Demand for indirect real estate investments picked up again slightly in the second quarter. The yield on the 10-year federal bond has stabilized between 1% and 1.5%, the continuing decrease in vacancies in real estate products and the slight drop in inflation helped investors regain the courage to invest. Many dividends were paid in April. Reinvestments of these distributions led to sometimes strong recoveries on the market. As mentioned earlier here, the relatively high volatility in the market is likely to persist. On the direct transaction market, on the other hand, fewer transactions are concluded because, as expected, it is becoming increasingly difficult to find buyers who are willing to pay the expected prices. This increases the pressure, which can lead to price reductions. “Good” properties, however, still rarely come onto the market. In the first quarter, a slightly negative trend was observed for investment foundations, which is due to some increases in discount rates, which is not yet the case with real estate funds. An essential part of far-sighted risk management is an in-depth examination of the various aspects of sustainability and their impact on cash flows. An investment in sustainability is not about short-term forgoing returns, but rather about securing them in the long term. Since the takeover of Credit Suisse by UBS, there has been no new information about the further course. As with the last major bank merger in 1998, we now expect a merger of various real estate funds. A larger consolidation would do the market good. UBS has had to merge its small products for a long time. Now she gets a good opportunity to do so. Such a consolidation would help the indirect real estate market to grow further. So it will remain exciting for the next few months. In any case, indirect real estate investments in Switzerland will remain attractive from a risk-adjusted perspective.