Hungary’s GDP stagnates in first quarter of 2025

Hungary’s gross domestic product (GDP) remained unchanged in the first quarter of 2025 compared to the same period last year, based on unadjusted data. According to seasonally and calendar-adjusted and reconciled data, GDP declined by 0.4% year-on-year and decreased by 0.2% compared to the previous quarter.

From a production perspective, industry recorded a 3.9% year-on-year decline, driven primarily by a 4.6% decrease in manufacturing. The production of electrical equipment contributed most to the contraction, although a slower decline in computer, electronic, and optical products partially offset this trend. Construction output fell by 5.1%, while agricultural output decreased by 0.7%. Services overall expanded by 1.1%, with the strongest growth in education (3.5%), followed by arts and recreation activities (3.1%) and health and social services (2.4%). Retail trade and accommodation and food service activities also recorded moderate increases. By contrast, the information and communication sector and real estate activities experienced slight declines of 0.1% each, and public administration contracted by 1.2%.

Overall, services—particularly wholesale and retail trade—made the largest positive contribution to GDP, while industry and construction weighed on economic performance. The impact of taxes and subsidies on products slightly boosted GDP, while agriculture’s contribution was negligible.

From an expenditure perspective, household final consumption increased by 4.1% year-on-year, contributing positively to GDP. Consumption rose across all product groups, with the largest increase seen in durable goods. Government final consumption grew by 7.3%, while social transfers in kind from the government and non-profit institutions serving households declined. As a result, actual final consumption rose by 3.0%.

Gross fixed capital formation declined by 10.1%, reflecting reduced investment in both construction and machinery and equipment. Overall, gross capital formation fell by 10.3%. Despite this, domestic use increased by 0.4%.

In external trade, Hungary recorded a surplus of 1,237 billion forints at current prices. The volume of exports declined by 0.4%, while imports rose by 0.1%. Exports of goods increased by 0.9%, whereas exports of services decreased by 5.0%. Imports of goods and services rose by 0.7% and fell by 2.7%, respectively.

In quarterly comparison, GDP decreased by 0.2%. Agriculture’s output increased by 4.6%, while industry, services, and construction declined. Household final consumption rose by 0.4%, and government consumption by 1.4%. Gross fixed capital formation decreased by 2.4%. Both exports and imports increased quarter-on-quarter by 1.5% and 1.4%, respectively.

The figures suggest subdued economic momentum at the start of 2025, with consumption providing some support amid declines in investment and industrial output.

Austria’s inflation rate estimated at 3.0% in May 2025

According to a flash estimate released by Statistics Austria, the inflation rate in May 2025 is projected to be 3.0%, slightly lower than the 3.1% recorded in April. Compared to the previous month, prices are estimated to have decreased by 0.1%.

Services continued to be the primary contributor to inflation, with prices rising 4.4% year-on-year, although this represents a slight moderation compared to recent months. Prices for food, tobacco, and alcohol increased by 3.3%, also above the overall inflation rate. In contrast, energy prices rose by 1.3%, held down by lower fuel costs compared to the previous year, despite an increase in electricity prices. Prices for industrial goods recorded a more modest rise of 0.8%. Core inflation, which includes services and industrial goods, was estimated at 3.1% in May.

The flash estimate provides an early indication of the changes in the Consumer Price Index (CPI) based on approximately 80% to 90% of collected price data, although it is subject to revision once full data validation is completed. The final CPI figures for May 2025 are scheduled for release on June 18, 2025.

Statistics Austria also noted that differences exist between the national CPI and the Harmonised Index of Consumer Prices (HICP), mainly due to varying weighting methodologies, with the HICP including expenditure by foreign tourists.

Shell renews long-term lease at DOT Park in Kraków

Shell has renewed its lease agreement at DOT Park in Kraków, securing over 22,800 square meters of office space across three buildings (A, B, and C). The lease marks the largest office transaction in Poland in the first half of 2025 and the largest single office lease recorded in the Kraków market.

Shell, operating in Poland for over 30 years, maintains a significant presence in the country through its network of over 450 fuel stations and its business activities in renewable energy, e-mobility, and business service operations. Shell Business Operations (SBO) has been located at DOT Park since 2015, employing over 5,000 staff who support the company’s global functions in finance, human resources, IT, logistics, and procurement.

