Good morning, and welcome, everyone, to the Vukile pre-close event for the full year. The event will comprise of a group presentation by the Vukile team, followed by a Q&A session thereafter. The Vukile team presenting today will be the CEO, Laurence Rapp, Itumeleng Mothibeli, the MD of South Africa, and Alfonso Brunet, the CEO of Castellana. Just some housekeeping issues before we begin. Please remain on mute and ensure your video is off. You can post questions using the chat box function during the presentation, which we will handle thereafter. To begin, just thank you to the Vukile team for giving us this opportunity to host today, and I will hand over to Laurence Rapp to begin the presentation. Great. Nazim, thank you very much. Firstly, thank you to you and your team for hosting us. We really appreciate it. Then, thank you to everybody for joining us. Again, we appreciate the time. What we are going to go through this morning is really our pre-close numbers. It is based on actual data till the end of February. We have got 11 months of actuals and one month of forecast. Really what that is doing is setting us up, if we can just go to the next slide, setting us up for another consistently strong set of results that is going to come in ahead of both the original and the upgraded guidance. I will obviously deal with the numbers at the very end. Overall, we really are happy with the performance in this past year. I think what we saw is that the combination of the defensive nature of the South African portfolio, our very strong and diversified tenant mix, the dominance of our assets, and really the value added by our management team through the active asset management, continues to deliver very, very strong results in the SA market, notwithstanding that we are still dealing with a very sluggish local economy. In Spain, we are finding a situation where the Spanish operating environment is probably stronger than one expected, and that looks set to continue. The Castellana team continues to deliver results that lead the Spanish market in terms of all the operating metrics that Alfonso is going to take you through. We really are seeing, again, phenomenal results coming from the asset management initiatives. Many of you have seen sort of the value-added projects that we have done. Those are all coming on stream. There is still a few more that we are working on that Alfonso is going to talk through. That, together with the great returns we are getting from our investment in Lar España, is contributing to a fantastic result from Castellana, and then obviously adding into the overall group numbers that we are going to go through. The deal environment is very, very active. We will talk about that towards the end of the presentation. We are seeing a very strong pipeline of opportunities, both in Spain and in South Africa. Yet we are having to be very disciplined in terms of capital allocation to ensure that we only do deals that are strategically aligned and financially accretive. We are still up against the high cost of capital, but there are opportunities to deploy at these levels. That's really why we came to the market a short while ago, very happy with the support we got raising the ZAR 1 billion. I'll talk to how we think we're going to deploy that. At the moment, that money is sitting in money market. Our budgets and plans for the year ahead are based on having that money deployed by the end of September 2024 at the latest. Really giving ourselves around six, seven months in order to close a deal and deploy that money. Again, always with the discipline of making sure that we're deploying it into deals that are strategically aligned and financially accretive. I'm going to hand over now to Itumeleng, who's going to take you through the SA portfolio. That will be followed by Alfonso on the Castellana portfolio. I'll then sort of go through the capital allocation and guidance. Itumeleng, over to you. Thanks, Laurence. Good morning, everyone. Shad, we can go to the next slide. Just excuse the croaky voice. Recovering from a bit of flu. I should manage to get through all of the slides. In terms of just our operating results up until February, as Laurence has said, 11 months in. Very pleasing set of results. The portfolio continues to perform admirably, especially on the NOI side. We've seen that our NOI has grown by 5.4%. If we compare it to where we were in September, that was at 5.1%. I think, key issues there, we've seen a slight improvement in our vacancy, and I'll go into a bit of detail around the movements and vacancies. We've seen deals closed quicker. We've seen better reversions. Also we've seen very strong alternative income coming through. It's still only 2% of our total income. In the past 11 months, we've seen that space grow by 26%, driven mostly by quad space and billboards. That's been encouraging to see. Then we've also seen an overall improvement in recoveries, electricity recoveries, water recoveries, as well as generator recoveries. That's been positive. We've managed to keep a tight hold on our costs, tight cost containment. Our cost to income ratio is still at 17%, which was impressive. Also not compromising the properties in terms of delivery. We've spent our entire capital budget of about ZAR 128 million. Our assets are still well maintained, well looked after. That's resulted in the growth of our NOI of 5.4%. All right? With regards to vacancies, our vacancies are slightly down from 2% as of September to 1.9% now. Our rural and value centers are effectively fully let, which is testament to the great demand that we've been seeing in that space. Our urban portfolio, we've seen an improvement in the urban portfolio from 1.8% down to 1.2%, predominantly driven by East Rand Mall. You'll recall that we've been busy with the redevelopment of portions of East Rand Mall, introducing a new food anchor and redesigning the fashion court. The new fashion court is now fully trading, and we're expecting our new anchor, Checkers, to start trading from September onwards. Really excited about that urban space and East Rand Mall continuing the strong performance. Expecting great things from East Rand Mall in the year ahead. With regards to our commuter and township portfolio, again, we're still seeing strong demand coming through there. The print in terms of results has shown a slight increase in vacancies there. On the commuter side, it's been mostly offices within the retail space, so not necessarily the retail space. In the township space, we're doing a reconfiguring and re-tenanting exercise in Mdantsane. That's a bit of a timing issue as we move tenants around. In that particular center, we're