Now, I will hand across to the COO and Head of Investor Relations of the Manager of the Cromwell European REIT, Elena. Elena, over to you.
Thank you, Kiara. Turning to slide three. Good morning and good afternoon, everyone. I will be standing in for Simon today as he's currently away in Europe. Together with the board, they have been visiting our assets and spending time with our teams on the ground and with our agents to get a first-hand view of the sentiments and state of the market. Most of us, most of you already on the call know us probably, but as a way of quick introduction, CEREIT has a portfolio of EUR 2.3 billion of European commercial real estate, managed by more than 200 experienced Cromwell team members on the ground in the 10 countries where we have invested. Turning to slide four, provides a snapshot of the three-tier business update.
I won't spend much time on it, as Shane will talk in more details later on about the financial results and the real estate performance, but I would like to highlight a few key numbers for the quarter. First, third quarter's indicative DPU of EUR 0.04 was 3% higher sequentially. Second, asset management continued to perform well, with occupancy remaining above 95% of the portfolio, and rent reversion was a strong 10%-10.6% in 3Q. Third, capital management continued to be a major focus, and you will hear more details later on on how we brought down the pro forma net gearing down to 37.4%. And fourth, Fitch reaffirmed CEREIT's investment grade rating with stable outlook in October 2023.
Turning to slide five, CEREIT's resilience of income is underpinned by our strong tenant roster, with 836, mostly government, MNCs and large boutique tenants across more than 1,000 leases. So there's plenty of diversification and high-grade quality. Our top 10 tenant customers now account for only 24% of the portfolio's total headline rent, while not one tenant industry segment accounts for more than 16% of the portfolio. Following the divestment of Bari Europa on the 6th of October, the exposure to the Italian government has now reduced to only 4%. As a reminder, that's down from close to 20% at IPO. On slide six, we demonstrate here that we continue to execute our investment strategy.
As I mentioned, 6th October was an especially important date as we completed the divestment of Bari Europa, well above valuation, providing proceeds of EUR 94 million, which will be used to repay debt and reduce headline gearing. Our pivot to logistics and light industrial continued, and with CEREIT portfolio now weighted to a majority, 51% to this sector. Since announcing our divestment program in 2022, we've sold 7 assets in Germany, Finland, France and Italy for a total of approximately EUR 229 million at a blended 13.7% premium to the most recent valuations. In the last few months, we completed the sales, two sales totaling EUR 190 million at a blended 12.5% premium to the most recent valuations.
Globally, as you will see later on, transaction volumes have significantly reduced in the last 6 months, especially when it comes to office. So it's certainly taking longer for buyers to secure finance, with less pressure on domestic buyers to close on deals quickly. We feel that our local teams will continue to deliver on our targeted European divestment sales program scheduled over the next two years. Going to slide seven. On the sustainability front, I'm to highlight again that CEREIT achieved a four-star rating, which is up from three a year ago, and a record high score of 85 points in the most recent 2023 GRESB real estate assessment. GRESB is the global standard for ESG benchmarking and reporting for listed and unlisted real estate.
CEREIT's 85-point score is well above the European average score of MSCI, and we are also first in our mixed-use office and industrial peer comparison group. Investors today increasingly seek detailed environmental data, tangible performance commentary, and comprehensive quantitative ESG disclosures. GRESB's four-star score is also supported by CEREIT's current MSCI ESG AA rating, which is another important rating criteria for investors, and by the 2023 Sustainability Best Practices Recommendations Gold Award, according to CEREIT, by the European Public Real Estate Association or EPRA. Moving to slide eight. So why does this matter to you? Because we have now completed more than EUR 580 million in sustainability-linked loan facilities, and we are tracking ahead of our three KPIs as per what you see on this chart.
This year's results also include an investment of close to EUR 400,000 in a portfolio-wide energy audit and adoption of Deepki, which will, to a great extent, automate later on our reporting. We continue to improve our data collection and analysis to inform our longer-term strategy, waste and water consumption, and emissions reductions plan on which we expect to share more in the coming year. And now I hand over to Shane to discuss the financial and real estate performance.