Under the new agreement, Shell plans to refurbish its office space to meet the evolving needs of its workforce, including updates to modern workplace standards. Planned improvements include the addition of electric vehicle charging stations and designated parking for electric scooters and bicycles.

Golden Star Estate, the owner of DOT Park, was represented by Marcin Rogala from SRC Law Firm during the lease renegotiation. Shell was advised by Piotr Jeżółkowski (Jeżółkowski i Wspólnicy sp. k.) and Maciej Fielek (Jones Lang LaSalle).

DOT Park, located on ul. Czerwone Maki in southwestern Kraków, consists of five Class A office buildings with a total leasable area of over 44,000 square meters. The complex features cyclist facilities, retail units, and landscaped green areas. It was developed following sustainable construction principles and holds BREEAM certification.

The office park is situated near Jagiellonian University research facilities and several international business institutions. It is accessible by public transport, including ten bus lines and five tram lines, and is near a Park & Ride hub and a direct tram connection to the city center. The Skawina junction of Kraków’s ring road, approximately 4 kilometers away, provides access to Kraków Airport and major cities including Katowice, Warsaw, Rzeszów, and Zakopane.

Other tenants at DOT Park include LuxMed, Webcon, and Ericsson.

UK mergers and acquisitions activity sees rise in value in early 2025

The value of mergers and acquisitions (M&A) involving UK companies increased in the first quarter of 2025, according to provisional data from the Office for National Statistics (ONS). Both inward and outward M&A values reached their highest levels since late 2022, primarily due to a few large transactions rather than an increase in the overall number of deals.

In total, 395 domestic and cross-border M&A transactions resulting in a change of majority ownership were recorded between January and March 2025. This figure is lower than the 497 deals completed in the final quarter of 2024. Monthly transaction volumes fluctuated, with 148 deals in January, a decrease to 103 in February, and a subsequent rise to 144 in March.

Inward M&A—foreign acquisitions of UK companies—reached a provisional value of £19.2 billion, up from £4.0 billion in the previous quarter and marking the highest level since the third quarter of 2022. Notable transactions included the acquisition of DS Smith PLC by International Paper Company (USA), Britvic PLC by Carlsberg A/S (Denmark), and AGS Airports Holding Ltd by the Public Sector Pension Investment Board (Canada).

Outward M&A—UK companies acquiring foreign businesses—was valued at £9.4 billion, a significant increase from £1.8 billion in the previous quarter and the highest level since late 2022. A key transaction was Rio Tinto PLC’s acquisition of Arcadium Lithium PLC (Jersey).

Domestic M&A—deals between UK companies—totaled £2.9 billion, lower than both the previous quarter (£6.4 billion) and the same period last year (£3.2 billion). A major domestic acquisition in the quarter was the Coventry Building Society’s acquisition of The Co-Operative Bank Holdings Limited.

The number of transactions also declined across categories: 167 inward deals were completed in the first quarter, compared to 189 in the previous quarter; 71 outward deals were recorded, down from 77; and 157 domestic deals were completed, a decrease from 231.

The Bank of England’s summary of business conditions for the first quarter noted that firms were facing increasing financial pressures and cautious investment behavior, influencing M&A activity. Although there are signs of improvement in M&A activity, growth remains constrained.

OECD lowers growth forecasts for Czech and global economies

The Organisation for Economic Co-operation and Development (OECD) has revised its growth forecast for the Czech economy, reducing its estimate for 2025 to 1.9% from the previously projected 2.1%. The outlook for 2026 has also been lowered, from 2.5% to 2.2%. According to the OECD’s updated report, uncertainty in trade policy and tariffs, particularly in the automotive sector, remain significant risks to economic performance. In 2024, the Czech economy grew by 1%.

Globally, the OECD downgraded its growth forecast to 2.9% for both this year and next, down from 3.1% and 3.0%, respectively, in its March outlook. The organization attributed the weaker outlook to ongoing trade policy uncertainty, tighter financial conditions, and broader geopolitical tensions.

The OECD noted that economic growth in the Czech Republic will be driven primarily by private consumption, supported by rising real household incomes. However, investment is expected to be constrained by continued trade uncertainty. The report also identified potential risks from escalating geopolitical tensions, including disruptions to supply chains. While the OECD did not specify sources of geopolitical tension in detail, it referenced broader concerns related to recent tariff policies introduced by the U.S. and the ongoing war in Ukraine.