seeing very strong demand. My prediction or anticipation in the next six months is that both those commuter and township retail vacancies should start trending down. We've got, in the portfolio, 10 properties that are now fully let. We've got 13 properties that have vacancies under 500 squares, and we've got seven additional centers with vacancies on about 1,000 squares. Really good traction on our leasing. This is across the spectrum, across the board, from national tenants also to regional traders and SMMEs that are taking occupancy in our centers. With regards to our reversions, we're still seeing our reversion cycle continue to improve, up from the 2.4% that we presented in September, now at 2.6%. We're also seeing better quality of reversions: 86% of those are either flat to positive. We've added an additional bullet point to say 77% of all of our renewals are actually trending close to where we were pre-COVID, at that 5-plus percent, and then the balance is what is bringing it down. Overall, we've renewed 420 leases, which is about 15% of our GLA, at a total value of about ZAR 1.2 billion. That whole new deal space, leasing space, renewal space, has really been strong for us in the past 11 months. Our footfall is pretty much in line with where we were last year. Seeing just a 1% increase. Later on in the presentation, I'll go into a lot of detail around the segments in terms of how they're performing. No concerns around the visits into our malls. That's still trending upwards. In terms of our collection rate, our collection rate still remains close to that 100% mark. No notable increase in arrears. No significant challenges that we're seeing in terms of SMMEs and tenants not meeting their obligations in terms of rentals. The health of our tenants is still pretty strong, and we're quite impressed with that. In the past 11 months, more acutely in the past six months, we've really seen an environment of renewals, but our weighted average lease expiry profile increasing. Our WALE was at 3.2% at our September reporting period. It's now increased to 3.5%, and in recent transactions, it's now increased further to 4.4%. Out of all of those deals that we've done, we've only done two anchor deals, which are 10 years+. This indicates that a lot of our fashion retailers are looking to sign deals that are slightly longer than the three years that we've been accustomed to, that are signing close to the five years. Our view is there's been slowing new supply of space, less greenfield developments than what we've seen in the past. Retailers are really looking at strong-performing centers and really trying to cement and make sure that they've got tenure in those centers. That's something that's been welcomed from our side. Our escalations and tenant retentions remain close to where they were at September. We're still retaining a big percentage, 94%, of all of the leases that come up for renewals. We're still, in terms of our contractual escalations, signing escalations around the 6%-6.5% mark. With regards to trade, and again, here, I'll go into a bit of detail later on in the upcoming slides. We've seen a slowing in trade, and I think it's been driven mostly by two key issues. One, I do think that there are some areas, in specific categories, where you're seeing consumers under pressure and pulling back in terms of spend in those categories. This you may have also seen in retailer performance that's come out in the past couple of months. Also we've seen a divergence in performance based on geographical areas. The Western Cape in the past year is up by 17%, whereas Gauteng is slightly slower, and KZN is at -3.4%. To come to the second point of why we're seeing the slow in trading density, there's also base issues, which I'll touch on in the next slide. In KZN, we had significant growth coming through in the prior year, because at the workshop, we reinstated our mall much quicker than most of the other retail in the CBD. You saw the trade in the prior year being double-digit and perform well there, as well as in Phoenix. Bridge City, which is our main competitor, took a while to be reinstated. Therefore, the base in the previous year in KZN was high. In the current year, you've seen that's low, as a combination of a slower trade and also we've now got competitors up and running. I'll touch on a lot of that detail in the upcoming slide. Just to summarize on this slide, very strong overall performance, sustained performance, very good demand from retailers. Our top line is showing improvement in terms of other areas like alternative income and very tight cost containment. Very happy with the operations of the South African portfolio. Shad, over to the next slide. With regards to the trading density, going into a bit of detail around this 2.6% growth that we've seen. KZN, which represents about 17% of our GLA, which is 23% of our rental, we saw in the prior year increase by 14.7% for the reasons that I mentioned in the previous slide. This year, it's gone down. To me, I think a combination of base effects, so very high performance in the previous year. A couple of regional specific challenges around KZN. If we were to strip away this performance of KZN and look at the rest of the portfolio, the portfolio would have grown by 4.2%, and that is the percentage that I was expecting. A percentage growth between 4% and 5%. You would recall that the way that we manage trading densities is the tenant should have been trading for 24 months. If a tenant trades for the last three months of the year, other measures normally annualize to make sure that the bases are the same, so that you get the impact of asset management interventions. We don't include that. We exclude it in totality. If one were to include some of the new lets that we've done in the past 12 months and annualize that and try and form a similar base, that trading density growth, including asset management interventions, would have grown by 7%. Now that we've almost kind of dissected and gone into the bit of detail around the trading densities, I think a big issue has been kind of the high base and also some of the performance in KZN. All right. In terms of looking at the segments, all of the segments within the portfolio, township, commuter, urban, and also the rural space, we've seen trading density growth. Township is ahead on 5.7%. 