In the course of the past three months we have concluded a great number of leases, which have kept the occupancy rate at a high level. Additionally we realised an average rent increase on the premium city high street shops of 15% on these leases. As a result of the increasing demand for high street shops in well-known shopping streets by retailers rents are rising. For example, on the acquisition at the end of 2014 of Steenweg 28 in Utrecht we realised a 35% rent increase on the lease we concluded with Timberland. Additionally, we succeeded in agreeing on many leases on less popular retail locations, in spite of the rising polarisation in the retail landscape and a number of bankruptcies of major retailers like Miss Etam and Van Dalen.

The quality of the portfolio was enhanced further by various acquisitions. Acquisitions like those of premium high street shops in Antwerp and Paris with leading tenants like 7 For All Mankind, Adidas and Suite.341 contribute visibly to the quality and growth of the premium city portfolio. These are retail destinations in historic city districts with a limited supply for and strong demand from retailers. Accordingly, we are positive about further rent and value developments of high street shops in these popular shopping streets. We will continue to roll out our strategy focusing on growth in the clusters of European premium cities pragmatically and step by step. For the 2015 direct result, we expect to realise at least the upper limit of the previously announced range of €2.40 - €2.50 per share.