Total return, which includes the impact of property revaluations, was 7.2% in 2012, compared with 9.0% the previous year.
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Pre-tax profit, which includes changes in property values, rose from £315.0m to £354.4m. The biggest contributor to higher profits was Grosvenor Britain & Ireland, reflecting the strong property market in central London as well as improved operational performance and value added from active management.
Mark Preston, Chief Executive of Grosvenor, said: "This is another year of strong performance from Grosvenor with our London portfolio again contributing significantly. Looking ahead, our confidence in the future of the cities in which we are active around the world is reflected in a further rise in the value of our international development pipeline, from £3.0bn to £3.4bn."
Within revenue profit, which excludes changes in property values, gross rents were maintained at £309.1m (2011:£309.2m). Overheads were lower for the third successive year, down by 2.8% to £117.1m (2011: £120.5m), reflecting the continued focus on
managing costs across the Group. Fees from fund management and development activity and other income increased 4.0% to £57.0m (2011: £54.8m).
Shareholders’ funds increased 7.8% to £3.08bn (2011: £2.85bn) and now stand at their highest ever level. Total assets under management were slightly down at £12.2bn (2011: £12.5bn) but within that Grosvenor’s share of property assets was stable at £5.8bn (2011: £5.8bn).
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