Duke of Westminster's Grosvenor to Sell $954 Million of US Real Estate Assets

MT Newswires Live06:46

Grosvenor Group Holdings Ltd., the property company owned by the UK billionaire the Duke of Westminster, plans to sell about 700 million pounds ($954 million) of direct US real estate holdings as it shifts toward indirect investments in the region, Bloomberg reported Wednesday.

The sales will take place "over a period of time," Property Chief Executive James Raynor said in an interview with Bloomberg.

He added that agents are being appointed to market the assets on a case-by-case basis.

"In a challenging year for global real estate, our international property performance reflected diverging market conditions, with a strong UK performance helping to offset weakness in North America," Raynor said, according to Bloomberg.

Grosvenor's UK portfolio delivered a profit of 88.8 million pounds last year, supported by strong leasing activity across retail, office and residential properties.

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