Thanks, Elena, and good morning. Starting with the third quarter financial results summary. The third quarter net property income was just over EUR 32 million, which was 7.6% lower than the last quarter, mainly due to a number of one-off items, such as lower income due to the sale of Piazza Affari, 2 in Milan, which occurred in June. Higher expenses, which included a one-off provision for rental adjustment claims made by the Italian government for some of the assets in Italy. And higher service charge expenses and non-recoverable expenses, of which a portion of these has been received through service charge income. If we look at the result on a like-for-like basis, assuming we normalize the Italian government provision, the third quarter NPI was only 2% lower than the previous quarter.
Although total finance costs were a little higher quarter on quarter, the net interest costs, which excludes amortized establishment costs, were 8.8% lower than the previous quarter, as the amount of debt fixed and hedged remained at 91% on lower debt due to the proceeds from the sale of Piazza Affari. The third quarter indicative DPU of EUR 0.04005 per unit was 3% higher, as Elena mentioned, and this is mainly due to a lower tax expense due to the release of a tax accrual previously made in the Netherlands, which is now no longer required, and this is partially offset by lower NPI. Turning now to the year-to-date figures. The net property income was 1.1% lower due to a number of reasons.
We had divestments, we had vacancy at Maxima in Rome due to the strip out works being undertaken currently, and a lower contribution from the one-off Italian government rate reduction that I spoke about. On a like-for-like basis, the year-to-date NPI was 2.1% higher than the prior corresponding period, adjusting for acquisitions, divestments in both, Nervesa 21 in Milan, under development, and Maxima in Rome, under strip out. Finance costs were 52% higher due to the higher all-in interest rate, which averaged 2.58% over the quarter, compared to 1.73% in the prior corresponding period, resulting in, a higher three-month Euribor, higher margins from new loans, and higher borrowings drawn down over the year.
Although headline indicative DPU was 9% lower, if we look at it on a like-for-like basis, the indicative DPU is only 4% below the corresponding period. On the next slide, we see the year-to-date indicative DPU alongside the five-year track record. CEREIT has recorded relatively stable distributions as the like-for-like numbers in the dark blue boxes show. This should be seen positively in the context of COVID, rising interest rates, valuation declines, and high inflation. Most of the decline in the headline DPU was due to the turning off of the payment of asset management fees in units. Removing this capital top up protects future unitholder value with DPU more in line with Funds From Operations. We have been very busy on our liquidity and extension of debt facilities.
During the third quarter, we signed EUR 336 million of new sustainability-linked debt facilities with good support from existing and new lenders. And CEREIT now has no debt expiring until November 2025. We have recently received credit committee approval from an existing lender for a further EUR 35 million under the accordion option to increase our working capital facility up to EUR 200 million, and this will be used to help fund AEIs and other capital management initiatives. Although we are 91% hedged and fixed, interest expenses nonetheless increased due to the much higher three-month Euribor and the higher bank margins, which I spoke about, around 50-70 basis points higher on average than previous facilities. So we have been actively managing our interest rate risk with the hedged and fixed rate debt, sheltering investors from the shock of immediate rate increases.
If you look at this chart, you can see, CEREIT's all-in interest rate was at about 3% at the end of the quarter, about 120 basis points higher than it was in June 2022. Whereas as you can see, the three-month Euribor is 415 basis points higher over the same period. The 91% hedged and fixed has an average of two years to run. On the next slide, while CEREIT's aggregate leverage ratio was 41.2% at the 30th of September, this will reduce in November following the Bari Europa sales proceeds being used to partially repay the RCF. So on a pro forma basis, the net gearing is only 37.4%, taking into account the cash received.
The current leverage is well inside the loan covenants and MAS limits of 50%, while we continue to operate inside the board policy long-term range of 35%-40%. We do expect further decline in asset valuations, which is one of the drivers to our switch last year to the staggered asset sale program to stay ahead of the down cycle and protect CEREIT's balance sheet. We continue to remain very focused on our liquidity, and we would defer speculative developments and non-essential CapEx if we need to. We remain committed to maintaining CEREIT's investment grade rating of BBB-, with stable outlook, which, as Elena mentioned, was reaffirmed by Fitch in October. Turning now to the real estate slides.
Portfolio occupancy was maintained at 95.2% at the end of the third quarter, with occupancy of core countries such as Netherlands, Italy, and Germany, well above 95%. This has been underpinned by over 200,000 square meters of leases being completed so far in the year to date. CEREIT's Dutch portfolio occupancy increased by almost 2% due to a new 10-year lease in Haagse Poort to Aramco, which started in August 2023, and that's over 6,600 square meters. The occupancy drop in France of 1.8% is mainly due to the expiry of the Atlantic Media lease of 5,200 square meters, and this expired in August in Gennevilliers, in France, for which we have already secured new tenants on most of the space and at higher rates.
