Good morning, everyone, and thank you for joining us this morning. I'm happy to be on this call with Roberto Fraticelli, our Chief Financial Officer; and Peter Mills, our Chief Investment Officer, to present Eurocommercial results for the 6 months financial reporting period till 30 June 2021.

I will provide you with an overview of the operations of Eurocommercial, while Peter will elaborate on various details regarding property portfolio and ESG followed by Roberto, who will discuss the financial results. Finally, I will make some short closing remarks before we open the call for questions and answers you may have.

Let me start this results review, thanking all our colleagues for their relentless and tireless work, supporting our tenants and keeping the shopping centers safe for staff and visitors during the 6 months period. Unfortunately, so far, 2021 has also been a very challenging year for the company, our colleagues, our tenants, our customers and our shareholders.

The COVID-19 pandemic continued for most of the first 6 months to have a major impact on the business of the company, and we are still experiencing some smaller restrictions. However, the progress made with the vaccination programs in our 4 countries provide sufficient confidence in rapidly improving circumstances for the remaining months of the calendar year.

The diversification over 4 countries and the quality of the EUR 4 billion retail property portfolio in each of these countries have been key to the performance of the company in the first half of 2021. Our shopping centers focused on everyday goods and anchored by hypermarkets and supermarkets showed strong resilience when they were open.

Remember that 56% of the space in our shopping centers is dedicated to groceries and everyday goods. We are very pleased to be able to report that all our shopping centers are open since May.

This was not the case earlier in the year as due to lockdown measures introduced by national governments, our shopping centers were closed again in March, April and the beginning of May in 3 of the 4 geographies. Only Sweden has seen some restrictions or better recommendations as they were called by the Swedish government, but no closures.

On average, our centers have been closed for 56 days in 2021, while restaurants were closed on average for 98 days. Since the start of the pandemic, all our shopping centers rebound as soon as restrictions were reduced or lifted.

This happened after the first and the second lockdown and happened again after the third lockdown, evidenced by a swift rebound in retail sales in our shopping centers. Sales recovered more quickly than footfall, confirming the higher sales conversion rates and the increased basket size of shoppers.

The current COVID-19 restriction situation today is as follows: all our centers are open but there are some restrictions in Belgium, France and Italy. In Belgium, staff and customers in stores still have to wear mask.

This is also the case in France and Italy. In these 2 countries, a green pass or a health pass is also required for visiting restaurants and bars.

To date, it is not required to show a health pass when entering into any of our shopping centers in Italy. In France, this is also the case with the exception of MoDo and Les Portes de Taverny, both in the Greater Paris region and Centr’Azur in the south of France.

This health pass requirement will be reviewed periodically, depending on the number of cases in the region and the decision of the local prefer. Since May, there has been a quick and full recovery in retail sales in all our countries.

And for the month of June 2021, the turnover in the shops increased by 70% compared to June's levels last year. Overall, retail sales in June 2021 were higher than pre-pandemic levels and were 3.9% above June 2019, which is, of course, an even more important result showing that customers are shopping again in our centers.

The July retail sales confirmed this rebound by an increase of 1.8% compared to July 2019. The July turnover figures for our Swedish portfolio showed a remarkable uplift of 7.2% compared to 2020 and even 9.7% compared to 2019.

July is the first month in Sweden, in which all restrictions, even small ones like a limited number of persons per table were no longer applicable. And we saw that in July, and particularly elderly customers came back and men finally started buying fashion and shoes.

It's also interesting to see that all sectors are showing positive results and a higher growth when comparing 2021 with 2019 than in the case 2020 is compared with 2019. In particular, fashion and shoes showed good recovery and were the winners this year.

Other sectors like sport and home goods continue to perform very well. The quality of the properties is reflected by 4 important indicators.

The EPRA vacancy rate decreased from 1.5% in March to 1.3% at June 2021 for the entire portfolio. The rent collection rate for 2020 improved further to 98% for the due and collectible rents.

