A: It's very straightforward.

• We seek out real estate sectors or niches that offer the best capital growth opportunities. We spot the trend, or cycle. We know when to go in. More importantly, when to come out.
• We establish an effective presence in that market. If need be, we raise investment capital, establish a local office - or link up with local partners.
• Outside Central London, we find a skilled and trustworthy partner with local, on the ground knowledge.

• As well as seeking undervalued assets, we are cyclical investors. We use our experience from other markets to predict the likely future movement of a market under consideration.
• For example, our first Central London office fund. This we established in 2003 - at a time when we believed rental levels and values were low. In 2006, we liquidated the majority of the portfolio - when we perceived that the rapidly rising market was approaching its peak. We have no legacy issues.