closed in the end of March, beginning of April. The SEK 19 billion in property prices was 20% above the Q2 valuation, corresponding to SEK 3.1 billion, but a fter deduction for cost, property tax, and transaction, the net proceed is SEK 2.2 billion, of which SEK 1.6 billion is in the Q4 numbers. The rest will come during Q1 when the deal are closed, so t hat is a short summarize of that deal. Henrik, let us go to another value-creating part in Castellum, the developments. Thank you. We take the next slide, please, t he developments. We have created during the years larger and larger pipeline of developments. We can now proudly present that we have SEK 20 billion in front of us to invest with a good yield. If you take this example that's ongoing, we can take the next slide with the map with the ongoing developments. Here you see 17 of the largest investments. As said so many times, this is the backbone that is going forward, and i t's very important to say it's not one, it's not two developments with a large pipeline on big, but also mid-sized ones that gives risk and very interesting yield going forward. This you see on this map is SEK 4.7 billion in pre-let to 85% on an average yield of almost 6%, to be more correct, maybe 5.8%. That are on the yield on market and valuation, 4.2%, and p lease calculate that and come back on the profit. Because here we've hidden for the future that we haven't released in the balance sheet more than SEK 1 billion in profits coming from just this office here. Some examples then, if you take the next slide, please. Here you see four examples on ongoing developments. If you take on the left-hand down side is the very beauty of the Rådhuset in Uppsala that we bought from as a retail asset, and now has converted into the new co-working arena in the absolutely center of Uppsala, g ood returns. It's going to be a fantastic investment when we're coming out of the COVID. Then you have the two courts, t hey're on top line. It's investments together on SEK 1.6 billion and, of course, on a very good profit and return on long contracts. Those ones are just under the beginning of the production and will be finished 2023 with the effect. On the right-hand side, we have the headquarter for E.ON, an investment of SEK 1.3 billion. If we look at the pipeline going forward, we have some examples what will come and that we have announced then. First, if you take the next slide please. In the pipeline, we have Hagastaden in Stockholm on the left-hand side. This is our product in Infinity. It's an investment approximately for SEK 1.7 billion. It's now 100% clear that we can start the production of this, and it will be ongoing to 2025, because it's built on a tunnel, but it will also be one of three new developments in this area. We will be one of the biggest owner in the Hagastaden, in the absolutely good CBD or Hagastaden area in Stockholm, and we will continue to invest there. This is only the first of three, then g oing to the Meatpacking District in Stockholm on the right-hand side. As said, we did the last acquisition here to be 100% certain that we can create approximately 25,000 sq m of new offices when the zoning plan and everything is done there, and, o f course, for all the developments, you can pencil in between 30% to 50% profit in the developments going forward. If you take the next slide, please. We have chosen to show the two parts where we have the volume. I mean, we have the 1.2 million sq m of logistics capacity already on our land. The large part is, of course, the airport of Säve that you see the volume skips on the left-hand side, what will come there. This is under zoning planning, but we are, of course, running as fast as possible already into the market and offering it to the e-commerce and other actors on the market. Of course, we have the capacity of continue of already prepared land in North Stockholm, and here we are starting the next phase of development because we are 100% leased out. Then said, and all this we do here, we do it with a 50% profit on all investments, so to say. We are not leaving the logistics sector. I will say that again, we are investing for and changing our structure, and we'll be a very interesting partner for the e-commerce going forward with a strong capacity and a good team. With that said, Ulrika, I leave to you to go through the Entra deal, I think, on the next page. You have to unmute, please. Sorry and t hen we go to Entra, the combination with Entra, and l et us jump to the slide that starts with disposal proceeds. Let me start with describing the strong financial position, C astellum are in and the choices this company has. The net LTV is 44%, as I said earlier, but that is based on our rather conservative definition, which only include properties on the asset side, m eaning that the interest stake of SEK 2.7 billion is not included. Adjusted for that, the LTV is at 43%. If we take into account the disposal of SEK 5 billion to Blackstone that is closed in the beginning of February, the LTV will be around 39%, everything else equal, and a lready there, this company is in a very strong position. When the deal number two is done, it will become even lower, 29%. What we in Castellum intend to do is to use these proceeds to finance the cash portion of the offer, invest in combined platform, return cash to shareholders up to our target combined leverage level that allows us to achieve leverage neutral transaction and target rating of Baa1. That is our thought, strategy, and plan. If we go to the next slide, please. Let me remind you of some of the great parts with this combination. The combination with Entra will provide an excellent platform for creating continued shareholder value and it is logical from an industrial standpoint. A major Nordic property company with a portfolio value of roughly SEK 140 billion will be created with focus on offices, warehouses, logistics. Active property management of high