We now restrict ourselves deliberately to seven cities, four of which are primary markets where we maintain offices — Calgary, San Francisco, Vancouver and Washington, DC; and three of which are secondary markets where we have established working relationships and a number of assets — Chicago, Los Angeles and Seattle. All these cities are vibrant, well served by public transportation, and have strong population growth, an educated workforce, and a high–income service sector.

Although we now have assets in five sectors — retail, residential, office, hotel and industrial — our greatest concentration in both investment and development is in retail and residential property. Our retail exposure is chiefly in luxury high street retail and consumer necessities.