The Duke of Westminster’s property company, Grosvenor Group, has blamed a slowdown in the London property market and the weakened value of the pound for a drop in its returns last year.
Grosvenor’s total return for 2017 was 2.7%, down from 8% a year previously, as the value of its global portfolio fell.
Chief executive Mark Preston said the company had anticipated a dip in the value of its London properties in particular, and that a “cooling in the market” driven by fewer international investors and the drop in the value of sterling after the Brexit vote had exacerbated the fall.
The Times adds that the property company said that it will invest more abroad if Brexit uncertainties continue.
Grosvenor, which owns £6.8bn of property assets worldwide, said that it was continually assessing the “relative attractiveness” of the British market against the rest of the world.
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