Our speaker will be Jose Luis Pellicer who is responsible for AEW Europe’s research team in London. Prior to this, he was a property derivatives analyst at Goldman Sachs and, previously, head of research at Rockspring PIM. Jose Luis will be speaking about the influence of the recent sovereign debt crisis on European real estate investors. The crisis is clearly affecting all asset classes, as well as both investor expectations and the general economic activity. How is this going to affect our industry? Are we to endure a challenging 2011, a double dip, or a smooth transition?