From City AM:
Grosvenor, the privately-owned international property group which has existed since 1677, has cautioned of lower returns and revenue profit over the next few years after posting a 22 per cent fall in annual pre-tax profits to £527m.
Revenue profit, the difference between revenue incomes and revenue expenses, climbed to £83.3m last year, from £80.1m in 2014, excluding the impact of property revaluation.
Total assets under management across the group hit £13.1bn, from £11.4bn in 2014 as rental income from Grosvenor's Britain and Ireland division increased by £10.3m, driven by new developments and improvements.Mark Preston, chief executive and executive trustee of the Grosvenor estate from the beginning of 2017, said:The rationale for our commitment to developing and co-ordinating an internationally diversified property group became even more evident in 2015, which was a year of divergence, with a struggling Brazil, a relatively strong US and UK, and a recovery in Continental Europe, while the outlook in China is affecting growth prospects globally.
Grosvenor's investment partnership with Brazilian property management company Sonae Sierra recorded a strong performance. Grosvenor has invested in 35 shopping centres in continental Europe and 10 in Brazil.Grosvenor, which owns large parts of Mayfair and Belgravia, paid a dividend of £39.6m to the trusts of the Grosvenor family for 2015, up from £37.7m the year before.The group, owned by Gerald Grosvenor, the 6th Duke of Westminster and Britain’s wealthiest man with a fortune of £8.6bn, has plans for extensive investment in London and the UK this year....MORE
