The Duke of Westminster’s property company, Grosvenor Group, has blamed a slowdown in the London property market and the weakened value of the pound for a drop in its returns last year.
Grosvenor’s total return for 2017 was 2.7%, down from 8% a year previously, as the value of its global portfolio fell.
Chief executive Mark Preston said the company had anticipated a dip in the value of its London properties in particular, and that a “cooling in the market” driven by fewer international investors and the drop in the value of sterling after the Brexit vote had exacerbated the fall.