10 of the 14 categories continue to show growth. There's some specific categories that are showing significant strong growth, like health and beauty and accessories. Pharmacies continue the sustained growth as we've seen over the past two or three reporting cycles. The one key category that I'll be looking at very closely into the next six to 12 months will be the fashion category. Also focusing particularly on KZN performance. My sense is that should rebound. Also I think if we then get to a point where we start seeing some movements in the industry cycle, a bit more spend in the consumer's hands, that may also speak to the improvement of possible trade in that KZN region. Shad, over to the next slide. With regards to footfall relative to spend, the trading density, as I said, has improved across all of the segments except for the commuter. Township and urban centers continue to show year-over-year growth, both on sales and on footfall. Our footfall is pretty much in line with where we were at this point last year, seeing urban up by 4.9%, the commuter portfolio up by 2%, township 1.8%, and the rural down by 3.7%. In the rural portfolio, the biggest detractor to the footfall trend has been a mall in KZN called Hammarsdale. Right. Assets in Gauteng, Western Cape and Eastern Cape, as well as the North West, continue to perform well. Our overall sales have increased by 2.5%. I think, when I look at the trade in our portfolio, very comfortable with where the trade is. Also looking at the categories. I think one key issue that I'll be looking at in the next coming months will be focusing a lot on just trade and interruptions in trade, potentially in KZN, and making sure that we can manage that as best as we can. Hopefully we should see some of those challenged areas come back. Also, although we had seen significant positive trade coming through from KZN in the prior year and the base was high, I would like to get it back to those levels. We'll do a lot more promotional activities and ensure that that portfolio continues to perform as well as it's done in the past. Next slide, Shad. We've put together slides just to position our Pick n Pay exposure. I'll start with the top part of the slide, just in terms of our overall exposure to Pick n Pay. That's 6.2% of total rent. Again, just to highlight, this is just the South African portfolio. If you overlay Castellana on top of this, that effectively halves to about 3% of rent. A significant tenant. If you look in terms of our tenant diversification across the group, significant diversification there. Then in terms of our exposure within Pick n Pay, we're mostly exposed to what I would call the lower LSM budget brands, which is QualiSave and Boxer. Out of the 6.2% of total rent, 4.4% of that, which is 71%, is exposed to those two brands. Our Pick n Pay gross exposure is limited to only three stores, which is Colonnade, Springs and Pietermaritzburg, Victoria. All right? With regards to recent engagements with Pick n Pay, Pick n Pay is exploring driving efficiencies with regards to underperforming, oversized stores. Looking at whether the brand that they've introduced in a specific market is the brand that should be there, that's appropriate for that market, or potentially looking to swap brands around. Our view is this is standard practice with all of our retailers. In fact, we welcome that Pick n Pay has started these discussions because this is how we think sound relationships between landlords and retailers should be. We do this with the majority of our top 10 retailers, where we look at the portfolio, we look at trade, we talk about optimizing and driving efficiencies within the portfolio, and this is nothing out of the ordinary for us. In our discussions, they've indicated that they'd like to convert only three stores within the broader portfolio. To convert our Pine Crest and Nonesi QualiSave stores into Boxers. Also, a project that we've been working on internally with them, is to downsize our Colonnade Pick n Pay Hyper into half of the size and look to introduce new tenants, which we think will be good for the center. We think, the three sites that they've identified, we're completely supportive of the strategy. We think that the proposal will result in stronger, more trade overall. We think it's a proactive measure to try and improve trade, which we support. The one key issue that we really wanted to highlight is, we do this almost daily with our retailers, right? All of these potential changing of traders and brands will only be done at our election. We currently have in Pine Crest, 19 years, Nonesi, close to nine years and Colonnade, eight years left on the leases. The commercials need to make sense to us, strategically needs to make sense to the center, and will only be done if we feel that it works in our favor. I think we really just also want to highlight, similar to how we've done with our value chain across the board and our retailers in the past, Vukile's approach is to really work with our retailers, to find suitable solutions and make sure that our value chain is sustainable. We'll take that ethos into the discussion, try and find solutions that make sense. Ultimately they need to make sense from our perspective. That is just a bit of an overview on what's been happening with Pick n Pay. I think that concludes my update in terms of the South African portfolio and operations, and I'd like to thank you for your attention and hand over to Alfonso to take us through Castellana. Thank you, Itumeleng. Morning, everyone. Greetings from a rather wet Madrid. Spring has definitely arrived, and we are getting showers these days. Thank you for joining us on this pre-close presentation now of year-end 2024. Starting with the trading environment, despite all the negativity and challenges during the year, the Spanish economy closed 2023 very solid and as one of the most growing economies in the EU. The facts of growing employment, decreasing inflation, still above average private savings rate, and a very reduced debt from the families and the companies altogether made the perfect breeding ground for the economy to thrive, very much driven by private consumption that has remained strong during the year. Still we are seeing nice positive growth in this first quarter of 2024. On top, we need to add the quite unique factor of Spain tourism industry. 2023 has set another record in tourism history. 