The current state of property markets has reinforced our confidence in our long-term strategy. We still concentrate on our primary markets in the US and Canada (the four cities in which we have offices – Calgary, San Francisco, Vancouver and Washington) and four secondary markets (Chicago, Edmonton, Los Angeles and Seattle).

Our sectoral emphasis remains selective, being primarily on a variety of retail formats, albeit all of it open rather than enclosed; multi-family residential accommodation for sale or rental; industrial properties, chiefly on Annacis Island in Vancouver; and mixed-use projects, generally driven by residential. The office sector will remain largely a cyclical opportunity.