Inflation in the Czech Republic is expected to decline to the Czech National Bank’s 2% target during 2025. Employment growth is forecast to continue, particularly in the services sector.

The report also recommended that the Czech Republic finalize pension system reforms to enhance long-term sustainability. Additionally, it highlighted the importance of developing the capital market and streamlining regulations to facilitate business entry and expansion as a means of supporting investment and economic dynamism.

Founded in 1961, the OECD currently consists of 38 member countries. The Czech Republic joined the organization in December 1995.

On a global scale, the OECD expects slower growth compared to previous projections, warning that further increases in tariffs and retaliatory measures could exacerbate the slowdown and disrupt international supply chains. Last year, the world economy grew by 3.3%, but the OECD now anticipates lower growth rates for major economies, including the United States, Canada, Mexico, and China.

For the United States, the OECD forecasts growth to slow to 1.6% this year from 2.8% in 2024, with 2026 growth projected at 1.5%. In March, the forecasts were higher, at 2.2% for this year and 1.6% for next year.

In the euro area, growth is expected to accelerate slightly, with GDP projected to expand by 1.0% this year and 1.2% next year, consistent with the OECD’s earlier estimates. The euro area recorded 0.8% growth in 2024.

Hungary’s largest speculative warehouse welcomes first tenant

Hungarian fashion brand RETRO JEANS has signed a long-term lease agreement with HelloParks to establish its new central warehouse at the HelloParks Budapest South (Alsónémedi) AN1 facility. The brand will occupy 5,000 square meters in the newly completed logistics hall, which is the largest speculative industrial building developed to date by the Hungarian-owned industrial property developer.

RETRO JEANS, founded in 2001, operates at more than 60 retail locations across five European countries. By relocating to the AN1 facility, the company aims to improve the efficiency of distribution to both retail outlets and online customers. “The strategic location, technical standards, and flexible layout of the new logistics center were key factors in our decision,” said István Barnák, Project Manager at RETRO JEANS.

Located in Alsónémedi, a key logistics hub in the southern Budapest submarket, the 60,000-square-meter AN1 hall offers direct access to major transportation routes including the M0 and M5 motorways and is approximately 20 minutes from Liszt Ferenc International Airport. The facility includes features such as contiguous 15,000-square-meter spaces, a 12-meter clear height, and cross-dock options, making it suitable for logistics providers, courier services, freight forwarders, and e-commerce operations. High power capacity also allows for specialized storage, including refrigerated and pharmaceutical goods. The building has been constructed to meet the BREEAM New Construction Outstanding rating and complies with EU Taxonomy requirements.

“Speculative developments depend on attracting tenants who recognize the long-term value of these facilities. RETRO JEANS is a strong and established brand, and we are pleased to welcome them as the first tenant of this site,” said András Bodahelyi, Senior Business Development Manager at HelloParks.

HelloParks’ total completed industrial portfolio now spans 410,000 square meters across locations in Fót, Páty, Maglód, and Alsónémedi. The company is currently developing two additional halls totaling 88,000 square meters. All HelloParks buildings are developed to meet high sustainability standards, holding either BREEAM Outstanding or Excellent certifications, as well as EU Taxonomy validation.

Czech banking statistics show modest growth and strong loan performance in April 2025

Banking sector data for April 2025 indicate continued stability and modest growth across key segments, according to an analysis by Miroslav Zámečník, Chief Advisor to the Czech Banking Association.

In the household sector, the total volume of consumer loans (excluding overdrafts and credit cards) reached CZK 341 billion in March, reflecting a 0.8% month-on-month increase and 9.1% year-on-year growth. The repayment performance remains strong, with non-performing consumer loans at 4.23%, the lowest share recorded in 23 years.

Mortgage lending has shown a steady recovery, with a 6.2% year-on-year increase in loans for housing, including building savings loans. In April, CZK 26 billion was issued in new mortgage loans (excluding refinancing), and interest rates continued to decline gradually—from 4.78% in January to 4.65% in April. Non-performing mortgage loans decreased to 0.59%, reaching their lowest level since June 2023. This performance continues to place the Czech mortgage market among the best in Europe in terms of repayment discipline.