85 million people have visited Spain during 2023, almost 2% more than in the previous record year, which was 2019, just before the pandemic. Once again, Spain ranks second tourist destination in the world, just behind the U.S. Not only the number of people visiting is relevant, another very important factor to us as it impacts even more on our business, it is the average expenditure of these tourists visiting. According to the National Statistics Institute, incoming tourists in 2023 have spent 5% more than last year, which already was the best year historically in this metric. All in all, the trading environment for our portfolio remains very strong, indicating an outlook of good performance of shopping centers and retail parks across the country. Next slide, please. All this good vibe of the economy is very well reflected in our metrics. Looking at our portfolio footfall and sales, we set another record year in a row in terms of footfall. In 2023, a new record is established at 44.8 million visits during the year at portfolio level, which is 6.4% more than last year and it was a record year already itself. In the financial year-to-date period, that is April 2023 to February 2024, that growth rate is 5.1% and highlight the two shopping centers outstanding, which are El Faro and Bahía Sur, surpassing the astonishing mark of 8 million visits each this year, 2023. When looking at turnovers, our tenant sales have grown 7.7% in the natural year, growing larger in the shopping center category versus the retail parks. Financial year to date, until we got data yet, that is January, turnover grew by 6.3% compared to the same period last year. As you can see in the graph, the recovery index we started back in 2020, our portfolio outperforms benchmark consistently throughout the year. This good performance of footfall and sales, together with other market leading metrics such as OCR averages, rent collection rates or vacancy rates, confirms without doubt the strength of our portfolio and its very solid cash flows improving along time. Next slide, please. Dipping into sales and breaking it down into categories, we also see very impressive growth rates across the board, especially if we take into account that all categories already come from a phenomenal growth in the last year. Outstanding categories are culture, media and technology with almost 20% growth, health and beauty with more than 14%, F&B with 12%, and fashion that keeps the positive trend growing 8.5% from last year. Groceries and leisure also show very healthy growth rates, even coming from an already high base last year. Next slide, please. Moving on to operating metrics. Once again, we are keeping market leading figures for the year in occupancy and rent collection rates, which figures close to 100% give a very solid argument on performance and on top a lot of certainty of the cash flows. Very active leasing activity during the period. Up to February, we have transacted 162 leasing deals divided in 69 renewals with a positive reversions rate of circa 5%. Once again, let me note that this is excluding CPI as indexations are not normally coincidental of expiries, but we expect to have an average indexation of these renewals during the following year of 2.9%. On the other hand, 93 new lease agreements, that comes from the other three Rs we call it, which are relocations, resizing and replacements pushing rental level up by almost 20% from the previous existing rent on those spaces. Adding both 162 leases signed, as I said, in the period, with a total of EUR 8.7 million refreshed into the cash flows and all that with an impressive increase of 9.3% of the transacted rent expressed in terms of euros a square meter a month. Next slide, please. As an update for the value added projects in progress, I am delighted to show the extraordinary performance of L'Eixida, the new food court area that opened last December in Vallsur. Fully let and trading, it has impacted so positively in the center that Vallsur has reached 2019 footfall figures in the last months thanks to it. Not only that, but now that we are all able to measure it, we've seen how Vallsur's dwell time has grown by 7% from last year as the food offer in L'Eixida is making customers to stay longer in the center. All restaurants opened in L'Eixida are exceeding expectations in terms of sales, but the most exciting news is that even the existing restaurants at the top floor are also increasing sales. Very good performance metrics that prove our business case. Phase 2 of Vallsur's first-floor reconfiguration is progressing well with well advanced negotiations with several demanded fashion retailers such as Álvaro Moreno or Fifty Factory as anchors of the area. We expect for this phase 2 to be open and trading by year-end. Let me remind everyone that this project will generate EUR 1 million extra NOI with a much better look and retail mix for the first floor. As for El Faro reconfiguration project, we are so excited with it. Remember, we already have the experience on turning a non-performing hypermarket into a successful space with the most demanded brands to serve our customers. In addition of giving more and better brands to our clientele, the project will be transformative and high accretive at the same time. Works have already started and we expect to open the new area by year-end before the Christmas campaign. Next slide, please. To end up my intervention, I have to highlight as well our investment in Lar España. Following the company's excellent year-end results for 2023, Lar España has announced a total dividend of EUR 66.2 million, which translates in EUR 0.79 per share. This implies that Castellana will receive a dividend from Lar España, of which we own circa of 29% now, of around EUR 19 million, resulting on a dividend yield of almost 15%. As explained before, due to our consistent methodology on how we accrue this dividend, we will see the majority of the impact of it in FY 2025 numbers. That is during next financial year. On top, current share price proves more our investment case. It reflects a circa 30% increase above our in price, although it still trades at a large discount now of circa 40%. That implies also a large margin to keep improving. With this, I give it back to Laurence to carry on with capital allocation and guidance. Thank you very much. Good. Alfonso, thank you very much. Just before getting into the all important guidance, I'd like to just chat a bit on capital allocation. If we move to the next slide. The long-awaited BT Ngebs City is on the verge of transferring. We expect it to be lodged within the next week, and that should take around 3 to 4 weeks to transfer. We seem to now be at, on the one hand, the end of a very long road of getting the deal over the line, the beginning of an even longer road of really turning the asset and reaping very big rewards from this one. We're very excited about this asset. What we can say is that we have been working together with our partners already, for the last six months, being actively involved in the leasing of the mall. We're getting very strong interest from retailers, and expect to conclude current renewals and new lets above expectations. The repositioning project, we currently are expecting to