Market selection is the first capital allocation decision we make, and we make it on evidence of demand, liquidity, and the capacity for growth. Each market has its own character, and our work there begins with an understanding of its districts, institutions, and the people who use them.

Gateway cities and high-growth metros, with an emphasis on ground-up development and repositioning.
A mix of ownership, development, and joint ventures. Our longest-standing regional presence and the foundation of much of our development expertise.

Established capitals and regional centers, where supply constraints reward patient capital and careful design.
A mix of direct investment and joint ventures with specialist local developers. Planning complexity is a feature of these markets, and patience is the edge.

Large-scale, master-planned and mixed-use development alongside long-term local and sovereign partners.
We use the partnership model here, in which we bring development discipline and international standards to projects led jointly with local institutions.

Selective entry into deep, liquid markets through direct investment and partnerships with operators who know them.
We invest with and through operating partners rather than building large local teams first. Entry is deliberate and market by market.
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