Emmanuelle Tulliez: Could you begin with a brief presentation of Covivio?

Tugdual Millet: Covivio is a long-term property investor. The Group invests in office, residential and hotel property. As far as the hotel sector is concerned, we currently manage nearly €6.5 billion of assets. We entered this asset class nearly 20 years ago, notably with Accor at the time of the major property outsourcing operations.

It's a story of gradual learning, of a property investor in the hotel industry, which is a relatively special asset class. Over the past 20 years, we've gone through a number of stages that have led us to become a diversified investor. Diversified in terms of countries - we are currently present in a dozen or so - but also in terms of range, from economy to top-of-the-range.

We are lucky enough to work with most of the major European and international brands, such as Accor, B&B HOTELS, InterContinental and NH, Minor. Through our various expansions, we have become increasingly familiar with the dynamics of property investment in the hotel sector.

A key phase in Covivio's history was the decision to move into the operational side of investment 5 years ago. Up until then, we had been very focused on leasing. As a property investor, we liked this asset class with its underlying risk, but we didn't want to take on the operational risk.

You could compare it to driving a nice car without being able to use the options. We realised that we wanted to use these options, so we went to the operational side to try and better understand the drivers of value creation by having a hand in the operational side.

5 years ago, we made two main moves. The first was that we started to buy hotels and portfolios...