start that in May 2024. As we've said, we've spoke about a yield on this asset of 925. We would expect that to be comfortably above that as the repositioning starts taking place. Looking forward to very good performance from BT Ngebs City. The funding already is in place for that acquisition. On the sales side, just the two assets that we sold, the Piet Retief Shopping Centre and Rustenburg Edgars, both of those were sold to Alt Capital. You'll remember that we have a stake in the fund. We own about 15% of that fund, but also own a stake in the management vehicle of the reimagined fund, in fact, where the assets are held and hold our stake in Alt Capital, which is the manager of that one. Moving on more broadly to the acquisition environment. What we can say is that we are consistently exploring acquisitions, in line with our growth strategy. You can expect everything to be retail focused in what we're doing. We've been exploring various transactions both locally and in Spain. I would say that this is probably the most active pipeline we've seen since around 2017, 2018. Very excited to go through the deals. I must stress, we're doing a lot of desktop evaluation at the moment. Nothing is yet in a full due diligence process. In other words, nothing is imminent, but there is a lot that we're currently working on to hopefully try and take that forward. I can say whatever we're currently evaluating is still small relative to what we've declined. We are very disciplined in what we're looking at, I'm going to talk a bit about our cost of capital and what we're evaluating. What I can tell you is that in Spain, we have been outbid on an asset. It's a situation where we're very comfortable to come second. We're happy to walk away from the process. I think that, for us, was a good example of putting our best foot forward. We had a price. If somebody paid a better price, we resisted the temptation to keep chasing a deal, and we're happy to walk away from it. I think that is something that we are very focused on doing. We do believe that we want to keep expanding the business further internationally. I know a key question is: Where is the money that we've raised going to be spent? I would say in all likelihood, that money is going to end up in Spain with Castellana. Although, we have also been looking at local deals. I think it's all about optionality. I think the high probability is that money is going to go more into the Spanish environment, into Castellana. Then what you would have noticed is that we have increased our stake in LAR. I think the last time we spoke, that figure was around 25%. We're now up to 28.7%. There has been sort of an active deployment of capital into that over the last few months. Our goal there is to sort of try and get to around 29%, so we're nearly there. You'll remember that in the Spanish environment, a voluntary tender offer takes place when you breach 30%. At the moment, our intention is not to breach 30, but to get it up to the 29 level. We're nearly there, but that has obviously all been very accretive money that we've been spending in buying LAR shares. Turning to Fairvest. We have been disposing of our Fairvest shares. I think the market's well aware that we sort of view this as currency. We're down now to about 3.8% of the company, I think at last results we were just under 6%. The proceeds that have been generated from that have been used to further the acquisition of both Lar España shares as well as into our solar rollout. It's been very important that we allocate money in that way because Fairvest still trades at quite a high dividend yield. Therefore, we need to try and make sure we don't take any dilution on that. By putting it into both Lar and/or the solar projects, we can ensure that we have got at least neutral to accretion on that rotation. I think what you can expect is that we'll continue to gradually divest of the stake. We still do have a pipeline of solar that's rolling out over the forthcoming financial year. The proceeds from Fairvest will be used to pay for the solar rollout. Just on the allocation of capital, what we're going to do with the ZAR 1 billion that's been raised. Well, temporarily, that's sitting in money market earning around 9.25. Our intention is to try and have that money deployed, as I said, by the end of September 2024. That is an objective, but if we can't find the right deal, we'll sit with the money until we do find it. We are fairly confident that we'll find the right opportunity over the next six months to deploy that. When we're evaluating opportunities, we're working against a WACC taking into account 35% gearing on a new asset level. In the South African environment, that is somewhere in the region of around 10.5 as a WACC, and in the Spanish environment, it's about 9.2, 9.3. Those are sort of the target rates that we're looking at for cash on cash on new deals that we're evaluating. With that, if we move on to guidance. As I've said, we really are balancing a very sluggish local economy. I think from the numbers that Itu has taken you through, you can see that we are coping exceptionally well and delivering very good results in that sluggish economy. Fortunately, having that better than expected environment in Spain, where you can see the exceptional performance coming through from the Castellana portfolio. I think collectively then delivering the great results that we are happy to put forward now. I think at this stage, we would expect that strong operational performance to continue in both markets into the year ahead. We're definitely seeing the positive benefits of the rand hedge nature of our business. That will continue to grow as we provide shareholders with very significant diversification across geographies, assets, and tenants. I think along with everybody, we are waiting in anticipation of the rate cutting cycle, which we expect will be positive for the sector. I think everybody is one step forward, two steps back, and hopefully that will come forward soon and we look forward to that happening. As you've heard me say before, and I think hopefully what I've highlighted now, there are very, very significant opportunities at the moment to buy really good assets offshore at very attractive prices. The main challenge remains access to capital. I suppose my biggest fear at the moment is that by the time rates do start decreasing, you may find that the sector responds too slowly and therefore that window of opportunity closes. I think for us to be able to deploy money now is exceptionally accretive. As you've seen from some of the numbers, we can deploy money now on a neutral to positive cash basis in EUR. One doesn't