Our Principal and Portfolio Manager, Bruce Smith, recently made a trip to the UK and USA to look for insights into likely future developments for the Australian-listed globally-focused property companies. There were two in which we presently have positions (Goodman Group and Lendlease) and one we don’t presently own but may consider at some point (Westfield). While these three companies have very different specialisations, each has the strategy of concentrating their efforts on “Gateway Cities”. By this they mean the most important cities in regions that are, and will remain, the most important regions in the world regardless of the ups and downs of economic cycles.