quality in combination with a shift in the portfolio to both project development and transactions will enable increased income from property management and net asset value. Government authorities and agencies comprise roughly 40% of the mass of income and contributes with long duration in the contract portfolio, providing conditions for stable earnings, and t he company will have one of the strongest balance sheets in the Nordic property sector, and has the objective of retaining Entra's Baa1 rating. A new larger company will enable synergies of roughly SEK 300 million on a yearly basis, which should be realized within a couple of years from consolidation. By 2022, which will be the first year as a fully consolidated group, positive growth in income from property management per share as well in net asset value per share is expected, while the company will have a strong financial position. Let us show the offer update as it is at the moment on the next slide, please. Based on yesterday's closing price, the offer was NOK 185, but to that, I think we should add the following. Another NOK 5 per share with its part of Castellum's NAV at year-end NOK 214 plus the NOK 2 for the disposal of Blackstone. You could call that Castellum's pro forma NAV. Another NOK 11 to share as part of the synergies in the base case shares and cash. For the ones who only choose the shares, there is another NOK 5, and this means a total offer value of NOK 206. Finally, we can't forget the potential in ongoing development and pipeline in near time, which indicates an NAV for Castellum as a standalone of SEK 232 per share. Converted to NOK and into this offer, it has a value of roughly NOK 10 per share. All in all, a total offer of SEK 216 based on choosing shares only. On the next slide, the Entra offer and the timetable. Today we release our year-end results. The offer period ends the 6th of February at 06:00 in the morning, and the settlement will be done on or around the 16th of February. At the same date, this will be the first trading date on the OSE, the Oslo Stock Exchange, and t hat is a summarize. Over to you, Henrik, to finally summarize where we are at the moment. Thank you. We take the next slide, please. The Castellum enter into 2021. Yes, as the headline says, we are in a very strong position, but t hat said, the first with respect, we say that the pandemic is not gone, and the effect of the pandemic is not gone. Now we are preparing for going back in coming sometime during this year, and the planning has to be done now. We have also shown that the strength of Castellum and the resistance in the market, and that we will, of course, benefit from the strong net leasing and the development pipeline. We have prepared the company. We already signed sales and will be in a very strong position whatever happens. I should say the owners in Castellum is already sitting in the gold seat. We have been very tested, and we have put a very good bid out for Entra for the benefit of the Castellum shareholders, and very attractive for the Entra shareholders. If everything is signed and we can conclude whatever happens, we have a strong company with the future ahead of us and capacity to invest and create value for our shareholders. We are also now using the mandate we have in a share buyback program. Actually, with respect for the pandemic, we're looking forward to the 2021 out of a strong position and doing the adjustments we need to do to give Castellum a future after 2021, and that's the work we're doing right now. Thank you very much for listening. I leave for the next slide and open for Q&A. Thank you. Thank you. Ladies and gentlemen, if you do wish to ask a question, please press zero one on your telephone keypad now. If you wish to withdraw your question, you may do so by pressing zero two to cancel. That is zero one to register for a question. Our first question comes from the line of Markus Henriksson from Pareto. Please go ahead. Your line is open. Good morning, Henrik and Ulrika. I have a question regarding net leasing. In which property segments and industries have you seen the strongest net leasing during Q4? Okay. We see it in absolutely the office market here. That is giving us a very strong net leasing and then w e are also having benefits from the logistics side. In the 2020 figures, it's the office market that are strong. If you look into the office sector, it's actually divided in different regions. I can't say that it's one number that's much better. If it takes something sticking out, it's maybe that our middle region or central region is going very well if you combine all the cities. It's a mixture of everything in this figure. It's a wide and strong office market, maybe stronger than many expected that we're showing right now. Yeah, I could see the Midwest looks very strong. Yeah. Also if we look into the industries, do you see any certain industries within the office sector where you see a stronger or weaker demand here in Q4? I should go the other way around and say the weaknesses is proven to be the ones you are pandemic-affected, and the rest is more normal in that respect. It's not the prime winner, it's the losers that you can see and because of the pandemic shown in the field. All right. Thank you and then a nother one. Suppose the Entra deal does not go through and you choose to divest the second tranche to Blackstone anyways. Which is the most likely of buyback of shares, additional dividends, or acquisitions during 2021? That's a very good question. We are so strong, so s itting here today, I should advise the board to do it all, to be honest, more than anything. Of course, we will take care of the value for the shareholders and do it in an efficient way, but t hat is a coming discussion. We are now focused 100% on the Entra deal. That's clear and m y last one. It looks like your target net LTV is 42% here in the short term for 2021, according to the presentation. Is