have to use cross currencies or anything of that nature in order to get those deals. We are very upbeat about the opportunity set that we have. It's just a question of whether we can access capital at the right price in order to take advantage of those. As I've said before, deal discipline will be an absolute key focus area for us. To end off, really off the back of very good trading results for the year that you've just been through. In the context of the upgraded guidance that we gave to the market at half year of growth in FFO per share of 46% and growth in dividend per share of 8% to 10%. We're very pleased to guide that growth in FFO per share for the year will be above 6% and growth in dividend per share will exceed 10% for the year. With that, let me thank you for all of your attention and Nazim, if I can turn it over to you for questions and from the audience as well. Thank you. Brilliant. Thank you team for the update. Just a quick reminder for the Q&A. We've got a number of questions already in the chat box. If you'd like to ask a question, you're welcome to raise your hand and you can ask it directly to the team. You can send me an email or WhatsApp. You've got my details. A lot of questions on Pick n Pay, and I thought I'd hold that off just for one second. I found a very interesting point from your discussion. You talked about a significant amount of deal activity in S.A. and Spain that you've last seen in 2017, which is, to me, amazing. Do you know what the rationale behind the selling is? Is it a function of strain from a liquidity point of view from the seller? Is it a funding cost issue? Do you have a sense of why there's this increase in activity? Sure. Nazim, I would say, if I have a look at it, we've got a combination of both REIT and institutional sellers in terms of the deals that we've been evaluating. I must say that a lot of the deals we have declined already on the basis that the yield expectations are just too tight. Having said that, I don't believe that the assets we've seen are overpriced. I think the valuations are fair, and I think if we were to own those assets in our portfolio, we would probably value them on a very similar basis. I don't believe there's a valuation issue. It's just a problem of comparing a yield of eight and a half to an SA WACC of 10 and a half and to take 200 basis points dilution on an asset that's a very good quality asset, but maybe hasn't got the growth that we would like to see, doesn't make economic sense. It seems to be that it's a combination of asset and portfolio rotation, and some restructurings that are taking place, and that's what's bringing the deal flow across our desk. As I say, unfortunately, many of them are assets we would love to own. Just given our cost of capital at the moment, it's not economically viable to pursue them, and therefore, we put them on the back burner. Okay. Itumeleng, I think there's going to be a lot of questions for you, and maybe Laurence, you can touch on some as well, if you're keen. Yeah. I think let's maybe deal with Pick n Pay. For completeness, I think let's chat to some of the questions. I don't think we'll have time to ask all. Maybe let's start right at the top. I think from Ridwan, can you give any impact on the Colonnade Pick n Pay downsizing on your financials? Yeah. I tried to answer a few of them on the chat. Let's start with Colonnade. Then I'll just give you an overview of our sense, our exposure, our discussions with Pick n Pay. Maybe just to give a bit more color around where we see potential challenges and strategically in terms of things that I think they're doing right. On Pick n Pay Colonnade, it's a 16,000 square Pick n Pay hyper. It's one of those traditionally, historically big hypers. We've felt that probably for the past 24 months that that store has not been competitive. We've had quite a bit of new competition come up in the area. Opposite us, we've had Checkers upgrade to their latest spec. You've had a Food Lovers open. You've got two or three other anchors that are looking in the area. We've been in discussions with Pick n Pay to say, "Listen, can we look at upgrade? Can we look at store management? Can we look at stock?" All of those operational issues I think they've responded to. I think the reality there is that store is potentially oversized. We think that we could take back about half of the space. We could create a new mall, similar to how we did at Meadowdale many years ago, where you open up a new mall, with a new entrance, we introduce new boxes. We think that we can do that in a yield accretive manner. We can do it in a manner that gives occupancy to quite a few tenants that are currently on our waiting list. We think that by doing that, we can actually strengthen the performance of the broader value center. It can serve what its purpose is much better. I think with regards to Colonnade, I think it's a discussion that we've been having over a couple of months. We think that ultimately when we push the button on it'll be positive for both Pick n Pay and ourselves. Yeah. A technical question from Francois with regards to the long WALE. Yeah With regards to that Pick n Pay. Sure. Can you maybe just answer that question? I'll read it out again for completeness. Are there any options in the leases for Pick n Pay to renegotiate or break at earlier dates? Yeah. What are typical escalation levels on a Pick n Pay lease? Yeah. Historically, anchors have signed 10-year leases with four or five-year options. Generally, when you do a big development on anchor, you are looking at 10 years and then the five-year options that follow, effectively giving them 30 years exposure to the mall. About five years ago, Pick n Pay changed their approach, to sign 25-year leases, with an option at 10, at 15, and at 20. Which was slightly different to how the South African market has operated in the past. To answer Francois, in those particular leases, especially the ones with the long WALE, and those would be the recent ones in the past five years, you will find that it is a 25-year lease, with a first break at 10 years, which is definitely in line with how the market was prior to the change in structure. Yeah. Escalations are generally with anchors linked to inflation between kind of the 6% and 6.5%. That is where you would typically find them. Then, Nazim, the general questions around QualiSave versus Boxer, trade market share. I think, to be fair to our partners, it may not necessarily be appropriate for us, as a partner and landlord to pit them up against each other. What we do do, is we are very close to our performance on a monthly basis where we can see that the trading densities