We have already the positive 10 position in the third quarter. Year to date, the portfolio reversion, rent reversion, is 7.4% positive, with statistics showing some moderation growth. The smaller sample size of leases were completed and as economic growth slows. In the third quarter, overall portfolio tenant retention was slightly lower at 54.2%, taking the year-to-date retention to 66.9%. The WALE, Weighted Average Lease Expiry, for the overall portfolio improved to 5.6 years from 4.4 years, helped by recent leasing activity in Haagse Poort in The Hague. This slide shows the whole European market leasing take up between office and logistics. As you can see, European leasing volumes were generally lower this year, with tenants being selective on energy efficient, modern and well-located.
For the office sector, take-up is still robust in Grade A buildings, but it's still below the long-term average due to the soft economic conditions, with some larger employers looking to reduce their footprint. Occupier demand for logistics space has decreased slightly from the levels seen in 2021 and 2022 as the post-COVID surge has moderated to a more normal level. However, annual take-up is still around 10% above the average recorded over the period from 2014 to 2019, reflecting the ongoing structural tailwinds. E-commerce take-up has softened in line with retail sales and focus on consolidation after such a flurry of activity, but the broader reconfiguration of global supply chains continues to drive demand for logistics space, with limited new space available. Now, turning back to CEREIT's portfolio and specifically the performance of our light industrial logistics portfolio.
So consistent with the broader market, occupancy was slightly down to 97.1%, despite 64,000 square meters of leasing being done in the year to date. The Dutch occupancy dropped by 3.6% due to two leases expiring in the property named Kapoeasweg, where negotiations are underway at present and occupancy rate should increase very soon. As I mentioned earlier, the occupancy drop in France of 2.3% is mainly due to the lease expiring in Gennevilliers, which we expect to be back to 100% within the next few weeks. Turning to CEREIT's light industrial logistics sector, rent reversion was 5% in the year to date. For the third quarter only, rent reversion reported was only 2.7%, as one key German tenant prolonged its five-year option at the same rent.
25 new and renewed leases were signed in the third quarter, compared to 21 in the third quarter last year. A new nine-year lease in France, in Parc du Landy, was signed at a 34% rent reversion, displaying that income in this sector is continuing to grow while maintaining a high occupancy. The sector WALE is improved to 5.1 years from 4.9 previously. The charts here show the European market data for the logistics sector. The top left chart shows the high quarterly take-up of logistics space during the last few years. Although the six-month rolling trend shows a slight decline, logistics occupier take-up in CEREIT's operational countries actually rose between Q2 and Q3 due to growth in Germany, France, and the U.K.
The green line shows that the overall European logistics vacancy sits at a still very low 2.6%, although increasing by 30 basis points sequentially, similar to our own portfolio vacancy. While takeup has slowed down marginally in the last quarter, with few empty sheds available to be leased and reduced supply underway, rents continue to grow, with the latest rolling six-month rent growth reported at 2.4%, as shown in the bottom left chart. Now, this page, the next page just shows an example of some of the leases that have been signed during the quarter in our logistics sector. The interesting point to note here is that all of the rent reversions are at least double digits, so very impressive result for the quarter. Now turning to the office portfolio.
It's actually pleasing to note that the overall office occupancy has increased 100 basis points over the quarter, to 89.1% at the end of September. This increase is coming mainly from Grade A Dutch portfolio, driven by the Aramco lease that I spoke about. We also recently secured a new 10,000 square meter lease in Haagse Poort to a global asset manager at a 37% rent reversion, with the lease commencing in 2025 at the expiry of the current tenant's lease. We are in advanced discussions with our anchor tenant, Nationale-Nederlanden , for a long-term lease from 2025 onwards, which will see an exciting partnership with them for a major energy efficiency upgrade.