that correct? You could say that it's not a target in a sense, but we have the same LTV policy as earlier. We have the same view on the rating that we want and, o f course, the Entra deal, it's more like we will be, you could say LTV neutral. If it's landing then the 42% or 43%, where the real LTV is at the moment. It 's not you could say the most important question. It's more that we will get back where we are today if everything is going to be done as planned. Okay. Is it fair to assume also, say that the deal does not go through, you sell your shares in Entra, and you sell the first tranche in Blackstone, then you still deleverage quite significantly, and then you still want to go back up to 42%? Yeah. The basis of the distribution to shareholders that we might see during 2021? Yeah, I think you could see it. In that position, Castellum would have a lot of possibilities. We could accelerate our investments, to be honest. We could decide to give return to our shareholders by different ways and, of course, we could think of decreased LTV. At the moment, as we see it, we are rather comfortable with the financial risk this company has. I would say that flexibility is my favorite word. We have many tools in order to create value, and we will have all those tools on the table. Okay, p erfect, t hanks for taking my question. I remind you that if you want to ask a question, please press zero one on your telephone keypad now. Our next question comes from the line of Tobias Kaj from ABG. Please go ahead. Yes, thank you, and g ood morning. I would like to start with some questions regarding your top line s tarting with the vacancy rate, which increased from 30 basis points in the quarter and 80 basis points in two quarters. Can you give some more explanations to this? Also, can you say something what you expect for the first half of 2021? Do you expect a continued increase in vacancy rates? I think if we look one year back, we could see this coming into the numbers because the report for 2019 showed negative net leasing in existing portfolio and t hat, of course, will hit the P&L and the vacancy rate during 2020. That's the time now we have a little bit better net leasing this year, a nd that is an indication of the opposite, of course, but that is a time lag. Maybe you will see some further decrease during Q1, but then a catch-up the further you go into 2021. Okay. Thank you, and a lso regarding the outlook for like-for-like growth, I think you had 1.7% CPI revisions for 2020, but t he October CPI was only 0.2%. I think you have a relatively high shares of the minimum uplift of 2%. Can you give an indication of what your average uplift will be from Q1? Yeah, you could say, we have, I think that based on what we can see now, as you say, the CPI is very modest in general because the October CPI was modest, and the floor gives us some more increase, but that is only in part of the portfolio. If you do that combination, I would say the CPI, everything else equal, could give you around 0.6, 0.7 all in during next year, everything else equal. Okay, thank you. You also gave rental discounts of SEK 31 million in Q4. How much of that is related to co-working and what is the rest referring to? The incentives, you mean? Yeah. Nothing in that number is to co-working because if you refer to United Spaces, it's on a separate line. That is only into, our you could say, other tenant base. That is, as I said earlier, deal done and that hits the P&L now, but it's deal and discussions that have taken place earlier, much earlier, but h its the P&L at the moment. It's in different part of the portfolio, but a big part is in the office side, and some of it is in the new constructions. It's just temporary, you could say. When we go into 2021, that take another term. There is no co-working, it's no impact of what you could say COVID-19 into those numbers isolated the last quarter. Okay and i f I move from the top to the bottom of the P&L and look at the paid tax, which obviously is very volatile on the quarterly basis. Yeah. Also on the full- year, it was a quite significant increase compared to last year, or compared to 2019, which also was quite much higher than previous years. I think you had around 7.5% paid tax for the full- year. Should we expect that to continue on that level or can it even increase further or what do you expect for coming years? Yeah, t he tax losses we do have now is locked in another couple of years, and t hat the tricky part that makes this volatile is the changes in derivatives since they are part of the interest rate deductibility restrictions. If we make the assumption that they are the same, then an efficient paid tax going forward, I would say would be a little bit higher, maybe somewhere between 8% to 10%, f or make it simple, say 9% in average based on what we can see now. Okay. Thank you and a lso you had a slide where you showed that you expect SEK 12 per share in gains from your ongoing development pipeline. You have SEK 3.1 billion left to invest in that portfolio, and the SEK 12 per share is SEK 3.3 billion. Is that a correct conclusion that you expect SEK 3.3 billion in value uplifts from the remaining SEK 3.1 billion in investments in your ongoing portfolio? Does it include anything else as well? Yeah. I think we mentioned that it includes both the ongoing, because it's a little bit cautiousness in our balance sheet, but also the coming pipeline that we see that we can start the coming three years. It's in two different buckets. It consists of two different things. Okay, r egarding the bid on Entra, have you had any discussions with Balder regarding their position and whether they have any interest to sell their 20% stake to you? Well, I have discussed the Entra deal with all the larger shareholders in Entra, and discussed the same question and giving them the same offer as everyone else. Based on that discussions, do you think it's likely that they will sell