Madrid, 28th September 2019 I come from the last opening of the shopping center sector in Spain. And frankly, it is inevitable to express a great feeling of satisfaction. Not the one that can inspire you to check once again the great professionalism of Lar España and its teams, including L35 at the head of architecture, and Gentalia at the command of marketing and management. It is something else, it is the satisfaction of thinking that a sector like ours, affected by winds that we would not like to feel, has given yesterday, will give tomorrow, with the opening of its doors to the public, a breath of fresh air, innovation and good judgment with Lagoh. Its basic concept I think is impeccable. Two floors, wide longitudinal, long and high ground, lateral lighting in a very hot country, impeccable anchors, Primark (we will have one day to evaluate how much this chain is contributing to the industry by accepting lateral positions such as the old department stores) in one, and the Mercadona MediaMarkt couple (what would the growth of our sector be without these two protagonists?) in the other. And, what I think is most distinctive and that will give it a definitive character, the wide and well-acclimated ride that develops laterally on a long surface of water that runs longitudinally from one end to the other. And that plays the role of a second complete mall of restoration, terraces and entertainment, parallel to the main one, and, this yes, on a single level. And leaving the SE30 and the Centennial Bridge very visible on the other side of the lake, to which it is exposed without ambiguity and with its best facade. That last night he released his best image, duplicating in the sheet of water his varied facade of lights and movement. I have almost no doubt that what we saw last night being officially inaugurated by all possible Administrations (does anyone remember an inauguration with so much politics?) Is going to become a success. The question that remains for me tonight, and to which we will have to answer in the coming weeks, after giving it a couple more laps, is: Have we attended the opening of the best Spanish shopping center in recent years last night? My temptation, which I believe is founded today, is to think that it will surely be.

Madrid, 2nd July 2019 The Last Mile is becoming, increasingly, the key battlefield in the supply chain of electronic commerce, and it is taken for granted that the companies acting in this trade, whether they are "Pure Players" or traditional Through the omnichannel model, they will have to develop specific strategies in this area to compete effectively in this field. In the same way, the logistics operating companies, of which those are or might be customers, should review, are already reviewing, in fact, their performance assumptions, and, among others, their real estate storage and distribution supports. Both online merchants and / or distributors, as well as companies in the logistics and transport sector, which already face the challenge of adopting new approaches and increasingly evolved technologies to compete, also face the need to rethink the physical distribution, and, therefore, its network of warehouses and distribution routes. The increasing demand for speed and convenience of the target clients in the city, as well as increasingly large and complex urban areas, in particular single-family housing developments or housing at height but low density, are forcing some and others to review their storage and distribution networks, replacing centralized networks with small-scale local distribution infrastructures, in which the demand for increasing capillarity that ensures the objective of approaching the final recipient is increasing. What form and what characteristics this capillary network should take in real estate terms is one of the challenges that one and the other must already be considering. Without prejudice to the role they will develop, and that they are already developing localized deliveries, such as mailboxes at gas stations, stations, and transport exchangers, or the commercial premises themselves, and, by extension, and on a larger scale, shopping centers.