Occupancy, however, fell slightly in Italy, Poland, and Finland, in line with the softer peripheral location and older building age, while our BREEAM-rated French office asset, Cap Mermoz, is attracting good leasing momentum. The three out of our six Polish assets are in various stages of sale to local developers, so occupancy levels are not quite as critical given the pending conversion projects. The year-to-date leasing activity in CEREIT's office sector accounted for 77,000 square meters, made up of 27 new leases and renewals in the quarter. It was a positive rent reversion recorded of 19.9%, driven primarily by the demand for the Grade A offices. The tenant customer retention rate for office was at 64% for the third quarter, and the WALE improved from 3.6 years to four .
Market data for the office sector in CEREIT's key cities show that takeup rose from Q2 to Q3, but vacancy was up due to the impact of occupiers recalibrating their requirements to take lesser but better quality space. This explains the overall market vacancy remaining at 8.8%, same as a quarter ago, versus the 30% fall in Grade A vacancy. Most occupiers are focused only on the best quality space, which is undersupplied, so polarization between prime and secondary is accelerating. We see this impact in higher levels of pre-commitments to new developments and rental growth for prime locations. On the next slide, I would just like to highlight one important statistic, and that is that 73% of CEREIT's office portfolio is BREEAM or LEED certified, versus 20% for all of the office stock across Europe.
This puts us at a significant competitive advantage as occupiers are focused on similar footprints for best-in-class space. This slide just shows some of the office leases signed in the quarter. All but one have had positive rent reversion, with the larger one, as I mentioned, in Haagse Poort, at 37% rent reversion. Lastly, for me, on our committed developments, they're progressing well. The EUR 32 million, 10,000 sq m Nervesa 21 LEED Platinum office redevelopment in Milan, is now 70% pre-let, four months ahead of the planned completion. The incoming tenants include blue-chip media company, Universal Music Group, and two other significant communications and tech tenants.
The three new logistics developments and redevelopments in the Czech Republic and Slovakia, so Nové Sady 1 Industrial Park and Nové Mesto 1 Industrial Park 1 and 3 in Slovakia, are largely completed with close to 50%-60% pre-let, with ongoing tenant discussions for the remainder of the space. At present, we are adopting a cautious approach to commencement of new developments without a higher level of pre-commitment, until the board is more confident in the timing of the cyclical recovery and the improvement in CEREIT's cost of capital. I'll now turn back to Elena to cover the macro context and outlook.
Thanks, Shane. Moving to slide 31. As you can see on this chart, inflation in Eurozone has fallen markedly this year, and further imminent falls are likely as the spikes in energy prices last autumn and winter drop out. However, the underlying inflationary drivers, like the food prices and energy prices, may moderate sizable further falls. Europe remains exposed to energy price fluctuations, especially oil, given the new Hamas-Israel conflict and gas prices, as Europe still needs to access global markets despite high domestic gas storage levels. Moving to slide 32, economic growth was better than expected in the first half of the year, as improved global supply chains boosted industrial output and tourism surged, especially in Southern Europe, while employment levels have generally held up post-COVID.
Economies in some countries with higher export industries, like, such as Germany and the Czech Republic, are experiencing a softer 2Q, which is expected to carry into another soft 2024. Better performance is expected in France and Denmark, with government fiscal support. In Denmark, the rise of pharma success will continue to drive above average growth. Slide 33. This slide illustrates weaker European transaction volumes, of which we talked about earlier on. As you can see, Q3 volumes are lowest since 2010, while year-to-date volumes are down 54%. Cross-border and foreign investors are waiting for lower pricing before stepping back into the markets, leaving mainly local buyers. Europe has attracted a smaller share of global cross-border capital than ever.
While cap rates are generally rising up to 100-150 basis points, the expectation is core markets and prime assets have not repriced sufficiently yet relative to financing costs to attract core investors. While vendors' price expectations do not meet the pricing requirements for more opportunistic and value-add buyers with higher IRR strategies. Our last but one slide, on slide 34. So having heard this presentation and the statistics so far, what has been driving the structural shift, and which structural shift, shifts have been driving our strategy and influencing CEREIT's performance? In summary, I would like to touch on three. First, the growing demand for logistics space. The pandemic has accelerated the growth of e-commerce, with consumer habits changing for good. Second, flight to quality in the office space.
