Grosvenor has been forced to make a second provision in two years for its huge retail development in Liverpool city centre. Financial Times
Grosvenor managed record results for 2007, as it yesterday unveiled a 3 per cent rise in profit before tax to £524m and an increase in total assets under management of 17% to £12.9bn during the year.
Net asset value rose 19 per cent to £3.1bn during 2007, countering the widespread downturn in NAV elsewhere in the sector owing to its extensive overseas business and strength in its core West End commercial and residential property portfolio. Total returns fell from 15.5% in 2006 to 14.4%.
'Compared to our peers, we had an exceptionally good year,' said Jeremy Newsum, who stands down as chief executive in July. 'Concentration in the West End has been key, where occupier demand remains good, but the performance has been good across the world.'
The company made a £48.8m provision against Liverpool One to reflect the decline in capital values.