Asset sales drive Grosvenor profits

GROSVENOR, the property group that owns the Liverpool ONE shopping centre, saw profits double last year after completing a number of London disposals.

The Duke of Westminster’s property group has sold £240m of central London properties based on the assumption that prices are peaking.

The sales helped push profits from revenues – excluding asset revaluation gains – to £175m. The total return on investment from its UK business grew to 16.5%.

Grosvenor, which has total assets of £5.8bn, saw overall group pre-tax profit rise from £368m to £507m.

Chief executive Mark Preston said: “We have been concerned about the level of property values in some markets, particularly in prime central London residential property.”