As you've seen in some of the statistics that we shared earlier on, the shift to hybrid working arrangement mean people are more discerning in their working environment. They need a good reason to go to the office, and thus companies are now driven to provide office space that has modern amenities as well as sustainability features. Third, higher interest rates for longer than previously expected. The increase in interest rates have been unprecedented in its pace, and now people are settling into realization that instead of going down, interest rates might need to stay elevated for longer periods due to many structural changes in the global economy. In conclusion, CEREIT has now achieved a majority of 51% weighting to logistics and industrial.
3Q indicative DPU is up 3%, portfolio occupancy is strong at 95.2%, and the quarter also saw a positive 10.6% rent reversion. Pro forma net gearing is 37.4%, down 110 basis points since December last year. We believe that most of the interest rate increases are behind us. However, we remain vigilant and continue to identify opportunities to offset related financial and valuation risks brought about by tighter credit conditions and softening Eurozone economy, which is now expected to grow only 0.5% in 2023. Globally, transaction volumes have reduced substantially, while real estate values continue to decline as a result.
Our top three priorities for the rest of the year and coming into 2024 include: first, continuing to focus on active asset management of the existing portfolio to maintain high occupancy and drive positive rent reversion. Second, focus on proactive capital management to minimize the impact of higher interest rates on distributable income, and a focus on liquidity by preserving cash and maintaining sufficient committed undrawn debt facility. And third, judicious use of the investment proceeds towards partial debt prepayment, unit and/or buyback, buybacks, and funding of selected accretive assets under enhancement initiatives and developments. Thank you for your investment, and we can now open to Q&A.
Thank you, Elena and Shane. We will now begin the Q&A session. As a reminder to the audience, if you'd like to ask a question, please select the Raise Hand button to be placed in the virtual queue. For those who have dialed in, you can select star nine to raise your hand and star six to mute or unmute. If you prefer to ask a typed question, please submit these via the Q&A feature. Both of these options can be found at the bottom of your Zoom interface. As a reminder to the audience, we'll begin with a limit of one question per person, with one follow-up question. I will start with a question from Arthur Chow: Can you please explain why you are not buying back bonds? At current bond price, the return is much higher than the AEI, please.
... Yes, thanks, Arthur. It's a very good question. I think, you asked the question quite early, and, hopefully, Elena sort of summarized our position on the, on the last slide. If we can just turn to slide 35. Because we have mentioned there, one of our key priorities is divestment and, asset recycling. And we've stated there that we will use the proceeds judiciously for a number of different, you know, potential capital management initiatives. But, you know, I think it's fair to say that we don't want to, let the market run by stating that we're going to buy back either units or bonds. So, you know, it's just something that we have to-- as consideration for applying the proceeds from our divestments.
However, the main focus is on the gearing and the level of gearing. So, you know, for example, a unit buyback is negative to gearing, as opposed to a bond buyback, which is positive to gearing. Because using proceeds from asset sales will help to reduce the gearing if we were to conduct a bond buyback, as opposed to a unit buyback, where there would be an impact on the gearing. It would move the gearing higher. So hopefully, I've answered the third question that was also there as well about the unit buyback.
Thank you. We've got another question from Arthur: For your asset sales so far, do not seem to have offered any vendor financing. Is this something you are considering in order to maximize value and get deals done?
Yeah. So Arthur, another very good question, and I think just, in terms of vendor financing for a REIT, it's actually a bit difficult because a REIT cannot really be a lender. So, in any type of potential deal, we do have to take that into account. So we, we can, we can potentially structure, you know, some type of vendor financing, but we can't be seen to be earning, interest income as a REIT. So there are some restrictions for REITs in that regard, but it's definitely something that is under consideration as a possible structure. Because, you know, we do understand that some smaller investors who are interested in properties around the EUR 10 million-EUR 20 million mark, you know, are finding difficulty to get bank financing. So, you know, definitely for us, there is an interest to help, vendors, if possible.
Next up, we've got a question from David Fu: Can you please explain your current cash situation at the moment?
Yeah. So currently, at the moment, we have. Well, as at the third of, for the third quarter business update, we don't actually disclose the balance sheet. However, I'm happy to give some numbers, and in particular, because on the sixth of October, so after the third of September, we completed the sale of Bari Europa, and that was completed at a price of EUR 94 million. So we currently have that EUR 94 million in the bank account. We will be proceeding to repay debt with that, when we have the money upstreamed from Italy. And then, it's probably fair to say that the remaining cash balance, if you put that aside, is similar to what we had on third of June, around about EUR 60 million. So the cash position is quite solid.
