The Duke of Westminster’s property company is planning to sell assets in the US in a move by the Mayfair-based group to overhaul its international investments.
Grosvenor chief executive James Raynor said the group, which owns large parts of Mayfair and Belgravia, would sell properties it owns outright in the US over the next three to five years and instead expand its joint investments with partners.
Some 40 per cent of its US investments are already made through partnerships, where Grosvenor pairs with and funds small managers that run the day-to-day running of the assets.
The money Grosvenor gets from selling properties will be funnelled towards further joint ventures, which invest globally across real estate sectors including student housing, build-to-rent and logistics. The group said it did not need to sell assets quickly.
The strategy shift was unveiled as Grosvenor reported underlying profits of £70.5mn for its international urban property business in 2025, down 18 per cent from a year earlier and dented by performance in its North America portfolio.
Grosvenor took writedowns on sites it had been preparing for development in Vancouver and the US. Rising interest rates and construction costs, as well as weakening demand from tenants, had affected valuations, Raynor said.
“We felt that the right way was to mark those as accurately as we can,” he added. “It sets us at the right base, frankly, to move forward, because I think there’s still really good projects in them, and over a long time . . . they will come good. But actually making the right decisions is based upon being honest with yourself about what is the right base.”
The strategy of making more indirect investments would allow Grosvenor to be more flexible, Raynor said, because investment timelines were far shorter — four or five years — compared with the decades-long investment horizons on the direct side.
Grosvenor, which owns £7.7bn of property, will focus its direct investments in London and Vancouver, two cities where it has significant assets and scale. Its holdings also span agriculture and rural estates.
Grosvenor reported £88.7mn in underlying profit in its UK property unit for 2025, up 14 per cent from a year earlier. Though it has sought to diversify beyond the country in recent years, it has benefited from a supply crunch for top-quality London office space and rising rents across office, retail and residential properties. It reported an occupancy rate in the capital of 97 per cent.
