Grosvenor Group pays £50m in dividends despite loss - The Times

Grosvenor Group is almost entirely owned by trusts, one of the ultimate beneficiaries of which is Hugh Grosvenor, the 7th Duke of Westminster

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The Duke of Westminster’s property empire was lossmaking last year, although the King’s godson and his family still received more than £50 million in dividends.

Grosvenor Group, which runs a multibillion-pound portfolio of assets including its 300-acre estate in the West End of London, suffered a loss of £28.6 million in 2023, having made a profit of £110.4 million in the previous year.

Higher interest rates have dented commercial property values worldwide and the valuation of Grosvenor’s portfolio, including buildings that it manages for others, declined by £400 million to £8.6 billion. That was “more resilient” than bosses had expected, however.

In Britain, which makes up just over half of the vast portfolio, rises in the value of its central London flats were offset

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2024-04-30 14:15:04Z
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