The rent collection rate for the first half of 2021 was 88%, but is expected to improve further, in particular, when the French government support for the third wave will become effective. The rental uplift on renewals and relettings for the 12-month period to June 2021 was 8%, a perfectly respectable result compared to the uplift during the last 10 years.

Last but not least, the property values only reduced by 1.1% since December 2020 due to high occupancy and continued leasing activity, evidencing the sustainability of rents. Our leasing and rent collection teams have been extremely busy with the execution of our strategy for the lockdown periods, which was to find mutually acceptable solutions for rent payments and rent concessions for the lockdown periods only and to keep the existing leasing agreements unchanged.

This strategy resulted in a very high rent collection rate for Belgium and Sweden. In Italy, we collected a similar percentage as last year after the first COVID-19 wave, and we expect this percentage to increase once we have finalized negotiations on the remaining outstanding cases with tenants.

For France, we report a lower collection rate, which is due to the delay of the publication of the French government support package for the tenants for the third COVID-19 wave. Some tenants have, therefore, unfortunately decided to postpone payment of the rent for that lockdown period until the package is clear.

However, tenants in France are continuing to pay rent, which is illustrated by the rent collection for the month of July, which was 89%. The overall July collection rate was 83%.

In our annual report for December 2020, we reported a total amount for rent concessions for 2020 of EUR 24 million, which was about 10% of the annual portfolio rent. We assessed the rent concessions for the third wave in Belgium and France and the continued second wave in Italy related to calendar year 2021, and we are currently reporting an amount of EUR 14 million, 1-4, EUR 14 million, which is about 6% of the annual portfolio rent.

In this assessment, we have assumed that the support package for the third COVID-19 wave announced by the French government will become available for tenants and will result in rent collection. Please also note that rent concessions for 2021 could still change as in a number of cases, negotiations are ongoing.

Despite the pandemic, the leasing activity has continued to be very active during the 12 months period ending 30 June 2021. We concluded 301 transactions composed of 199 renewals and 102 relettings.

In terms of number of deals, this is an increase of 47% compared to a year ago, but also an increase of 21% compared to 2019. In particular, it's interesting to note that the number of relettings increased significantly compared to the previous periods, which is the evidence of an increased appetite for new tenants for Eurocommercial shopping centers and underlying that our shopping centers remain attractive for tenants and their customers and continue to have their purpose in their catchment areas.

We are proud to be able to report that only 301 relettings and renewals, an average rental uplift of 8% was achieved. The majority of the deals were concluded in Italy in which country we also achieved the highest average uplift, in this case, 13.3%.

It's important to note that the leasing activity did not slow down during 2021, and that we were able to conclude 21 relettings during the second quarter of 2021 with an average uplift of 8.6%. Next to this rental uplift, we signed 40 deals for new space we created in our centers in Italy and Sweden.

A nice example of our leasing activity was the remerchandising of shopping center Fiordaliso in Milan. On the 4th of March 2021, the hypermarket moved to the exterior, being connected to the shopping center through a common entrance.

The area of the former hypermarket has been demolished and is being partly converted into a new multilevel car park and partly into 10 new shops creating an extra growth lettable area of around 7,000 square meters. The new extended mall is fully let and expected to open on time for Black Friday in November 2021.

This remerchandising at Fiordaliso enabled us to strengthen our partnership with existing brands by welcoming new brands as well. The new space is led to major international brands like Adidas, Game7, Hollister and New Yorker who will open their first stores in Fiordaliso.

After the opening of these new stores, Fiordaliso will have, in total, 140 units. The presence of Primark, H&M, Apple and most Inditex brands, including Zara, and its brand new hypermarket of 9,000 square meter sales area make Fiordaliso the strongest retail pool to the south of Milan, clearly dominating its catchment.

This is the moment to hand over to Peter Mills, who will discuss in more detail our property portfolio, and we'll also briefly touch upon what we have achieved during the last 6 months on environmental, social and governance matters.

Thank you, Evert Jan. The valuations declined by 1.1% since the properties were last independently valued on the 31st of December 2020 and by 1.9% over the year.

The decline in values resulted from higher initial yields or exit yields depending on valuation methodology applied to the net operating income, which overall was marginally up. The value has generally applied more conservative estimated rental values and turnover rent assumptions.

