Okay. Good morning everyone and thank you for joining on the call today with respect to the annual results of 2025 of Vastned.

It will be the first year following the reverse merger which we have been executed last year. We will go through the operational results, we will discuss shortly financial results, our financing position, the impact of what we have done, and a bit on the retail real estate markets, and then give an outlook allowing you to update as well the models for next year and years after.

In terms of operational results, I think first of all here we see our property value on the 31st of December 2025. You still see that our biggest country is the Netherlands at 36.7%, equal to last year, there have been no investments, no divestments happened during the course of the year.

What you still see here is that we have a bigger increase in value. You see that the total portfolio increased with €32 million compared to last year.

It's a combination of both investments that took place, those are sustainability investment, but also the creation of apartments, for example in the Netherlands. The biggest part is also coming from value increases in the portfolio.

Our locations still spread over the different countries, and the occupancy rate remains with 98.6% still high compared to 98.7%, it's a still good, stable, high occupancy rate over the different countries, with 100% in Spain, Belgium 99.1%, also quite stable. In France there was a slight decrease following a bankruptcy of one of the office tenants, and in the Netherlands we see there an increase because some of the stores that have been empty for a longer time have now been filled up and found the correct tenants.

In terms of rental activities, in total we closed 126 contracts. The like-for-like rental growth was 3.2%.

The biggest rental growth was of course coming from Spain where we see 12.6% coming from the Malaga unit, which has been empty in the course of 2024, this was already filled up at the end of 2024, but of course if you compare on a full year, you see a slight decrease. I think most important as well is that we still see a growth compared to ERV, that was what we saw as well in 2024, we still see it in 2025 as well.

The biggest impact and the biggest increase compared to ERV is in the Netherlands, and that is mainly coming from rent renewals where we have higher rent renewals compared to the ERVs that have been determined by the valuation experts. You still see the bit decreasing in Belgium, there the market was quite equal to the ERVs.

In Spain, since we did not have a lot of contracts and we only signed one contract in Spain, additional rent renewal, you don't see a big increase coming in from there. What is important is that from the 126 lease contracts signed, of course a big part is still coming from the residential part, mainly in the Netherlands, because we have still more than 200 units in residential apartments, and those have now been concluded all internally without any broker.

If you look to the value movements, we also compared to 2023 to give you a bit on the trend. In 2023 we saw a decrease of -0.1%, which was still big in France as the investment market in the course of 2024 was still flat and no investments took place.

You started to see that that was increasing in Belgium and in Spain. I think if you compare 2023 compared to 2025, mainly in Spain, you see an increase from 79.5% to 93.7%.

That's mainly due to sharpening of the yields, because in the Spanish market there is limited to no quality real estate available, retail real estate, there is of course a big demand. That's also increasing the value of the properties.

It's mainly a yield decompression which you saw there. In Belgium, you still see that there is a bit €5 million increase.

France, the market starts to recover and there are some transactions that are happening. There we see a bit of a prudent yield compression as well in the French market.

The Netherlands as well, 2.4% increase compared to - almost 1% a year before. There were no divestments took place except for some parking lots in Namur.

Those parking lots have been divested, €600,000, no big divestments. The average yield, and that's then the gross yield of course calculated on the total gross rental income, is 5.8% of our portfolio.

If you look to the net initial yield, we are around 5%, 5.1%. Then there are some redevelopments ongoing.

The biggest redevelopment is of course in Utrecht where we have been working over the last years on Oudegracht where two retail units are being refurbished and apartments have been created, and on the Steenweg where we also have now the retail unit completed and that is now been filled up with Lovisa, an online retailer. In terms of financial results, you see that first of all the EPRA earnings per share increased from €2.18 to €2.22.

We calculated here on the pro forma basis the 2024 numbers. The reason why the 2024 numbers are pro formas are used because of course otherwise Belgium is not relevant, you can't use that information.

In terms of EPRA earnings, you see that there is then an increase of €600,000 between the different years. What happening is first of all on the rental income.

Rental income, you still see that there is a slight decline. The decline is a combination of two opposite effects.

We have had of course the divestment of Droogdokken Plaza over 2024, was an impact together with all the other smaller divestments of €2.5 million, which was on the divestments. Then it been compensated by first the indexation of the rental income, and second the lease renewal at improved terms.

That's, for example, as I mentioned, in France there we have had some renewals at higher terms compared to the previous contracts which we had. Of course there is a part of the effect also coming from a new rental properties in Belgium.

