Pricing remained competitive in all of Grosvenor Europe’s markets in 2019. Despite these challenges, we grew our income producing office portfolio in both Paris and Madrid and are examining the potential to enhance the sustainability credentials of these assets, with the aim of achieving our first net zero carbon building in 2020. Financially, we delivered a revenue loss of £(0.9)m (2018: £11.6m profit) which we expect to improve when the full benefit of our office acquisitions in Paris and Madrid, made towards the end of this year, will be realised. Total return of (0.8)% (2018: 3.3%) reflected revaluation losses in relation to our retail assets, which were impacted by market sentiment. In Madrid, we completed our first residential development scheme, Jorge Juan 53, while off-plan sales progressed well across the rest of the portfolio. In Sweden we are repositioning several assets by repurposing underused retail space into leisure, service and community uses, including introducing healthcare, education and fitness facilities. Meanwhile in Paris we invested in an eight-storey 1,800 sq m redevelopment project and a 3,300 sq mixed-use property in the Pantin neighbourhood, a booming area popular with businesses due to various urban regeneration projects.