Q3 2020 Covivio SA Corporate Sales Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Florent Laroche-Joubert - ODDO BHF Corporate & Markets, Research Division - Analyst : Thank you for the presentation. So I would have a three questions for you, if I may. So what we can see today is that the sanitary environment is now worse than Q3 than the summer, and we are going to face more restrictions and more uncertainties? And at least until next December 2021. And so I would have three questions on -- due to this context. So first question, so what is your opinion today on the evolution of the investment market on offices due to this context? My second question on hotels would be, how do you see this activity worked in 2021 because we will have maybe more than 12 months that will be very difficult for hotel operators? And my third question would be, do you see any changes in wisest by corporates for the future, which is in terms of offices since we can see it today more home working. So do you see that the new needs, new wishes in terms of -- which is, yes, for that activity?

Question: Florent Laroche-Joubert - ODDO BHF Corporate & Markets, Research Division - Analyst : Okay. That's very clear. Maybe if I can, just a follow-up question on hotels. If we take the assumption that the situation will continue to be significantly affected by the crisis of COVID in the first part of 2021. Can we assume that you are confident to collect rents for this part of 2021, as you collected once in Q2 and Q3 2020?