Last year we acquired, 2024 at the end, we acquired two buildings, one in Leuven, one in Namur, and that also brings €400,000 in revenue. The total property result is also mixed a bit with the other rental relate income and expenses that is slightly decreasing.

Why? In 2024 we had an exceptional income following a lawsuit that was already ongoing for more than 10 years in Belgium, so that has been settled.

The money came in in 2024, it was really exceptional last year. All in all, given the divestment, we are proud to say that the total rental income remained quite flat over the year.

If you then look to the property charges, there is an increase of €600,000, but you need to compare this together with the general expenses. We will come back on it later on the synergies that have been realized.

Here, first of all, there is a difference as we reported over the last year as well, on the internal management charges that are relocated from general expenses to property charges. It's according to the BE-REIT schedule where we say that cost linked to people for the asset management, all those costs are reclassified to the property charges.

That's why we consider them together. What is important is that we see a decrease in the maintenance costs of €800,000, and we see also a bigger decrease in the general expenses.

All in all, we have had more than one we have €1.1 million in the general expenses, and there is still some potential for 2026. Why?

Because there are some one-off costs linked to the merger that happened because we needed to structure all the entities, the group, the IT systems. Those are all one-offs which are of course impacting this year general expenses and ensure additional revenue of income for next years.

Portfolio result, there you see the biggest movement, €46.6 million. Why?

Last year we had still a decrease in the value, we saw it on the previous slide, and this year we see an increase in the portfolio value. Financial results, 5.8%, that is mainly driven, if you compare it, was last year also partially driven by the value movements on swaps.

Of course this year the movement on the swaps was only €1 million in the P&L, last year it was around €5 million. The net interest costs are €16.3 million and they decreased with almost €800,000 compared to last year.

What is the main driver for this? Main driver is of course that we have less credit facilities drawn due to the divestments that took place and that have been utilized to decrease the outstanding portion, and then decrease the interest of course.

In terms of taxes, the current income tax is €1.4 million, mainly driven in the Netherlands where we have almost €1.1 million taxes in the Netherlands. You see that that is a bit lower than I think initially forecasted in the models.

This is mainly due to the restructuring in the group which we have been doing, ensuring that the all asset under management fee can be recharged, for example, but also the financing is closed at the level of the group and is then recharged to the different subsidiaries, which is there then deductible costs. There is a big deferred tax expense.

This is something you will see over the next years as well, the deferred tax expenses coming in. Why?

Because of the taxation regime in the Netherlands with the abolishment of the FBI regime, you now come to a situation where you have a fiscal value and you have of course an accounting value of your property, and that will create some deferred taxes. This is something it will be recurring as of now over the next years.

Of course, this does not contribute to the EPRA result, so that is cleared of this deferred tax expense. This brings us to an EPRA NTA, we have an EPRA result of 20 €2.22.

If we compare then the EPRA NTA is €38.85, there is also an increase due to the results of course and due to the fact that we have an increase in the value movements of the property. The EPRA LTV came down from more than 42% to 39.1%, so that is also one of the topics we set forward, that we wanted to go to an EPRA LTV below 40%.

We were almost there at the Q3 numbers, we are now there at the Q4 numbers. The interest cover ratio remains quite okay with 3.3.

If we still look to the key figures per share, you still have the number of shares of course that is remained fixed compared to the pro formas. The number of shares entitled to dividend is also 16.1, 16.2 million, with the net fair value of the shares of €37.26 and a closing price of €31.10, we come to a discount of still 16.5%.

The discount is decreasing a bit, why? Because you see that the share price was increasing from €27.60 to €31.10 at the end of the year.

If you look to the financing position, there have been some movements if you compare it. We have signed in 2025 for €395 million of credit facilities.

In the course of February this year, we still received for €55 million additional credit facilities. Why?

Because you still see in the chart below the Pricoa for 10%. Pricoa was a 10 was a €50 million US private placement that has been repaid in the course of January 2026, and that has now been fully refinanced with the additional portion, €25 million from a Belgian bank and €30 million from a French bank.

We are happy to announce as well that there is now also a French bank in the portfolio coming in, so that of course in our financing structure the structure of our assets is shown as well. In total we have €493 million approximately of withdrawn debts.

There are still undrawn credit facilities of €92.1 million. Of course, you need to take into account that here is still the €50 million from Pricoa in, so that has been repaid in January, you come then to €42.1 million, but you'll have to add the €55 million on top.

That means that we are again at €97 million of credit facilities at this moment. The average term of the credit facilities is 3.6 years.

