Neo Bankside developer sees £700m growth in assets under management
Grosvenor, the property company behind £400m high-end residential scheme Neo Bankside, has posted a pre-tax profit of £394.8m.
This year’s performance of the Duke of Westminster’s business was a vast improvement on the £235.8m loss it made in 2009.
In the firm’s annual report Mark Preston, Grosvenor chief executive, said that in 2011 growth would continue to focus on the fund management business, Asia and the London estate.
Grosvenor has £10.9bn of assets under management, up £700m on the previous year.
About £1.1bn concerns development projects while 90% is investment related.
Developments in London include a joint venture with Native Land at Neo Bankside and a boutique hotel in Mayfair.