are moving backwards. Rent to sales are getting to a 3.5%, 4% mark. We have a discussion, we fix things operationally, then we try and understand what they are doing at a strategic level. Broadly speaking, the Boxers, the QualiSaves, the Shoprites are all pretty much ballpark. Also it depends on the market. I think broadly speaking, the Pick n Pay has been a few frames behind, and this is not news. This is something that has been widely shared. I think the question is, what is the next plan to try and gather that market share that is potentially been lost, in terms of investing in the stores, investing in technology, fighting their competitors. Those are the discussions that we have at both the property level, at Pick n Pay, also at the executive level. I think that is probably the level of information that I can share from my side. Laurence, I do not know if you want to add. Yeah. Itu, thanks. Nazim, I would just add one thing. For me, one of the key issues that Pick n Pay has got wrong, and this is not a blazing insight, but they have never really understood the lower end of the market. I think that is where they have lost ground to their competitors. What we are seeing is that Boxer is really performing well there, and that is coming into its own. When we now see that the Boxer brand is going to have its own listing, its own identity, we actually see that as a positive, as a way that the Pick n Pay group is going to have a much more focused approach on the middle to lower income consumer, more the lower income consumer. I think that sort of focus and attention to understanding those customers' needs will drive good results. That obviously works well in our portfolio, given who our target market is. All in all, we actually see that as a very positive move. Brilliant. Moving on from Pick n Pay, we've got a question from Nene Moesha. Nene from SVG. What% of top-line rental is turnover-based now, and how does that compare to pre-COVID level? Yeah. Nene? Sorry, couldn't resist. Moesha, still very negligible. Still under%. It's not a big% of how we manage the portfolio. Maybe just to give you context in terms of why it can never be big. What we do when we renegotiate renewals, we'll work out the basic rental, work out the turnover rental, and when we go sit down with our retailer, that then forms the base for the new renewal. Whatever was turnover in the past then comes into the new renewal and the basic rental. It's very negligible. Still under%, to answer the question. Yeah. Maybe this is for Laurence Cohen. Just a question from Luqman on the composition of the large dividend, and what the €7.5 million relates to. You've provided the answers in there. Maybe if you could just clarify on the video, please. We can confirm that the extraordinary dividend all related to asset sales. In terms of the Spanish REIT rules, they have to distribute as a dividend 50% of the capital gain from asset sales. None of it was from the bond buyback. Just to confirm a question from Itumeleng. Does the update on FFO and guidance take into consideration the recent issue from the book build? Yes, it does. Brilliant. Most definitely. Maybe just moving on. Alfonso, if you can maybe give us a sense of, we've seen a couple of acquisitions now in Spain, large acquisitions. There's obviously pipeline or additional acquisitions that are likely to come through over the next few months, or 12 to 18 months. Can you maybe talk to the supply side? Are there new malls being built or are there new developments that are coming online over the next two years? Or is it really a function of a mature market just being traded by various institutions? Well, as you know, development has been stopped since the pandemic. The fact is that there is no financing for any developments right now, and that together with the still high prices on construction costs, it makes any kind of shopping center development, especially, very difficult. What we are seeing is that there's been a pipeline of different sites around the country of around 250,000 square meters. The fact is that was there from, I would say 2018, and it's not been developed yet. It seems that it becomes more and more difficult as time passes by. What is being developed a little bit more is retail parks, rather small retail parks in different locations. That's a little more easy or easier to develop and also cheaper. That is not that big. At the end of the day, we are talking about in the range of 50,000 square meters in total for retail parks around the country. Right. I think just to maybe add, the development pipeline in Spain is a lot longer than what we expect or what we're used to in South Africa. There are examples of it taking 12-14 years for a center to be developed. There's nothing imminent and we don't see that as a major threat. In fact, we see it, on the contrary, as a tremendous opportunity. If you own existing assets, there is limited supply, that does create some upward rental opportunity. It seems like the theme of tight supply is playing across both, I guess, in Spain and South Africa, the normalization of. Yeah the consumer spend, et cetera. Do you think the market understands that well enough to understand that that pressure point is kind of leading into more of a landlord-led sort of a environment? Maybe just to add onto that, is there a cap on the potential uplift we could see? Because I guess in South Africa it's a bit of a still a weak economic environment. Can you start pushing that rentals materially higher as they sign longer leases to lock in, and all that comes into play. Maybe you two can talk on the SA side and Alfonso on the Spanish side. Oh, can I maybe just jump in, guys? Yes, go for it. Before you get to the details, just to sort of talk at a more macro level. 