If we compare it to the half-year numbers, you will see that there is of course an increase in the term. Why?

Because we have had some contracts with extension options. There are some contracts with 3+1 or 3+1+1 term.

Some of the extension options have been used at this moment or have been executed, so that means that we are now at 3.6 years. If we consider the extension options which are still on it, we come to a four-year tenor of all the outstanding credit facilities.

Consider that the €50 million in 2035, that are credit facilities with an undetermined period, there we just take into account that they take for 10 years, but that's an undetermined period. If you see the €50 million which was in 2026, that has been repaid at this moment, but now extended.

In the next presentation we will also include with the €25 million and the €30 million on top, so that you get a new view on the terms going forward. If we look to the hedging contracts, we are still hedged and we have €350 million of active swaps.

We had on the 31st of December still the €50 million Pricoa with a fixed interest rate, if we consider that, we had €400 million which was almost fixed in interest rates. In the course of January, we closed still for €40 million notional amount additional interest rate swaps with an average tenor of 3.5 years.

They are not yet included in this sheet, they will be included as well. We are still going to have an active hedging policy.

For example, if we see that interest rates are coming down, and we see that they are coming down over the last days, then we will take the momentum as well to sign some new interest rate swaps so that we can try to decrease the average interest rates. Because of course, we'll come to the outlook, the average interest rate is going to increase following the situation on the markets.

Today there was still back a decrease, we are going to look for it. Of course, we can do some blend and extend if needed in order to decrease even further the interest rates.

If you have, for example, one at 2.5%, 2.6%, we can try to decrease. If we look to the reverse cross-border legal merger, it's quite a mouthful, but if you look to it, we have said we will do it for objective reasons.

We determined five reasons. Organizational simplification: one listed entity, one management, one simplified governance.

That has been put in place. We now have one board of directors, we have one executive committee, and we have one listed entity, one ticker.

Of course, we are listed still on Euronext Brussels and Euronext Amsterdam, but with the same ticker of course. We have had an optimized debt financing.

That means, as we said, we signed €395 million of credit facilities, we have concluded an additional €55 million over the last weeks. We have had an average interest rate of 3.2% in 2025, and we haven't increased our LTV.

Note that all the financing is concluded on the level of Vastned in Belgium, and that we distribute it then afterwards to the different subsidiaries, and there is all unsecured, there is no structure of secured financing. We have put operational synergies, as mentioned before.

We have achieved €1.1 million in the general expenses, €0.9 million in the property charges, and there are still one-off merger costs for a total amount of €1.1 million. If you consider that, we came to a €2 million synergy realization this year, but there is still a potential of €1.1 million on top.

Note that this is only for the cost structure. We did not take into account any synergies that have been realized with the group restructuring on the fiscal side, so that has not been taken into account in these synergies.

We said we will do it for an increased market capitalization, we have some resumed stock coverage from both ABN, we have it from ING. Degroof is going to update the report as well, it's no longer under review.

I think we are also proud to say we entered in 2025 the Bel Mid index in March, and we received in January the award of the Bel Mid Company of the Year. This was also a nice achievement which we can be proud of after the merger.

Then the last topic was the potential for growth. We are no longer constrained by the suboptimal structure, as we mentioned in the beginning.

We now are going to look for interesting investment opportunities, but we only will do it if they increase both shareholder value, meaning both earnings per share and both dividends per share. That means that we are going to look for interesting investment opportunities which are of course higher yielding, but still on the qualitative side.

We will do it in the four countries where we are active in. It's not that we are going to expand to other countries because we have now in our four countries, we have our structure, we have our people, we know the markets.

That's what we are going to look for. We have been very disciplined over the last year.

We said in the beginning of the year, we will ensure that we realize the synergies and that we focus on the integration of the company. After the integration of the company has now been finalized, we will go back look for additional growth, but on a prudent side, we are looking for the market where new opportunities will come.

If you look to the real estate markets, we kept it quite short, but in the end the retail real estate markets, only two things important. Omnichannel.

It was a word that has been used over the last years, we saw it a lot, but we still see that it's now increasing. Pure online retailers are opening those brick-and-mortar stores.

We see it with the opening of Sophie May, it was on the Heiligeweg in Amsterdam, it was a success. That also attracted then in the other stores in the street the vacancy that was there was also now filled up because you had one of the persons who was really attracting additional people.

We have now Lovisa, also a Dutch online brand which opened in Utrecht. We have Meet Me There, Not Branded, Guts & Gusto, all some online retailers who are starting to open those stores.

