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Birmingham Post
Birmingham Post
Business
Jon Robinson

Duke of Westminster's property giant which owns Liverpool ONE returns to profit

The property giant owned by the Duke of Westminster and includes the likes of Liverpool ONE in its portfolio jumped back into the black in 2021, new figures have confirmed.

Grosvenor said a partial recovery in economic conditions and loosening of pandemic restrictions pushed its property revenues higher.

The company, which also has investments in food and agriculture tech, reported a £437.5m pre-tax profit in 2021 after tumbling to a £322.8m loss in the previous year.

READ MORE: Duke of Westminster knocked off North West Rich List top spot

The group revealed that revenue profit, the company's preferred metric, for its city centre property activities more than doubled to £99.7m for the year.

Grosvenor's North West portfolio also includes the Abbeystead Estate in Lancashire.

Chief executive Mark Preston said: "Despite ongoing restrictions and lockdowns remaining a feature across our markets, decisive action in response, coupled with an improving economic environment, helped us achieve a significantly improved financial performance compared to the previous year.

"This reignited activity went hand in hand with a continued commitment to supporting and finding new ways to help our tenants, get closer to our customers, and to assist the wider communities of which we are a part.

"During the year, we made good progress towards reducing our carbon emissions to achieve net zero in our directly managed operations by 2030 and to be fully net zero by 2050.

"We are now well advanced with completing a baseline audit of our carbon emissions across our diverse activities, and with developing credible carbon reduction plans.

"Meanwhile we are also investing in technologies that can disrupt the carbon intensive practices of the global food system.

"For the first time in our history, this year’s annual review reports on the full breadth of our activities.

"In addition to the development, management and investment of, and in, international urban property, they include Grosvenor Food & AgTech’s growing investment portfolio of some the industry’s most innovative businesses working towards a better food system, the management of rural estates and their environmentally sensitive habitats, and details of our support for charitable initiatives targeted at vulnerable young people.

"The presentation of Grosvenor as a single cohesive organisation is intended to better explain what we do and the positive impact our activities have, while encouraging better collaboration, synergies and innovation throughout our organisation to deliver lasting commercial, social and environmental benefit."

As a result of the improvement in performance, the group returned its dividend for the duke and his family to levels from before the pandemic, with the board making a £47.8m payout last year.

The boss highlighted that the firm is investing more internationally as it seeks to diversify its portfolio to keep it more robust.

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