PSP Swiss Property AG

Ladies and gentlemen, welcome to the PSP Swiss Property Q3 Results 2021 conference call. I'm Andre, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Mr. Giacomo Valzarini, CEO of PSP Swiss Property. Please go ahead, sir.

Good morning to everybody and welcome to this conference call on our Q3 results. As always, I really do a very short introduction on a high level and then I would like to give back to you for a Q&A. As mentioned last time, we are all back in the office since June. We are at the moment confronted with a quite stable rental market in the CBD of Zurich and Geneva. Geneva even better than originally expected, but I would say solid rent fundamentals both in CBD Zurich and Geneva. A bit weaker CBD market in Basel, which was already highlighted in the half year. and I would say stable markets in Bern and in Lausanne. On the other side, we are confronted with a very strong transactional market, particularly in CBD areas, but also on periphery assets, well-lit assets. We have sold on our end at very strong premiums, so the transactional evidence for potential further slight decompression is on the table. We have, based on our results and on our view on Q4, slightly improved our guidance on the EBITDA and slightly reduced our vacancy guidance for the year-end. All in all, I would say after a difficult period of 18 months of COVID, a solid result of PSP and the good visibility for good full year results of the company. With that, I would like to immediately hand back to you that we can start the Q&A.

We will now begin the question and answer session.