Grosvenor has teamed up with John Latsis’s private banking division to close its first ever commercial limited partnership in central London.
The Duke of Westminster’s property company and Latsis’s EFG Private Bank have got together to create a fund to invest in smaller West End buildings. The fund has closed at £40m.
Grosvenor has put six of its period buildings into the six-year Mayfair Fund, which is backed solely by private high-net-worth investor clients of EFG. It will not include any of the buildings owned by Latsis’s property company CREMS, which is looking to sell a 50% stake in a £300m West End portfolio to Motcomb Estates (EG, News, 23 March).
