The boss of Grosvenor expects a tough year ahead for real estate values but said the challenges will provide “opportunities for the long-term investor” as he set out plans to plough more money into industrials, student digs and life sciences space.
Announcing the group’s 2022 results, chief executive Mark Preston (pictured) said its focus on property, food and agriculture technology will “stay the course”, adding: “Property as a tangible asset, and food as a basic human need, make for defensive investment options in a low-growth, inflationary world.”
The group posted revenue profit from its urban property portfolio of £52.7m, down by roughly a half on 2021’s £99.7m, with a fall in North America offsetting a rise in the UK. A total return of 3.5% compared to 5.2% a year earlier. The company described the results as a “solid performance in the face of challenging economic conditions”.
