We have been active in Continental Europe since 1996 and established our main office in Paris in 1998. Today we also have offices in Madrid and Luxembourg and an operational base in Milan, consistent with our philosophy of using local skills. We focus on retail property in all formats, from town centres to retail warehousing, as well as offices in Spain and France. We are heavily present in shopping centres through our shopping centre arm, Sonae Sierra, of which we have 50% ownership. Sonae Sierra operates in both Continental Europe and Brazil.