The DCF valuation which is highly theoretical at present is naturally very sensitive to the redevelopment calendar.

The nearer we get to redevelopment (our anchorage point is the realisation of the Grand Paris Express project), the DCF automatically benefits.

This metric is liable to be called into question at any time.

The integration of the 2017 accounts amounts to recording the carrying cost of an asset which no longer generates a rental stream ahead of its redevelopment.

Note that the risks associated with the theoretical value of this redevelopment are those of a very long-term calendar.