Now, obviously, you know, we continue to focus on the level of cash and the level of gearing that we have. And I think that probably leads us nicely into the next question, which is about valuation decline. And really we cannot answer that question, and we can't give a forward-looking statement about valuation declines. But, you know, I guess all we can say is that interest rates are still high, so there's no particular catalyst for valuations to go up until we really see the interest rates start to decline. And, you know, as we see on slide 34, if we go back one, please.
On slide 34, you can see, obviously inflation has been very high, but has retraced a little bit lately, and so maybe that's a good sign for interest rates. That, you know, if inflation is seen to be dropping, on a longer-term basis, then that will be good for interest rates as well, and then hopefully also for valuations as well.
If I can just add here that from what you've seen from us the last year, we've managed the portfolio very actively, and we've maintained occupancy quite high. So we are doing everything that is within our control to minimize the impact on valuations. But what we cannot control is the cap rates, because these are things that are, to a large extent, dependent on what's happening in the market. Yep.
Just as a reminder to the audience, if you did want to ask a verbal question, please go ahead and use the Raise Hand feature. It can be found at the bottom of your Zoom screen. We do have a question from David: Would you, What would the FY DPU impact if the interest rates were to rise 100 BPS?
Yeah. So I guess the point here is that currently we have 91% of our debt fixed and hedged. So the impact on DPU is not significant. Okay, we haven't disclosed. In this third quarter business update, we haven't disclosed a DPU impact sensitivity on interest rates, but all I can say is based on the current debt, the impact is minimal.
Next up-
The next question. I guess the next question is related in relation to interest rates in the Eurozone. So, yeah, as we saw on the previous, the next slide, is it?
Yeah.
Yeah. The next one.
One.
Yeah, please.
One more.
Yeah. So you can see the blue line is the three-month Euribor. And as you'll, you will all be aware, that used to be negative, as early as, as just over a year ago really. It's like June 2022, the three-month Euribor was sort of -40 basis points. And now that, is, you know, as at September, that is close to 4%. The good news is that it has stopped. It's, it's stabilized at around 3.9%-4%. And, if we look at the longer curve, like the five-year in, in, in Europe, the, five-year rates have come off a little bit. So hopefully that's an expectation that in the longer term, the interest rates are gonna come down a little bit.
We do have a question from Raymond: What would be the long-term portfolio ratio, office and logistics?
Yeah. So we've continued the focus to pivot to logistics. And so currently that has just become the majority of just over 50%. And I think probably on a longer-term basis, we will see that around 60% or more.
Okay.
Maybe just moving on to Michael's next question, which is the cap rate of our properties. So, I think currently the average, if we call it the NPI income yield, let's call it that so there's no confusion, is around 6% currently.
Thanks, Shane. We do have another question from Michael. Will you be divesting more properties in the near future?
Yes. Yes, indeed, Michael. So we have been talking about a total of EUR 400 million of asset sales that we would think would be sort of non-core assets that we'll be divesting. And we've already completed EUR 200 million of those this year. So expectation is in the next year or two, there'll be another EUR 200 million of asset sales.
A further question from Michael: What percentage of valuation drop can you withstand before the MAS gearing limit is reached, is breached? Sorry.
Yeah, and then that question is quite easy to answer. If you just take the third of June balance sheet, you can calculate it, but it's a significant number. It's a significant number in terms of euros. You were asking the percentage, but yeah, I just haven't got the number right in front of me now, but it is i n euros, it is a significant number.
I'll just remind the audience, if you did want to ask a verbal question, please go ahead and use the Raise Hand feature at the bottom of your Zoom screen. Alternatively, you can submit further text questions using the Q&A box. But if there are no further questions, I'll hand it back to Shane and Elena for closing remarks.
Thanks, Kiara. Since Shane did most of the talking, I will, I'll take over. Just as a summary, some to leave you with some key highlights. We have now achieved majority 51% weighting to logistics and industrial. Indicative 3Q DPU is up 3%. Portfolio occupancy is 95.2%. We saw a positive 10.6% rent reversion over the quarter, and net pro forma gearing is down to 37.4%. So if you have any further questions, please feel free to reach out to myself. You know where to find us. We are quite easy to locate, and our contacts and emails are on the website. We remain open for questions, post this call, and we take meetings. Thank you.
Thank you.