Last year was a big year for you, as you established yourselves on the UK market. What were the top highlights of 2018 for your company? _x000D_ Entering the UK market was absolutely a main event for us in 2018. We came in with a bang, and aggressively invested over GBP 600m in developments around the UK. We were everywhere, from London, to the Midlands, to wherever we had a chance to invest. For us this is a very successful story of aggressive expansion. On other markets I can say we kept our form. We expanded in Poland, Czechia and Germany, opening new outlets, and also attracting new talent to our company. Our German operations have shown that we need to start looking into opening a fifth office. _x000D_ _x000D_ What are your goals for 2019, what do you aim at developing? _x000D_ Obviously, our second year in the UK is going to be an interesting one for us. We are planning further expansion in light of Brexit, which is still leaving everyone in unclear waters. Nevertheless, our main focus will be on Germany and our operations on that market. In CEE, we are pretty well-established as a market leader, where we open new product lines. Each year we go deeper into those markets. In Germany, the market is more fragmented, with the country divided into regions, each of which has its own local leader. This means we have to have different offices and adjust to each region separately. This is what we are currently working on. _x000D_ _x000D_ You mentioned that you're well-established in CEE, but there do seem to be some new developments that are coming your way. Take for instance the Polish Central Hub Airport outside Warsaw, or the fact that Budapest airport is expanding its cargo terminals._x000D_ Of course, we try to locate our projects around these types of infrastructure. We're keeping the Polish Central Hub under observation, but remember that timing is very important, and this isn't even an established project. We are very quick at buying and building, as we are very effective in this process. We will adjust in time, but at the moment it's not of great importance to us. We will switch on in a later phase. As for Hungary, it's an interesting market, and a good one for business, but at the moment we are looking to expand elsewhere in Western Europe. So far, we are present in Germany and the UK, but we have no presence, for example, in France._x000D_ _x000D_ Does this mean that Panattoni is planning on opening offices in Paris? What about expansion in other countries? _x000D_ Well of course! Where else in France? We still have to decide our market entrance strategy, meaning whether we grow organically, by recruiting top specialists and slowly building up our presence, or whether we takeover one of the existing companies. All options are on the table in terms of how we do this. France is a large consumer market, and we are missing it in our portfolio. In terms of other countries, it's not that we don't intend to enter them, but rather that our plan is to go into just one market at a time. This means that even if say Hungary has interesting options, our focus is on France, so this is the direction we are going._x000D_ _x000D_ Talking about huge markets, we have the Chinese market. I know you are not building a presence there, but the new silk road is already developing, with more and more trains arriving every day. The terminal in Malaszewice is growing, yet I don't see any activities of Panattoni out there? _x000D_ The new silk road is of huge interest to us, but the question is do we have to be there? Do we really have to have a warehouse located close to the terminal? We need to ask ourselves if it's really efficient to be the one taking the container off the rails. It might be better for us to be located somewhere down the line, where we can take the container of the rail and work in a more efficient place with the product. We haven't had a lot of requirements from Malaszewice, so the question we ask ourselves is do we have to be there warehouse-wise. This is an interesting project with large volumes, but still we have to look at other aspects. _x000D_ _x000D_ We've spoken about rail infrastructure and airports, but the latest discussion concerns river transport which is supposed to grow in Poland. Do you believe there's a market for this? _x000D_ Of course this is the future, especially from an environmental point of view. River transport makes sense, but it requires huge investment just in the rivers themselves. We have excellent proof of concept of how this works in Germany, as we build around ports along the rivers in towns like Dusseldorf, Essen or Duisburg. We are pretty active there. There are interesting projects, like the canal leading to Elblag, and it will help increase volumes there. But you can't say that the port in Gdansk and its central port is overcrowded. The majority of the volume normally goes by truck from the port where it's dismantled and taken away. If river transport in Poland develops in a way that limits truck transport and helps move volumes of goods then it is good news, but it will take years before anything actually happens. Once it does, we will get interested and become more active. _x000D_ _x000D_ There is a big boom in e-commerce, both in Western and in Central Europe East. You must be one of the biggest benefactors of this latest trend?_x000D_ E-commerce has definitely become our main expansion driver. The share of e-commerce in the market is growing every day. It generates three times more demand in than the traditional retail market, meaning lots of work. One of our biggest benefits was Amazon Central Europe which located its stores in Poland, creating lots of business. But they are not the only ones. We have noticed that more and more companies are relocating to this region. I'm not going to reinvent the wheel when I say that location and the labor market play a big role in such decisions. Central European countries such as Poland and Czechia have relatively cheaper labor, good road infrastructure and borders with Germany. On top of this, they have their own e-commerce markets. Panattoni warehouses literally pop up from the ground. I haven't noticed many crises around them with protests against these projects, but your growth definitely changes the lives of local residents. Take for example the area near Janki, where the increase of warehouses has caused a rise in traffic and accidents. _x000D_ Obviously, this is a general Polish issue, because master planning is almost non-existent. We do our best to invest close to industrial zoning areas to avoid conflicts with residential zoning. We make our best efforts to "ease the pain", so we invest in noise barriers, traffic lights and other things. The problem really isn't where we locate but the general master planning when it doesn't match the needs of businesses or local residents. Conflicts do occur but we make sure that we put in a lot of effort to avoid them. _x000D_ _x000D_ What other projects or sectors are you working that we haven't spoken about yet? _x000D_ As an industrial logistics development company, we are mostly focused on our main project which is establishing ourselves and developing in our core business. If there is any area that might be of interest to us then it would be city logistics - with smaller facilities, more business park oriented. But with e-commerce on the horizon we won't go too far away from our core business.