What we saw a bit in the past is that you had the local persons, the local stores, those are now being replaced, certainly in the smaller units, by some pure online players, some influencers who are starting to open stores and try to give the experience. Experience is really important in the high streets.

That brings us back to location, location, location. Everybody says it, but it still remains the case.

If you are on the good spots and you have qualitative real estate on the high streets, then the vacancy decreases, and we can show it of course with the 98.6% occupancy rate, which is demonstrating that our model pays off. Of course, we still see that there is an increase in the market, for example the city centers like in Antwerp, the Schuttershofstraat has been refurbished, it become pedestrianized, and then you see that it attracts again to new people.

There was a bit reluctance from the retailers to enter that market, to enter that street, because they say, "Yeah, but the works will come, we will have a decrease in our turnovers." Now the street has been finalized, it's pedestrianized, you still see a lot of people, the footfall is increasing, and all the vacancy in the street is going away.

If you look to the outlook which we have set forward, the interest rates for 2025, sorry, this needed to be 2026, is approximately 3.8%, the interest rates for 2026. I will send the final version of the slides after.

The EPRA result for 2026 also will be decreasing to €2.05 to €2.15. The reason of the decrease is of course the higher financing costs.

We said at this moment 3.2%, we are now going to a 3.8%. This is also explained by the fact that we had the €50 million USPP, which was there in 2025 for a full year at a lower rate because it was a 10-year tenor that loan had, and then on the other side, we still had for €150 million of swaps which expired in September 2025.

Those have been of course changed all at market conditions, but of course that brings us at a higher interest rates. That brings us to the EPRA result, but the impact of the interest rate is due to indexation, due to the completion of some redevelopment projects, partially mitigated.

Of course, we still have a good cost control over the next year, following this additional cost control, we try to increase of course our EPRA result. That brings us to the operational synergies.

As mentioned, we have this potential of €1.1 million, which we keep in mind. Then we will also look for asset rotation.

We said, "Okay, there is first external growth which we are looking for, but that also means that we are going to do some asset rotation." Why asset rotation?

The strategy is really to get everything centralized. That if you look to the portfolio over the different countries, you see that everything is centralized.

Sometimes we have in one of the corners of the country, for example, a stand-alone store. It might be possible that we sell that stand-alone store, for example, to a local party because they know the market better than we do, and then we can recycle the money to do some investments going forward.

We are not forced to sell, I would say, we will only sell at the right price, and we will only sell if it's above book value and that of course the yields are good. We will of course not sell something at 6% and reinvest it at 4%.

We need to ensure that we will not destroy any value so that we keep the value in our books and that we keep the value for our shareholders. That was it with respect to the presentation.

I will now open the question for questions. Yes, Amal, please go ahead.

Yes, thank you Sven for this presentation. A few questions on my side.

First on the organic growth, I saw an acceleration in Q4, and if you could provide us the split between indexation impact and the rest, if there is anything specific that happened in Q4? In

Q4 the indexation we have had of course, the contracts were running, but what we see in Q4 is also some of the redevelopments, and of course some of the vacant stores have been completed. For example, in the Netherlands we have had some impact, for example on the Heiligeweg have been completed or re-let, on Vredenburgplein in Utrecht.

Of course they started to generate some additional money, and that resulted of course in the fact that we had an increase in our rental income in the fourth quarter.

Okay. The

indexation overall is around 1.5%, 2%, it depends on the different countries. That's I think also what we expect for the next years.

We will have our contracts that will be indexed. Note of course that over the last years we had a lot of discussion with tenants, and tenants were asking for example an index cap.

We do not have a lot of contracts with index cap. That is something I can assure you.

If there is for example an index cap, it's for example in the limited contracts where we have it, I can count it on my two hands I would say, but then we have for example said, okay, at 5% we index for full, and above 5% we will cap the index in two, but then we still have, if it's for example 7%, we will still index 6% to the tenant.

Okay. What are your expectations for your portfolio given that you are roughly 30% of the portfolio in France, and French indexation will be close to zero, I guess, for 2026?

Or does it look actually...

In France we calculate at this moment I think it was around 1.3%, the indexation for France, which is now calculated by the statistic office in France at the moment, in the beginning of the year.

Which index are you using for the French asset? ILC or...

We are using the Banque de France. They put it in the beginning of the year at 1.3%, so that's the indexation we put forward.

You don't use the indexes that are calculated by INSEE?

No, we used, for example, there we used Banque de France. In Belgium we use of course the CPIs, also from the government that have been put forward.