In their reporting, they identified the low vacancy levels in the portfolio and the solid outlook for income security supported by steady tenant demand and rent affordability. One general positive comment the values had for all markets was the defensive characteristics of the portfolio with its strong foundations anchored on large food stores and a broad spread of essential and everyday retail.

The value has removed any remaining material valuation uncertainty clauses. In Belgium, the value of all away shopping declined by 1.6% over 6 months, mainly due to a slightly higher initial yield applied by the valuers.

In France, our valuations were down 1.8% compared to the 31st of December 2020. The overall EPRA net initial yield in France is 5%, although it is worth noting that excluding the prime mixed-use central Paris asset, Passage du Havre, with its low initial yield of only 3.7%.

The overall yield on the remaining predominantly suburban and provincial hypermarket-anchored shopping centers has risen to 5.4%. In Italy, valuations decreased by 0.7% over 6 months with the main reason being a slight increase in the exit yields used by the valuers in their cash flow models to around 5.7%.

The lower initial yield of 5.3% partly reflects the temporary reduced net operating income from Fiordaliso before the rents from the 7,000 square meter pre-let project come on stream later this year. The 3 Italian flagships in I Gigli, Fiordaliso and Carosello were valued at an average initial yield of 4.8%, with the remaining 5 smaller hypermarket anchored shopping centers valued at 6%.

In Sweden, the valuations resulted in only a marginal decline of 0.5% over 6 months as a result of slightly higher exit yields, which were only partly compensated by higher net operating income. The value is commented on the very high levels of rent collection supported by strong retail sales, which are well above pre-pandemic levels.

We have provided the valuation split separating our 5 flagship shopping centers, which are grouped together. These centers increasingly attract a broad international tenant base as we have just seen in the slide on Fiordaliso, which follows a similar remerchandising at I Gigli that we presented 6 months ago.

These assets representing 45% of the portfolio are much larger with an average value of over EUR 400 million and are lower yielding overall to around 4.5%. The remaining 21, mainly suburban hypermarket-anchored shopping centers, are different characteristics with more than half of their floor space devoted to every day in essential retail.

With a strong representation of national and regional tenants in all sectors, these assets comprise 55% of the portfolio. They are much smaller with an average value of around EUR 100 million and a high yielding at 5.4% overall.

The disposal program we announced 12 months ago targeting up to EUR 200 million of sales remained in progress, and we are around halfway through following the completion of the sale of Grenoble in March. We are in advanced discussions on further sales.

But as is our normal practice, we will not make an announcement until there is a signed binding contract. The purchase of the 50% share of Etrembières held by our joint venture partner, is scheduled for November 2021.

We will then become 100% owner of Etrembières and the adjoining 1,600 square meter pre-let F&B project, which is currently under construction and scheduled to open in the first half of next year. During the first half of this year, we have made considerable progress with our BREEAM certification program.

And with 18 of our 26 shopping centers now certified, we are on target for the whole portfolio to be BREEAM certified by 2025. Our green lease policy has been updated following constructive cooperation with our tenants with whom we exchange ESG ambitions, targets and responsibilities to gradually reduce the environmental footprint of our shopping center portfolio.

During the first half of this year, we also updated our environmental and supplier code of contact policies and ESG governance structure. I will now hand over to Roberto for the financial review.

Thanks, Peter. Hi, everybody.

This slide gives you a quick overview of the most important financial data. The total net borrowings at 30 June decreased slightly to EUR 1.74 billion from the EUR 1.75 billion at December 2020.

Our loans are spread among more than 15 banks in different countries. As you can see, Dutch, German and Italian banks shares is almost 30% each.

In April, we closed 3-year sustainability-linked loans for a total amount of EUR 100 million with ABN AMRO on 2 properties in Italy. And in May, we also entered into sustainability linked revolving credit facility with ING for a total amount of EUR 25 million.

We're already working to convert some long-term financing expiring at the end of the first half of [ 2002 ] (sic) [ 2022 ] into new sustainability-linked facilities. The average term of the loan book is over 4 years, with most repayments were seen for the years 2025 and 2026.