the shares to you and accept your bid? I expect 7,000 shareholders to sell to us, so t hat's my expectation with the bid we have in the market. Okay. Thank you for taking my questions. Our next question comes from the line of Erik Granström from Carnegie. Please go ahead, your line is open. Thank you very much. Good morning, everyone. I would like to start just to ask a question about your expectations for investments in projects going forward. I believe you landed at SEK 2.5 billion for 2020. You also seem quite confident in your project pipeline. Should we expect something like SEK 3 billion for 2021 or more than that? Could you give us some sort of indication of what you expect in terms of investments? Yeah. In the development pipeline, we have a good position. You could expect more than this year's outcome. The only thing that could have a tricky part is more that we are waiting building permission for some of them or signing a tenant. It's more a question, do that start 2020 or 2021? If everything goes as planned, the development will be a much bigger volume of our yearly investment the coming years than 2020. Okay. Thank you. That's clear enough. Also something you said during the Q&A, obviously your balance sheet is rock solid. You also stated that as it strengthens with these divestments, you could consider accelerating your project investment pipeline, and I was just wondering, why would you need to wait for something like that to happen? If you do have the project pipeline and you do obviously have the means for it, why not accelerate it already now? Yeah. I think it's very simple. I mean, on the project pipeline, we will push as much as possible, and we're doing that already now. If that's taken wrongly, then that's something of course we're doing. We are also keeping the logistics team, for example, even selling to Blackstone, and we increase the team with more developer knowledge there. What we're talking about is transactions, the capacity of doing more transactions and looking at that opportunity, so t hat is what we mean actually saying that. Okay, I get it, and s peaking on the transactions market and the ability to make perhaps acquisitions, how do you consider it right now? You were mentioning that there seems to be a rather strong property market in general. What kind of interesting areas are you looking at? Is liquidity back in the market and you're basically looking at it as you did in 2019 o r has anything changed? No, I think actually the positive for us is local, like in the rest of the world is that it's very tough to fly in teams, and we're trying to benefit from that. As you know, the Swedish transaction or the real estate market is 100% international right now, which I think that's extremely competitive. We will try to find bits and pieces that we benefit from buying neighbor properties and so on. It's a lot of groundwork done there. In Finland, we experienced that it was a lot of flying in knowledge earlier and a lot of foreign investors that had sent so much teams in, and we benefited from that during the Lindström deal as I see it. We really focus on trying to pick bits and pieces, smaller ones than from the market, and giving that value to shareholders. As known, looking at everything big as well. If I place it into tranches, that's what ongoing, but we extremely active on the transaction market right now. Okay, thank you, and final question was perhaps just a clarification of what you said during the Q&A. It seems like you almost stated that even if the ongoing bid for Entra fails, you will go ahead and sell the second tranche of the Blackstone portfolio anyway. Do you consider the loss of running cash flow in such a situation an issue, or is this simply a deal that you will have done no matter what happens in terms of Entra? I see it as we have done a very good negotiation, created SEK 3 billion in value doing that, but w e are sitting in the gold seat. We have a buyer that want to buy for that price. We know that. We have a floor on that deal. We will use that, of course, if the Entra deal doesn't go through, we're looking through the opportunities we have and the options we have. We know that someone would like to buy for that price, and we will go into the market if we decide to sell and, of course, make a competition in there. Our view is that we have given SEK 3 billion to the shareholders, and we have capacity to already state that, and the option going forward. Now it's focus on Entra to do that deal. Okay, very good. Thank you so much. There are no further questions for the call. I hand back to the speakers for any closing remarks. We have. Thank you very much. Yeah, g o Ulrika. We have one question on the web as I see it, Henrik. Should you ask maybe? It is the 90% acceptance level. What possibilities do we have there? The answer is we have the 90% in the market, and that is as the rest of everything stated in the bid into the market, that's what's in the market center. I think we have a question about, I can read the question, If the second part of the Blackstone deal would not happen, will there be a need to take back some of the value lift in this report, or would you feel comfortable to keep them at higher level? I think Ulrika, we are 100% clear on that this is a market valuation that we have done with cautiousness, and we'll of course keep that valuation and continue to follow the valuation like it is in the market. That will not be anything that goes away because Blackstone goes away. As said earlier, I just see it as an option. Maybe we will find someone who would like to pay even more if the Entra deal doesn't go through. Let's see if that's possible. The value will definitely hold in the budget. Yes. I think we then are finished. We can't find any other questions on the web either. We thank everyone for listening, and we will be back in three months time then, if not before. Thank you very much, everyone. Thank you.