Grosvenor has announced 2007 pre-tax profits of £524 mln (EUR 657mln), an increase of 3% on 2006. The total return of 14.4% represented a drop of 1.1% on the previous year. Total assets under management increased by 17% to £ 12.9 bn (EUR 16.2 bn) while balance sheet net asset value increased by 19% to £3.1bn (EUR 3.9bn).
Grosvenor has announced 2007 pre-tax profits of £524 mln (EUR 657mln), an increase of 3% on 2006. The total return of 14.4% represented a drop of 1.1% on the previous year. Total assets under management increased by 17% to £ 12.9 bn (EUR 16.2 bn) while balance sheet net asset value increased by 19% to £3.1bn (EUR 3.9bn).
The privately owned international property development, investment and fund management company said the London residential portfolio was the strongest performer for Grosvenor's business in the UK and Ireland. The Liverpool One development had around 93,000 m2 let by January 2008 while developments in Cambridge, Crawley, Preston and Edinburgh continued to show progress.Grosvenor’s Continental European business showed a return of 12.7% and revenue profit increase of 136% to EUR 66.1mln. The first phase of the Omega Business Park in Madrid is nearing completion and Sonae Sierra, jointly controlled by Grosvenor opened its first shopping centre in Berlin and entered the Romanian market.
Jeremy Newsum, Grosvenor's chief executive, commented: 'These results demonstrate the strength of our diverse international business. The more difficult market conditions we predicted have arrived, but all Grosvenor's operating companies around the world performed well in 2007. Industry returns are unlikely to recover in 2008, but our international reach and financial strength mean that the medium term future is a bright one for Grosvenor.' Mark Preston, currently chief executive of Grosvenor Britain & Ireland, will take over as group chief executive on 1 July 2008.