Among sole traders, April brought further improvement, with the share of non-performing loans dropping to 4.09%, the lowest level in more than two decades. This contrasts with much higher default rates seen historically, even as recently as 2015 when the non-performing loan rate was three times higher.

For non-financial sector companies, interest in borrowing has revived, particularly among domestic private firms, which recorded a nearly two percentage-point increase in loan volumes. In contrast, public sector firms saw continued declines, and firms under foreign control reported only slight month-on-month growth. New loans totaled CZK 27 billion in local currency and CZK 22 billion in euro-denominated loans. Average interest rates for new loans stood at 5.2% for crown loans and 4.4% for euro loans. The share of non-performing corporate loans remains low at 2.56%, indicating a relatively healthy corporate sector in international comparison.

Deposit trends showed that household deposits grew by 5.4% year-on-year in April, with a month-on-month increase of CZK 26 billion, reaching a historical high of CZK 3.721 trillion. Despite low interest rates, households continue to hold over CZK 1.27 trillion in current accounts. Corporate deposits, characterized by more volatility, remained stable year-on-year. Since the summer of 2020, corporate deposits have consistently exceeded loan volumes, reflecting cautious financial behavior amid global economic uncertainty.

Build Europe outlines proposals to improve affordable housing

Build Europe, the association representing EU homebuilders and developers, presented its recommendations for addressing Europe’s housing challenges at the European Housing Forum. Speaking to the European Commission’s Housing Task Force, the association emphasized the need for affordable housing to be delivered efficiently, sustainably, and competitively, with an active role for private developers, particularly small and medium-sized enterprises.

Build Europe proposed six key priorities:
• Investment Framework for Affordable Housing: The association called for an EU investment strategy that supports both ownership and rental housing models. Its A-HOPE proposal, developed with Deloitte and presented to the European Investment Bank, includes measures aimed at promoting homeownership to help adjust the housing supply to family needs.
• Reform of State Aid in Social Housing: Build Europe advocated for state aid to be based on outcomes rather than the type of provider. It recommended that private residential developers focused on serving vulnerable groups should have equal access to public support.
• Taxation Review: Highlighting the impact of high taxation on new homes, Build Europe urged the EU to initiate a housing tax survey to identify best practices and obstacles. The association also proposed tax incentives for primary residences to improve access to affordable housing.
• Strategic Spatial Planning and Urban Renewal: Build Europe warned that rigid No Net Land Take regulations could hinder the delivery of affordable housing. It called for a balanced approach to land use that considers both environmental goals and housing needs, alongside investment in underused urban areas and rural regions.
• Streamlining Permitting Procedures: The association pointed to increasing complexity and delays in building permit processes, particularly for large housing projects. It recommended simplifying and accelerating permitting procedures to provide greater legal certainty for developers.
• Proportional Technical Standards: Build Europe noted that national regulations aimed at promoting sustainability and energy efficiency often add complexity and costs. It proposed a results-based approach that maintains policy objectives while offering greater flexibility and reducing administrative burdens.

Build Europe welcomed the European Commission’s renewed focus on housing and described the dialogue at the Forum as constructive. A follow-up meeting between Build Europe and the Housing Task Force is scheduled during the Build Europe Congress in Gdańsk on June 12, where these proposals will be discussed further.

Housing market update: Trends in new flat listings over the past year

The latest survey by real estate website dompress.pl examines changes in the housing market over the past year, focusing on the availability and profile of new flats. It provides insights into whether more properties have been listed for sale, how many new listings appeared over the last 12 months, and the characteristics of the current market offer, based on comments from participating companies.

Tomasz Kaleta, Managing Director of Sales and Marketing at Develia
In 2024, we put 3,915 properties up for sale and started construction, which is 37% more than in 2023, expanding our offer in key markets in Warsaw, Krakow, Katowice, Gdańsk, Poznań and Wrocław. more than in 2023, expanding our offer in key markets in Warsaw, Krakow, Katowice, Gdańsk, Poznań and Wrocław. This year, we plan to launch and start construction of at least 3,100 units in all cities where we are present, including Gdynia, a new, promising market that will enrich our Tri-City offering. Our portfolio will include apartments in the popular segment as well as higher standard and premium apartments. We analyse the structure of demand on an ongoing basis and, based on this, launch investments that meet the current needs of buyers. A diverse land bank gives us flexibility in this regard. In the coming months, we plan to launch two new projects: Przy Parku Vita in Wrocław and Trzcinowa Vita in Warsaw, as well as further stages of existing developments: City Vibe in Krakow, Orawska Vita and WUWA Vita in Wrocław, and Ceglana Park in Katowice.

