Pandemic hits profits at Duke of Westminster’s Grosvenor real estate company

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The Duke of Westminster’s real estate firm, Grosvenor Group, has released results that show how the pandemic squeezed profits in 2020.

The private group, which has a global real estate portfolio of 6.7 billion pounds including sites in Belgravia and Mayfair, announced its first negative return since the financial crisis of -2.9%.

Income profit, which eliminates the impact of property revaluations, fell to £ 25.4million from £ 65.9million. A pre-tax loss of £ 310.8 million was recorded, compared to a pre-tax profit of £ 156.5 million in 2019.

But as lockdowns ease, the company should see an improvement in footfall to the domain.

Managing Director Mark Preston said, “Tenants want flexible space that can adapt to their needs and have a clear preference for energy-efficient buildings with excellent environmental credentials.”

Dividends paid during the year amounted to £ 47.5million compared to £ 46.3million.

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