The loan-to-value on the basis of the proportionally consolidated balance sheet of the company as per 30 June, after deducting purchases costs, remain unchanged at 43.8% compared to December as the effect of the decrease in net property value of EUR 42 million was partially offset by the increasing cash inflow deriving from the direct result and from the proceeds of the sale of Grenoble in France. For comparison purposes, if you were to do it, our loan-to-value ratio adding back purchases cost as per June was 42.7% of our -- and our loan-to-value ratio adding back purchase costs using the IFRS consolidated balance sheet was 41.6%.

The overall interest rates, including margins at June 2021 remained unchanged at 1.9% and 74 of the interest costs are hedged at 30 June, mostly by interest rate swaps but also by a number of fixed interest coupon loans. The average interest rate swap hedge in term is just over 6 years.

If we look at the direct results, the total direct investment result attributable to the earnings of the company for the 6-month period was EUR 46.8 million compared to EUR 59 million for the same period in 2020. To enable a better comparison of the results we, as in the previous presentation, provide you with an overview of the results before and after the impact of the COVID-19 measures.

The result before COVID impact, as you can see, is slightly lower than last year at 58.7%. The increase in income, mainly thanks to the extensions realized and the full contribution of the Woluwe Shopping Centre, together with the savings on the company and property expenses, compensated for the lower property income derived from the sales realized under the disposal program, which Peter just illustrated.

The savings related to the interest expenses are offset by an increase in corporate income tax, mainly due to the fact that the IRAP tax was forfeited last year. The most important variance by large is related to the COVID-19 concession and the related bad debt provision.

Of the EUR 11 million difference, the largest variance is related to new provision for COVID impact for the first semester and other part is related to the amortization of the provisions made in the previous period according to IFRS 16, while the remaining bit is related to the ex provision for bad debt. We also show in this financial year a lower turnover rents and temporary income of around EUR 1 million as a consequence of the government restrictions in the various countries.

Last but not least, a look at the EPRA NTA. This slide gives a quick look at changes in the EPRA net tangible assets per deposit receipt from the EUR 41.49 as reclassified at the end of 2020 to the current EUR 40.86.

The 2 major movements beside, of course, the direct and indirect results are the accrued dividend of EUR 0.50 per depository receipt, which was paid out in July. And the variance of EUR 0.48, which is related to the positive adjustment of the fair value of the financial instruments.

And thanking all our colleagues for all their fantastic work. I hand over to Evert Jan.

Thank you, Roberto, for presenting the figures. All proposed shareholders' resolutions were adopted in the Annual General Meeting held on Tuesday, 8th of June 2021.

Amongst these was the proposal to pay a dividend of EUR 0.50 per deposit received in cash and to pay a scrip dividend of 1 new depository receipts for 18 existing depository receipts. The total cash dividend amounted to EUR 24.7 million and was included in the statement of financial position as per 30 June 2020 under current liabilities.

The dividend was paid on the second of July. And as a result of the scrip dividend, the issued share capital increased by 5.5% from EUR 499.1 million to EUR 526.5 million and the number of depository receipts outstanding with third parties.

So after deducting the receipts bought back increased to EUR 52.1 million. Using the current stock price, the market cap of the company amounts to approximately EUR 1.15 billion.

The Annual General Meeting also adopted the resolution to change the company's corporate governance structure by the termination of its depository receipts structure and subsequently, the abolishment of Stichting Administratiekantoor Eurocommercial properties, the so-called STAK. After the required 3 months period since the publication by STAK on the 8th of June of its decision to cooperate with the termination of the depository receipts structure, the conversion of depository receipts into shares can take place.

This conversion is currently scheduled for Wednesday, the 15th of September. As from that date, the company will only have shares.

The winding up of stock will then follow in October 2021, which is the last step in the process. As we mentioned before, the company has been well known for its stable increasing dividends since its inception in 1991.

