Grosvenor UK property boss steps up to build on momentum

Grosvenor has shuffled its leadership team in a move to build on the continued growth in the UK and internationally. James Raynor, chief executive of the investor’s UK property business, will take the helm of the entire Grosvenor property business, including its international property business, from September this year. He will retain his current role until a successor is appointed. Raynor has had a long career at Grosvenor spanning more than 20 years, serving as chief executive of Grosvenor Fund Management and Grosvenor Property Europe before becoming head of Grosvenor Property UK in 2020. Mark Preston, chief executive and executive trustee at Grosvenor, said: “James is very well qualified for the Grosvenor property CEO role. He has delivered commercial success, environmental leadership and a progressive partnership approach with our many communities. I look forward to the benefits of his fresh insights and leadership across our international property business.” Further leadership changes at Grosvenor include Debbie Lee replacing Rob Davis as chief financial officer from July next year. The shake up coincides with Grosvenor’s financial report for 2024, which came in significantly ahead of expectations. The firm’s core property business increased underlying profit – resulting from recurring revenue after costs – by 16.5% year-on-year to £86.4m, thanks to rental growth and cost savings. Average global occupancy levels ticked up to 97% from 95% in 2023. This strong performance was further supported by Grosvenor’s food and agtech business, and the rural estates division, both of which have also delivered double-digit growth year-on-year. Preston said: “Against a challenging year for the global economy, marked by mediocre growth and rising geopolitical tensions, our business has delivered a strong set of financial results.” Looking ahead, Grosvenor looks to build on its new £1.2bn partnership with Norges Bank Investment Management, which is expected to support its long-term competitiveness and appeal of the London portfolio, delivering fresh investment for future growth. In addition, the firm expects the sale of its stake in Liverpool ONE to Landsec to free up capital for future investment in a £6.6bn development pipeline and expand the UK property lending business. Image: Thomas Graham