In FY17, Icade’s attributable net profit posted an increase of 193.9% yoy, to €170.3m. The portfolio value reached €10.8bn, up by 11.1% yoy, reflecting the positive impacts of acquisitions, development projects and higher occupancy rates. The year was characterised by strong leasing activity which was mainly backed by the acquisition of ANF Immobilier. The figures were above our estimates and translated a positive year for Icade. Thus, we will upgrade our model.