ECM sold its residential project Letnany for EUR 1.7m to Prague developer Renix. Total size of the project is 4,500 sqm aimed for luxury residential units. Separately, Varenska office building in Ostrava has been finished with EUR 10m cost of reconstruction. Our view: Letnany project has been rather small and although the required threshold of 20% IRR has been reached, we see the news rather neutral.