And we believe it is appropriate to determine the future dividend policy of the company once the full effects related to the pandemic can be better assessed, which is hopefully the case by the end of this financial year 2021. And I would like to conclude this presentation with a statement that as Management Board, we are truly thankful to all our teams in the various countries for their hard work and their continuing commitment to our company.

And I will now hand over to the operator for questions.

Thank you for the presentation. Just 1 question is more the clarification.

The first part is on the treatment of what you have mentioned on assumption that the government support package in France will go ahead and will result in rent collection. I suppose your assumption feeds directly into the fact that some of the rents have not been provisioned yet for the first half of the year.

Is that correct?

Thank you, [ Ina ], for your question. What we have done in our assessment for France is that we have assumed, as we stated, that the government support package will come through, will become effective.

Of course, the question is how will that package look exactly? And although no formal confirmation have been made, we understand that it's probably likely that about 70%, 7-0, of the rent during the lockdown period will then be in the end received by landlord.

So that has been our assumption as well assessing the position. But I would like to remind everybody that this is still, of course, an assessment.

And hopefully, early September, we will know more when it is expected that the government will make further announcement about this package.

Understood. And a second question is related to the Woluwe Shopping Center.

I understand that there is now a public inquiry process in relation to the permits of the assets. So first question is perhaps any -- if you could provide any update in relation of how you would like to structure the financing of this project going forward.

You have mentioned that you would potentially be looking for partners? And second question in relation to the assets.

We've seen results and of course, rental uplift has been rather limited for the Belgium -- well, for the shopping center in specific. What is your view on the level of rents in the extension that you could expect?

And I appreciate that it's a mixed use projects. But at least for the retail part, what would you expect for that to be?

Yes. Thank you, [ Ina ].

Well, in terms of the procedure for the planning application and getting the permits in the end for the extension. We're on track.

Indeed, on the 14th of September, there even a public gathering for -- again, for also the people in the neighborhood and other interested parties. And then there will be a public consultation following that evening, so for 4 weeks.

And then, of course, there's further decision making to be made with municipality in the Brussels region. So again, that is all on track.

We still expect a final decision to be made somewhere in the half of 2022. And of course, that means that then the permit will be available.

There are still, of course, always a possibility for parties to appeal. So that's where we are, let's say, on the process of obtaining the permit.

In terms of the project as such, of course, we have then have to also, and we will start with that process soon, start further with pre-letting. Of course, we have a number of interested parties already for that extension.

But in order to really take the decision on the project, we must have a certain pre-letting percentages achieved, so that will definitely be our focus in the next 6 to 12 months. And then depending on the outcome of that process, we can then take a decision on the project as such and also the funding.

In terms of rental levels, I think it's fair to say that, of course, we're coming out of the COVID-19 situation. The appetite, what we see so far is still there.

And of course, we have done preliminary calculations for the project, but it is still a profitable exercise. However, of course, had the pre-letting still has to start.

And depending on that, of course, we may also change slightly the mix in the retail extension. Of course, we also will then build 100 apartments and that again is, I think, an attractive part of the project.

But no, so far, on track. But yes, we still have to, of course, await the outcome of the process to get the permit.

Understood. And Evert Jan, just to confirm on the apartment side.

Would you be looking to develop to hold or develop to sell for that part of the extension?

A very relevant question. I think for the moment, I am having seen all the ins and outs, we tend to say maybe we should keep them.

But of course, we still have the option as well, if we think we should better dispose of those. I think it also depends a bit on -- in due course, if we would like to do this project maybe with a joint venture partner, which we have talked about in the past.

Of course, had a partner's views on residential also matter. But I think for the moment, it's a very nice mix.

And if we would hold on to these apartments, that would be fine for us.

I have a question on the investment markets. Could you please comment on that for the different countries because we've seen some large discounts and book value in France, while it's going making deals seem to be quite all right.

Could you please comment on what that means for your or value for your assets?

Well, thank you, Steven, for your questions. And of course, very, very relevant.

I think Peter, this is something you in particular may want to comment on because you already, in your presentation, alluded on the investment market. But can I give you the floor for this one?

Thank you, John. Yes.