Zbigniew Juroszek, President of the Management Board of Atal
In 2024, we launched a total of 24 development projects, comprising 4,739 units of various sizes, layouts, locations and standards. These were predominantly two- and three-room units, which are currently the most sought-after by customers and dominate our offer. The launch of many new development projects in the last several months was due to the positive market outlook for the coming years, the availability of subcontractors and building materials. This situation may soon change with the launch of the National Recovery Plan and other EU funds, as well as the start of large infrastructure projects. The launch of new construction projects secures us for such an eventuality and provides a ready-made residential portfolio for the recovery, which we anticipate with the start of interest rate cuts in Poland.

Mariusz Gajżewski, Head of Sales, Marketing and Communication, BPI Real Estate Poland
The launch of our latest development in Warsaw’s Dolny Mokotów district, PianoForte, had a key impact on the change in our offering year-on-year. As part of the sale of this property, we have added 101 apartments ranging in size from 38 to 134 sqm and in layout from one to four rooms, as well as three commercial premises. Nevertheless, the number of apartments we currently offer is lower than in the comparable period last year, which is obvious in view of the ongoing sale of three ready-to-move-in investments – Czysta4 in Wrocław, Bernadovo in Gdynia and Panoramiqa in Poznań, as well as the recently completed Chmielna Duo. PianoForte offers the opportunity to live in a modern building in a unique location. The site on which it is being built is the last vacant plot in Dolny Mokotów designated for residential development. This makes it an absolutely unique project on the Warsaw residential property market.

Katarzyna Mirota, Head of Sales & Marketing, Matexi Polska
We are currently implementing 11 residential projects, including 4 in Krakow and 7 in Warsaw. We currently have around 678 flats on offer, compared to around 750 at the beginning of the year. In the first quarter of 2025, we sold 71 flats, which confirms the stable interest in our offer. We plan to further expand our offer in the near future. In the second quarter of this year, we plan to launch two new projects, comprising a total of nearly 200 apartments. The new offer will respond to current market needs, focusing on the most sought-after sizes, from compact, functional two- and three-room apartments to more spacious units suitable for families. Like our existing investments, the new projects will be distinguished by high quality workmanship, a well-thought-out functional layout and attractive common areas. We also pay special attention to location. All our investments are well connected and offer access to urban infrastructure and green areas, which meets the expectations of today’s buyers.

Joanna Chojecka, Sales and Marketing Director for Warsaw and Wrocław at Robyg Group
In Q1 2025, TAG Group in Poland had approximately 7,300 residential and commercial units under construction. The Group’s portfolio of rental apartments amounted to over 3,350 units. Robyg currently has approximately 1,900 units on offer. In the first quarter of 2025 alone, new stages comprising 1,100 apartments were added to the offer, including in the following investments: Modern City and Modern Life in Warsaw, Początek Piątkowo in Poznań, and Leszczyńskich and Szumilas in Gdańsk. In addition, we have building permits for approximately 2,100 units. In 2025, the Group plans to sell 2,800 apartments and increase its portfolio of rental units to over 3,600 units. By 2028, the TAG Group plans to have 10,000 units available for rent in Poland. In addition, the Group is expanding its land bank, which includes the potential to build approximately 28,000 units throughout Poland, and is looking for investment opportunities in new land.

Agnieszka Gajdzik-Wilgos, Sales Manager at Ronson Development Sales Manager, Ronson Development
In the first quarter of 2025 alone, we handed over 300 residential units to customers, most of them in the Ursus Centralny (176 units) and Miasto Moje (104 units) projects. In addition, in the second quarter of 2025, the company continues to pursue its ambitious plans, with the Nova Królikarnia investment in Warsaw nearing completion and the sale of a new project in Wrocław on Sobieskiego Street, which offers a very well-designed structure of two- and three-room flats, now underway. At the same time, the next stage of the Zielono Mi investment is starting, and new houses are being added to the offer as part of the Nowe Warzymice project. The profile of the new offer is diverse and well thought out. The company focuses on flexible apartment layouts that allow for individual space arrangement and locations with development potential. This is a response to the changing needs of customers who expect functionality, comfort and a good living environment.

