The Group’s financing strategy is predominantly to hold each property in a separate subsidiary and to finance the property on a non-recourse basis to the other companies in the Group. This means we have 52 loans from 21 banks across Europe, and, as the majority of debt has a duration of 5 to 7 years, we refinance around 20% of it each year. As a consequence, we have been able to lock in low interest rates in recent years, which has brought down our average cost of debt.