duke of westminster fall

Grosvenor Group, the Duke ofWestminster's property firm that owns most of London's upmarket Belgravia and Mayfair districts, saw its returns fall to 9 percent last year on the back of weak retail values in Europe.
The firm is owned by the Grosvenor family, which holds the Duke of Westminster title. The current patriarch is Gerald Cavendish Grosvenor, listed as Britain's fourth richest person on The Sunday Times Rich List 2011.
Government austerity measures which hit consumer spending in Europe saw Grosvenor's returns, based on rental income and property prices, fall from 10.9 percent in 2010.

"The outlook is far from certain and we expect the coming decade in the global property market to be tough," Grosvenorchief executive Mark Preston said on Tuesday.

"I do not see it (European retail) picking up or deteriorating in particular this year."

Despite falling returns, the company added 6.7 percent to its value in 2011 as property values extended a recovery after the credit crisis. Net assets were 2.9 billion pounds ($4.6 billion), versus 2.78 billion in 2010.
Like other developers, Grosvenor will increase the amount of high-end residential schemes it does versus offices and shops, Preston said. unsecured loans

Values for the most expensive London homes have risen 44 percent in the past three years on the back of strong overseas demand from buyers looking to shield assets from global economic volatility, consultancy Knight Frank said.

Outside Grosvenor's historic London estate, which it has owned for over 300 years, the company has investments in Brazil, China and North America as well as an international fund management business. ($1 = 0.6295 pound) (Reporting by Tom Bill; Editing by Dan Lalor)    bad credit loans