Not the... Okay.

Okay. Perhaps a second question on my side on the synergies, the €1.1 million you said are still possible to extract.

Can you give us some, let's say, details on how easy and how straightforward this €1.1 million cost savings will be able to achieve in 2026? Are they subject to some market evolution or changes?

No, they're not really subject to market evolutions. It are really some one-off costs like, for example, all the fiscal advisory we needed to have for the restructuring of the groups, as we created eight new companies in the Netherlands and we shifted all the assets.

We had some fiscal advice with respect to transfer pricing. All those things, at the first year of course on the corporate income taxes which we had.

Considering all those topics, I'm quite confident that they can be realized, knowing as well that, for example, there are also some topics linked to, for example, IT landscape, because we were also on two different platforms. We had a .be tenant, we had a .com tenant.

We needed to ensure that our IT platforms were communicated to each other, and so all those costs were now one-offs. We implemented the consolidation tool, etc.

All those costs are one-off, which will not be there going forward.

A last question on my side on the dividend guidance. You didn't provide a guidance for 2026.

Does it mean that we should just assume the minimum 80% payout as the Belgian REIT status,

or... That's something of course board needs to decide going forward, but I think what we are willing to do is of course that the indexation, inflation is also foreseen in the dividend, because it's not the purpose that we are going to have a fluctuation in the dividend, high low high low.

No, we try to get the dividend at least stable and compensate for the indexation. That's something of course the board needs to decide going forward.

Okay.

I leave the floor for other questions. Thank you, Sven.

Perfect. I think Alex, you were second.

Hi, good morning Sven. A few questions, mostly on the guidance range.

Do you assume any acquisitions or disposals in that range?

In this guidance, no acquisitions, no disposals. We communicated this is flat, business as usual, considering the current portfolio.

That's clear. For the current tax amount, it came in a bit lower in 2025.

What should we expect in 2026?

2026 if you consider the impact that you keep a bit of the money as well in so that you decrease the debt again in 2026, in 2027 then, sorry. In 2027 the guidance will be then a bit more in line with this year.

There is a slight pick-up this year, and then you will get a bit more in line with this year.

On the tax amounts, to be clear, right? Yeah.

On the tax amount, income tax, yes, yes. Sorry, I was also considering on the guidance for

the

results. On the income tax, yes, it remains flat.

It's not that we are expecting a big increase from the €1.1 million in the Netherlands. Maybe it can go to €1.5 million, but it's not that it's going to increase to €2 million, €3 million.

Okay. Then yeah, you mentioned capital rotation.

If you look at KPIs, both EPRA EPS and portfolio growth are in there. Doing the numbers, a share buyback is probably more accretive on EPS, what's your view there?

We already have 3.3 million shares, a share buyback will be very difficult. I think we first need to consider what we do with the existing shares, the 3.3 million.

At this moment, a share buyback is certainly not on the agenda. I think we have still enough shares on the plank.

You could buy them back and just liquidate the shares, right?

That's one of the options of course, to liquidate part of the shares, but that's something to consider.

Okay. Thank you.

Perfect. Steven, you are next.

Hi Sven, thank you for taking my questions. Maybe on acquisitions, you say you're looking at deals.

Could you please help me out what you are looking for in size, location, and yields? Are you maybe also considering portfolio deals?

Maybe help me out with what the investment criteria could be for larger deals.

I think we are looking for higher yielding of course, because we have an average interest rate of 3.8%, so that means doing a deal at 4.5% in high street will not be for us anymore. For example, you had the Meir, which has been sold, on the Meir you have had the H&M in Antwerp that has been sold, it was at the yield of around 4.5%.

Considering that we have a cost of 3.8%, it will not create any value for our shareholders. That's not a deal which we put forward.

I think you see it with the other REITs, they are all communicating yields above 6% and around 7%. I think that's also the yield we are aiming for going forward, because that creates value for shareholders going forward, and that can be EPS and DPS accretive going forward.

Of course, those deals are very difficult, so as you mentioned, portfolio deals, you are rather looking then to a portfolio deal because then you can get some higher yield. It will also be the question on what location, what cities.

For example, in Spain, Spain is doing well, but to be honest, buying in Madrid on the high streets will not be for Vastned at this moment, unless you can do an interesting deal. Know that the yields there are traded at 3.5%, 3.7%, then that's not beneficial for us.

We are going to look, but for example maybe if you look to a city like Bilbao or second, not Madrid, but a second-tier city, you can get bigger yields. It's also the question if you look to the high streets, on what high streets will you remain?