Well, I think -- I mean, the 2 most liquid markets we've seen and from our experience, you've seen the sales we've made in Sweden and France are those 2 markets. I would say Sweden remains the most liquid of those 2.

We've seen transactions from our peers selling properties into both Sweden and recently a transaction in Norway. There's still very good demand for anything related to food with hypermarkets in either sole hypermarkets or where they form an important anchor and retail parks as well because that discount sector has traded very well throughout.

And I think we achieved valuation on both Moraberg and Bronson last year. So I think the Nordics is the most liquid.

In France, I mean, we have successfully completed several sales in France in recent years. I start with Cormeilles, Passage du Havre and Grenoble and selling properties of a digestible lot size for the market individually, targeting well-financed institutional investors.

And even though I can't talk anymore about what we're currently in discussion with, I mean that would be a focus again. So there's some element of clearly targeting for the audience.

But we have assets that meet that as well. Italy, again, apart from hypermarket-anchored centers, it has -- it's probably the least liquid, but it always was.

And the yields have compensated even therefore, marginally higher as a result. So I mean, it's -- clearly there is liquidity for different segments of the retail market.

I hope I answered your question.

Yes, absolutely. And just 1 question.

Have you seen valuations in France declining? Or is it a bit stabilizing now?

The market valuation.

Well, our experience from this last round is some stability. They were down a little bit in France.

And we'll have to wait and see where we get to in December. And the fundamentals are still very good, and that's the most important thing when you compare the different markets and those markets where valuations decline significantly.

They tend to be following rental levels. And our NOI, as I said in the presentation, has been flat and this time, marginally up and rental income is the bedrock.

And with full occupancy rents there are certainly affordable, good centers, we don't see major changes.

Okay, clear. If I may ask also second question on underlying footfall and the retailer sales.

You showed strong June end numbers, of course, but what can we expect for the second half of this year. Also taking into account the health bars in France, I don't know if that has an impact or maybe that June and July were a bit better due to a temporary pickup?

Thank you, Steven, for this question. Of course, it's a little bit also looking into a glaze ball.

But if we can take Sweden, as an example of, let's say, a country if all restrictions are gone and there's nothing left, which is the case in Sweden, then we're quite hopeful because in Sweden, of course, we saw that even when there were still some restrictions or recommendations as they follow there, there was already a good footfall not yet at the levels exactly in '19. But now the footfall is improving further.

But of course, more importantly, the turnover. So if that pattern is something which you can see when other countries also are entirely again in -- really in 2019, in other words, no mask anymore, no other restrictions in restaurants, et cetera.

Then we're quite hopeful but that is not yet the case in Belgium, France and Italy. If you look at France with the health pass, as I said in my speech is that we have currently shopping centers, which have to do this jacking for the health part.

And obviously, it is affecting the footfall because there are certainly customers who say, I'd rather go then to another local shop or a supermarket around the corner because then I don't have to do this or health pass business, et cetera. So it is an effect, but we do hope it is temporary.

We see that has already been some -- even some cases where the préfet had to withdraw his order to require a health pass for a certain region. And I think, for example, where we are in the south of France Centr’Azur with September now coming up, it will probably be less crowded because tourists go back home.

And then, of course, it's all a matter of how many cases are in the region as those numbers come down, then the préfet can just lift this restriction. So it doesn't help, of course, for these 3 centers, but the rest in France were absolutely fine, and we don't see that other centers will soon be impacted as well.

So we see that as a temporary measure. Again, it is, at least for us, very clear that we have good signs, indications of what we have seen in June and July going forward for the rest of the year.

Thank you for this presentation. And I have a question about your investment program.

You're mentioning that your big disbursement will be the purchase of the 50% stake you don't earn in Etrembieres. I'm not sure investors are aware that Etrembieres is that the [indiscernible] from Geneva.

So it's effectively a Geneva shopping center. Could you elaborate a little bit on that purchased the type of return you are expecting as it is a sizable investment?

And overall, could you -- of course, we are aware of the Woluwe project in Belgium, but for next year, what is your investment program roughly? Are there specific centers that you want to refurbish, overhaul or purchase or whatever?

