Grosvenor Group, the centuries-old British property group owned by the billionaire Duke of Westminster, plans to sell its direct U.S. real estate holdings valued at about £700 million (US$954 million) as it pivots towards indirect investments in the region, Bloomberg News and other sources reported.
The sale will happen “over a period of time,” probably three to five years, James Raynor, the group’s property CEO, said in an interview. Brokers are being appointed to market the assets on a case-by-case basis, he added. The holdings include assets in the Los Angeles, San Francisco, Washington, DC and Seattle markets.
The decision follows a £108-million North American loss in 2025, due largely to writedowns on development sites in Vancouver and the U.S. amid rising interest rates, construction costs and weakening tenant demand, the Financial Times reported. The property group recorded a revenue loss of £23.2 million for the year despite strong performance in the U.K. portfolio.
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