For example, one of the topics there is that you have a brand which attracts people. Nowadays of course Inditex is doing well, if you see in the streets, for example that a new shopping center opens in a city and then Zara decides not to relocate to the shopping center, but stay in the high street and confirms the tenants and opening then a Pull&Bear and Stradivarius, etc., that is then one of the criteria, because then you know that that street, that high street still keeps living.

That are a bit the criteria we put forward, but it will be in the four countries where we are at this moment pressed.

Clear. Then yeah, you mentioned a bit from asset rotation, you won't sell assets let's say above 6.5% yield because you can't reinvest that, is that correct?

If we found something else to acquire at 6.5%, for example in the Kalverstraat, then of course that's a no-brainer, then we will recycle because there is more potential for that building afterwards to increase in value if we for example sell the Roosendaal. That's a bit the question.

It needs to be at a good value, and of course if we sell something, it should be sold certainly above book value, because we will not sell below book value. Considering the amounts, it's not that we consider here €100 million divestment.

Asset rotations around €20 million, €30 million, something like that. For example, in Belgium you have some scattered stand-alone stores out of town in the Walloon Region, maybe that might be something that can be disposed at the correct price, but only at that time.

Clear. Thank you.

Perfect. Thank you.

Don't know, any other questions? Michiel?

Yes, maybe just one question for delving into the acquisitions. In Belgium we have this Hibert portfolio potentially on the market, which is more like a distressed or a forced sale.

Do you see any interesting opportunities in there, and also do you see more distressed sales, or do you expect to see more of them where you can potentially acquire at higher or more interesting yields, also potentially portfolios on the market?

I think first of all to come on the question of the Hibert portfolio, I think of course the guy has some interesting assets, of course something that might be interesting, but considering the total portfolio it's too big for Vastned of course. We talk about more than €300 million on his Belgium portfolio.

Of course we look to interesting opportunities if they arise first of all, but you have to consider that part of that assets are also not that qualitative. It's not all located on Boulevard de Waterloo or Avenue Louise.

It's also for example Chaussée de Waterloo, those are less qualitative assets with a lot of vacancy, those are of course not interesting for a company like Vastned. I think if you, the second question was mainly on the...

If there would be further distressed portfolios on the market.

Distressed, I would expect some distressed portfolio still to come on the market. Why?

Everybody said first in 2023 when it was increasing, survive 2024, now they also say survive 2025. You see in our side, a lot of the interests, a lot of loans need to be refinanced, banks are a bit more prudent on the refinancing, and of course we decreased our LTV, that also allowed us to ensure that with the decreased LTV we got the refinancing at good market conditions from the different banks who stepped into it.

I think if a lot of, and then I talk about private individuals, sometimes have LTVs above 60%, 70%, in those cases, I think banks will rather go to a distressed sales scenario, and that might be an interesting opportunity then to acquire for example at the 6.5%, 7% yield which we put forward.

Great. That's very clear.

Thank you.

Yes. Geert, I think you are next.

Thank you Sven. About acquisitions or let's say in general redevelopments, we see that you're doing the Utrecht apartments, then in Brussels you have this project in Namur.

Do you have in fact a kind of in-house redevelopment team, because I think yeah, if you want to create value, a little bit unlike QRF, going for a more well difficult situation, not just buy and hold and sit on it, but yeah, doing some work on the redevelopment. Can you say something on that, because I think with all you're saying, that's the only solution to create some added value at decent yields in fact.

We don't have an own development team in-house because we are of course the REIT, not the developer, we don't have the full development team in-house. We are looking to of course interesting opportunities, and at this moment it are less complex contracts, less complex redevelopments which we do.

For example, an empty floor where we redevelop for example some housing on top of the floor. It's not that we will, for example, demolish a full building, only keep facade and then fully redevelopment.

I think that's also something, it's a different métier, it's not yet our cup of tea, considering that, that is for sure not what we are aiming for, and of course because it's a specialized knowledge, certainly nowadays with all the permits and the EPC and sustainability requirements, then we will of course, if we have a project like that, we will calculate that in our models and ensure that we have the necessary expertise which we outsource and attract.

All right. Thank you.

Perfect. Don't know, any other questions?

Okay. Then I would like to thank everybody for the call and the questions raised.

If there's still anything else after this call, don't hesitate to contact me. You can always give me a call or drop me an email.

Thank you, Sven. Have a nice day.

Bye.

Thank you very much. Bye.

Thanks,

bye.

Bye-bye.