Michał Witkowski, Sales Director, Lokum Deweloper
Last year, we expanded our offer with new apartments in two Wrocław investments, the expanded Lokum Porto in the Old Town and Lokum la Vida in Sołtysowice. In addition, units are also available for sale in the completed Lokum Verde estate in Zakrzów and the last spacious apartments in the intimate Lokum Monte estate, located in Sobótka, surrounded by the Ślężański Landscape Park. We are constantly analysing the market situation and adapting our offer to changing buyer preferences. The available properties include both ready-to-move-in units and those with a short completion date, which will be delivered later this year. We offer a wide selection of flats of various sizes and layouts, from compact studios and two-room flats ideal for singles, first-time buyers or investors, to large flats for families with children and customers who value space. Our developments are distinguished by their attractive location, high standard and carefully designed common areas, which include green relaxation zones, playgrounds and outdoor gyms. There are numerous shops and services, kindergartens, schools, medical facilities and recreational areas in the vicinity of the estates. All this means that our offer meets the diverse expectations of our customers. When planning and designing our housing estates, we always put the needs of their future residents first. We strive to adapt to market requirements as best as possible. Our current offer includes many types of flats and various investment locations. Our land bank allows us to continue these plans, so that by expanding our offer with new investments, we will have the opportunity to reach a wide range of customers. Łukasz Šedovič, Sales Director at Trust Investment S.A. 2024 was a time of intense development and new investments for our company. Key projects were put up for sale, including Plaza City in Częstochowa, offering 106 apartments, ULTRADOM in Radom with 184 units, Krakowska Rogatka in Kielce – an investment comprising 225 apartments and commercial premises, as well as the second stage of the Sky Trust project in Kielce, which added another 223 units to the offer. Added to this is the prestigious Browar Hugo Scobel investment in Gliwice, where 96 apartments and commercial premises are planned. In total, in 2024, we put 834 flats and commercial premises on sale, which is a dynamic response to the growing market demand. However, we are not slowing down – at the beginning of 2025, another important investment joined our offer – Dzielnica Trust in Kielce, which increased the pool of available premises by 160 flats. At the same time, intensive preparations are underway to launch the sale of our latest and exceptionally prestigious investment in Katowice, where we have planned 406 apartments. It is worth noting that two-room apartments, which continue to enjoy great interest among customers, account for the largest share of our offer. Our strategy responds to the real needs of the market by offering a variety of housing solutions while maintaining high quality and attractive locations.

Photo: Moja Polnocna Warszawa, Eco Classic

Nrep acquires commercial property for sustainable 37,000 sqm logistics center near Copenhagen

Nrep, the real estate arm of Urban Partners, has announced the acquisition of a commercial property in Høje Taastrup, advancing its logistics strategy with plans to develop a 37,000 square meter energy-efficient logistics center. The 19,000 square meter property, purchased from Castellum, is located near key transport links, offering quick access to Copenhagen and the Øresund Bridge.

The acquisition was made through Nrep’s latest NSF-series fund and aligns with the firm’s strategy to meet rising demand for sustainable logistics facilities. The development will prioritize environmental considerations, integrating renewable energy solutions such as rooftop solar panels and reusing materials from the existing structure.

“This agreement is a significant step in our logistics strategy,” said Thomas Riise-Jakobsen, Partner and Head of Nrep Denmark. “It’s not just an investment in real estate but an investment in future infrastructure. As e-commerce, sustainability demands, and urbanization reshape supply chains, we are creating one of Denmark’s key logistics hubs. Our focus is on providing efficient, customer-centric, and sustainable solutions.”

The location is seen as highly advantageous for last-mile delivery operations, benefiting from proximity to Copenhagen’s 2.1 million residents, major ports, the airport, and the national motorway network.

The transaction supports Nrep’s broader growth plans in the Danish logistics sector. In 2024, the company also acquired a 14,000 square meter logistics project in Brabrand, near Aarhus.

The Nordic logistics market, valued at an estimated USD 76 billion in 2025, is projected to expand to approximately USD 92 billion over the next five years, driven by increasing demand for e-commerce and sustainable logistics infrastructure.

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