Thank you for your question. In terms of Etrembieres, that is something we already announced early in the year and this is now coming up because in November, we will purchase the other half of the shopping center, which for us, is an attractive purchase because we already also own adjoining land where we're currently building restaurants.

And as you said, Etrembieres is -- yes, it is France, but it's very close to the border. So you could almost make the point that it's half Swiss as well.

So we think that...

Well, I'm from Geneva, and it's effectively one we're shopping -- It's 1 of our shopping centers at Etrembieres when we want to go shopping. [indiscernible] at a better bargain than in Geneva, which is easy.

We go to Etrembieres.

Yes. Well, I hear a happy customer.

Thank you. No.

But as you say, it is very much also focused on the Swiss customer. Here we have Migros as our hypermarket there, which is, of course, a very strong Swiss chain.

So no, that is certainly the case. So we are excited about that purchase.

And we have, of course, also Volt [indiscernible] which is also close to the Geneva border, but slightly up more to the West North. So with those 2 centers, 100% owned, we think we have a good strong pull in that area.

And of course, it is a wealthy area. I know we, of course, benefit from also the Swiss border being closed, and the Swiss franc, the strength of the Swiss franc.

But for the moment, of course, there were some restrictions on the border. So the numbers lagged a little bit.

But no, we think there's a lot of potential there. And also in that region, there were a number of projects in the past announced, but some of these have been canceled or postponed.

So I think overall, the supply of good retail space in that area is limited. And we -- with this deal, we own 100% of the 2 nice centers there.

So no, we think it's a good addition to the portfolio. And then your subsequent question was about?

Your investment program for next year?

Yes. Yes.

Yes, sure. No.

Well, you will not be surprised to hear that all, let's say, capital expenditure, which is uncommitted is currently on hold. We are just doing that kind of works, which, of course, are inevitable and that are in most of the centers are relatively small works.

And once we have, I think, really the COVID-19 behind us, have a good outlook, and we can then start to allocate moneys to new projects if and when they can happen. And in terms of Woluwe, what you also mentioned there.

Remember that we're still, of course, in the phase of obtaining the permit. And of course, that costs some money, but that is more consultants and some legal advice, but really starting building works, that's something which if everything goes very quickly and smoothly and the pre-letting is there is something which I don't envisage to happen before we are in the second half of next year.

So the funding of that project is then, of course, becoming very relevant. But for the moment, we're not committed.

We haven't made any commitment and therefore, no obligations in the area of CapEx, real big CapEx for Woluwe.

Thank you, operator. I can see there is another question which arrived via the webcast.

And I will read out the question. Doesn't the wind-up of the STAK result in an increased risk of hostile takeover?

Well, thank you for that question. It's quite a technical question, but the answer is no.

Because the STAK was never a takeover defense. It had really to do with the fact that -- and this goes back into the history of the company where we still had a double listing in Sydney and Amsterdam and trying to match those 2 STAK markets where you had on the 1 hand, bearer instruments, on the other hand, registered instruments.

So it goes back to 1991 because the STAK really -- everybody who has a depository seat can vote. So STAK is only voting if there are not votes cast on certain depository seat not registered for the meeting.

So in essence, it was a bit of a, let's say, maybe old fashion to structure. And we noted that a lot of investors said, Well, why are you still continuing with this governance structure.

Of course, it's typical Dutch and for foreign investors, difficult to understand. So that's why we decided to propose to change this and shareholders approved it.

So it will go by the 15 of September. But it is not a hostile takeover defense.

So in that respect, there is no change in any risk. Of course, we, as a company, can be taken over, but that's probably the case for any listed company.

So I don't see any increased risk whatsoever. It's a technical exercise really.

And on the 15th of September, everybody will have shares instead of depository receipts. Are there any other questions?

Okay. Well, if there are no other questions, and we don't see any further on the screen either.

Then I would like to thank everybody for attending this call this morning and listening so patiently and also asking a number of very good interesting questions, and I hope we gave some more color on the business of the company and the outlook as well. So thank you all for participating, and we look forward to future sessions with you.

Thank you.