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Update from Dominique Moerenhout

The pandemic has prompted profound mutations in our work and life habits and, inevitably, some sectors have suffered more than others over the past few months. To that end, EPRA recently partnered with the European Council of Shopping Places to address the authorities with a joint statement requiring some support for the retail property sector regarding the second lockdown implemented all around Europe. Needless to say, no major winner will come out of this crisis, but I am confident that the States will hear our call for action and assist our sectors as best as possible. And I would like to take this opportunity to thank all our members for their continued support to enable EPRA to deliver on its key missions, despite these troubled times.

In this context of uncertainty and the raising concern to see the governments raising new taxes to cope with the large debts and deficits they have created to support their economy, EPRA recently released the results of its first-ever Total Tax Contribution study (TTC). The study revealed that the TTC in Europe is estimated to be more than EUR 4 billion, meaning that on average every REIT pays more than EUR 60 million in tax every year. As a whole, the study has gathered evidence-based data that for every EUR 100 of turnover, EUR 32.8 is turned into tax contribution. I invite you to read more about the condensed overview of the results in this edition.

On another note, EPRA events will remain virtual during the first half of 2021 and, hopefully, we will gradually return to normal life and in-person events over the year. We will host our 2021 Insight Events online: January 5, 2021, with London; January 7, 2021, with Brussels; January 14, 2021, with Germany; and January 19, 2021, with Paris to close the online roadshow. We know how much you appreciate the networking opportunities the EPRA events offer and I cannot wait to welcome back our members at our next EPRA Annual Conference in Paris from September 21-23, 2021.

As usual, I would like to welcome our newest members: Argan, BMO Real Estate Investment, BMO Commercial Property Trust, Eften Capital, Executive Master Immobilier/St Louis Brussels, Galimmo, GTC, Selectirente and Tritax EuroBox REIT.