18 months, two years ago, retail was an absolute swear word. Nobody was interested. There's a very definite change of attitude towards retail. The word that I've used in my board meeting, which we had yesterday, was there's a thawing of an attitude towards it. It's not sort of everybody's now raging bulls on retail, but you're finding the big international players have got a far more open mind to retail. The banks have got a far more open mind and accommodating approach towards retail with the right operators. I think that's very important. They're putting a lot of emphasis on who the jockeys are, who's running the assets. I think it's driven by a few things. On the one hand, I think the performance of retail post-COVID has been a lot stronger than most people had expected. I think the resilience of retail has taken many people by surprise. For those of you who've been hearing us beat this drum, we haven't been taken by surprise. We've expected it in many regards. I think at the same time, you're seeing very poor performance from offices. You're seeing the favorite sectors of logistics and resi seeing quite a low margin between yield and cost of funding. All of those are contributing to retail looking more attractive. I think when you add the next point, Nazim, which is the one that you made, and I think it's appreciated by the potential buyers and it's becoming more broadly appreciated, is that there is a supply-demand situation developing where if you own existing centers and they're the right centers, you've got very good long-term assets because the likelihood of new supply coming on is exceedingly low. Do we have sort of a very clear view as to sort of where the rents will top out? I think that's difficult to predict, but I think you can say that over a five-year view, all things being equal, the rental direction should be up and not down. Itumeleng, maybe you and Alfonso can give comments on the specific markets. Yeah. Laurence, Alfonso, after you. Go ahead, please. Laurence, I think you've summarized it superbly. That's exactly kind of what I would've said. Maybe just, technically, if there is constrained supply and you've got people that want to trade in a specific area, we've worked out almost total cost of occupancy or rent-to-sales that are appropriate for specific categories, right? If you can see that there's a delta between where they're currently trading, and then there's a competition for space, it speaks to Laurence's point that it should be up. I think it's also disingenuous to then say we'll double the rental above where the affordable cost of occupancy and rent-to-sales should be, right? I do agree with the sentiment that says probably in the medium term, you should start seeing, because of that space and supply tension, price increasing in terms of rentals to the higher end of those cost to income ratios, and I totally agree with that sentiment. Right. In the case of Spain, we have to look historically, and we look back to the financial crisis. We have not yet reached those levels of rent. During the pandemic, we have preserved very much all of the rental levels because at the end of the day, it was not a rental rebase of those lease agreements. It was just a concession during the period of those units being closed. Still, the fact is that there's still room to grow rents as we see the curve, looking back to 2011, 2012, when it was the crackdown of rents at that time. Brilliant. One last question. It goes to Lwando. Going forward in the SA and Spain portfolios, how much CapEx as a percentage of net rent or book value is management planning to spend to remain competitive in the next five years? Lwando, we never have a percentage, as you know. Each asset really has a bottom-up assessment done. That sort of just works out as sort of what a rolling plan looks like in terms of upkeep on the assets. South Africa works out about ZAR 100 million a year, give or take a 20% variance. It's not sort of a target percentage that we have. It's based on a building assessment level, and that similar thing is done in Spain. Alfonso, I can't call the number offhand as to what it is, but that's just the way that we do it. It's a bottom-up building assessment, not sort of a top-down percentage of GAV that we spend. Brilliant. With that, being cognizant of time, we've started at 9:00 A.M. and finished at 10:00 A.M. Well done all. Sorry, Nazim, can I just make one comment? Go for it. Just on that, Lwando, and everybody, the annual CapEx on the portfolio that we have is very, very comfortably catered for in the retention, given our payout ratio. Okay, I think what you can work on is that we have more than sufficient cash coming through to do that, and then also to have cash available for accretive projects as they come along. Maybe just to finish, we actually didn't touch on this. It's surprising because it's a call hosted by me. Where's the LTV now post the equity raise? It should probably sit at around 40%, I think, for year-end. You mentioned that the potential equity or the gearing on new assets would be around 35%. Is that what you're modeling? I assume you'd do something closer to the group number, so it wouldn't be materially impacted by any acquisitions. Would that be a fair statement? Yeah. I think what you'd want to find, Nazim, is that any acquisition that you make is what I'm going to call LTV beneficial. In other words, it keeps it neutral to bringing the LTV down as opposed to increasing the LTV. In your modeling, when you're looking at it on a new acquisition, I think you'll be very safe if you're modeling an asset level LTV of 35% on the new asset that we purchase. I apologize, but there's. Be that in Spain or South Africa. I apologize, but there's one more question from Nene. Sure. Given the many opportunities seen in Spain, how are future book builds? Is there a certain discount to book where you would opt not to raise capital? Well, remember, Moesha, that generally our authorities are limited to a 5% discount to the VWAP, okay? Your question is relative to book. I think the issue is we're more focused on what's the level of accretion at an FFO basis as opposed to the NAV issue. We really feel that the market uses NAV as a benchmark. I think ultimately the way we're reading the market, it's driven by yield. That seems to be well established, therefore, when we're evaluating a capital raise versus deployment, it's less about the accretion or dilution at an NAV level and more about the accretion dilution at an earnings and dividend level, hence a yield-driven mindset is what we've got. Thank you. With that, I'll bring the call to a close. Do you have any final remarks, Laurence, from your side? No, Nazim, just again to thank you for hosting us, to thank everybody for joining. We are very upbeat with this set of numbers that we've guided on now, that will be put forward in detail for the full year in beginning of June. We feel the business is in great shape. I think we've got a very clear strategic direction as to what we want to do. We're excited about those opportunities. The handbrake is access to capital and cost of capital. Whilst we've got a very clear growth mindset, I can assure everybody on the call we're going to be very disciplined in how we deploy that money as we try and execute on this growth journey. Thank you so much, thank you again for allowing us to host your call. Thank you. With that. Thank you, everyone. I'll bring the meeting to an end. Have a good day, everyone. Thank you, everyone. Bye-bye. Cheers, guys. Cheers. Bye. Take care. Bye-bye. Bye. Bye-bye.