Our performance

Optimising the delivery of commercial and social benefit

Focused on our communities

We aim to have a positive impact on today’s communities while being alive and responsive to the needs of future generations.

How did we provide commercial and social benefit during 2019?


In 2019, we continued to identify opportunities to make a positive impact both commercially and socially, adopting a far-sighted perspective, deepening our local knowledge of the cities in which we work and sharing and benefiting from our international experience.

Please watch the film above and take a look at our suite of reporting documents and highlights below to find out more. You can read our results press announcement here and access key policies and reports in our archive here

2019 Annual Review

Read our Annual Review to see key activity and performance highlights from across the Group in 2019.

2019 Financial Statements


Learn more about our financial performance in 2019.

2019 Non-Financial Data Report


Learn more about the data in our 2019 Review.

"We look to the 2020s with ambitious plans for further international diversification, delivering long-term growth and social benefit, including the achievement of challenging environmental targets."

Mark Preston, Group Chief Executive

Read more about the examples of the positive impact our international projects are already having or are aiming to deliver once fully realised.

2019 performance highlights

Some financial, environmental and social figures from 2019

Revenue profit
£m
0
(2018: £131.0m)
Total return
%
0
(2018: 5.5%)
Shareholders' funds
£bn
0
(2018: £5.0bn)
Water consumption
%
0
(2018: -4%)
Energy consumption
%
0
(2018: -4%)
Waste diverted to landfill
%
0
(2018: 91%)
Community events supported
#
0
(2018: 368)
Green space managed
ha
0
(2018: 104ha)
Charitable donations
£m
0
(2018: £4.8m)

Highlights from across the business

Grosvenor Americas

2019 performance

Grosvenor Americas had another highly active year. In 2019, our activities were focused on near-term defensive positioning and longer-term planning. As anticipated, reduced trading activity resulted in lower revenue profits of £22.8m (2018: £39.0m). Positive revaluation gains contributed to a total return of 7.0% (2018: 5.7%). We sold value-add investment properties in San Jose, CA, and Washington, D.C. and ended the year with our investment portfolio over 97% leased with robust valuation growth. We also cleared key development milestones; breaking condominium sales price records in San Francisco, CA, welcoming homeowners in Vancouver, BC, receiving planning approval for apartment projects in Berkeley, CA, and Washington, D.C.; and advancing large multi-year projects in Metro Vancouver and San Francisco, CA.

Grosvenor Asia Pacific

2019 performance

Our 2019 performance in Asia was mixed following exceptional results in 2018. The macro backdrop was challenging. US-China trade tensions combined with the economic transition already in motion in China created economic uncertainty across the Asia region. Most significantly, political crisis and social unrest dominated in Hong Kong where we have significant investment exposure. The Japan market proved more resilient, and investor demand for quality assets across the region remained strong. Leasing and sales activity was moderately positive across the rest of our portfolio, and valuation gains were better than expected for almost all our assets. As a result, Grosvenor Asia Pacific generated £2.3m revenue profits (2018: £26.9m). Total return of 3.8% (2018: 6.6%) reflected modest revaluations and disposal profits including those realised from the sale of part of our interest in Grosvenor Place Kamizono-cho, a luxury residential investment in Japan. At the end of the year we exchanged contracts on the acquisitions of what will be our second retail asset in Ginza, Tokyo. This investment calls for the development of a vertical retail building and will be our first proprietary development project in Japan. During the year, we brought in ReBITA – a local Japanese property investor – as a strategic investor in Grosvenor Place Kamizono-cho. Construction progressed well at DAYU VILLA, our residential joint venture development in Nanjing, China, with residential pre-sales launching well at the end of the year.

Grosvenor Britain & Ireland

2019 performance

For the UK at large, 2019 was a challenging year dominated by an uncertain political backdrop which held back economic growth. In the property markets, this uncertainty was most evident in the retail sector, which faced particular pressure, and through lower volumes of investment than usual. In this context, Grosvenor Britain & Ireland performed strongly. We delivered full year revenue profits of £41.1m (2018: £39.2m), ahead of budget. Total return was 3.1% (2018: 3.2%) reflecting positive valuation movements, above expectations. Leasing activity across our London estate remained strong although transactions were often protracted. Our occupancy rates stood at 93.6%. We signed 80 new retail and office tenants to our estate and achieved 81% net customer satisfaction rating.

Grosvenor Europe

2019 performance

Pricing remained competitive in all of Grosvenor Europe’s markets in 2019. Despite these challenges, we grew our income producing office portfolio in both Paris and Madrid and are examining the potential to enhance the sustainability credentials of these assets, with the aim of achieving our first net zero carbon building in 2020. Financially, we delivered a revenue loss of £(0.9)m (2018: £11.6m profit) which we expect to improve when the full benefit of our office acquisitions in Paris and Madrid, made towards the end of this year, will be realised. Total return of (0.8)% (2018: 3.3%) reflected revaluation losses in relation to our retail assets, which were impacted by market sentiment. In Madrid, we completed our first residential development scheme, Jorge Juan 53, while off-plan sales progressed well across the rest of the portfolio. In Sweden we are repositioning several assets by repurposing underused retail space into leisure, service and community uses, including introducing healthcare, education and fitness facilities. Meanwhile in Paris we invested in an eight-storey 1,800 sq m redevelopment project and a 3,300 sq mixed-use property in the Pantin neighbourhood, a booming area popular with businesses due to various urban regeneration projects.

Indirect Investment

2019 performance

2019 was a successful year for our Indirect Investment team. We committed to the delivery of student accommodation in Brazil, expanded our investment programmes in both Australian healthcare and the US affordable housing sectors and achieved successful planned exits from three of our partnerships in the office and industrial/logistics sectors. In terms of financial performance, 2019 reflected the full year impact of our reduced interest in Sonae Sierra (from 50% to 30%), with revenue profits of £25.5m (2018: £33.6m). This was also impacted by the sale of income producing assets in early 2019. Lower revaluation gains in Sonae Sierra and our third-party managed assets resulted in a total return of 5.1% (2018: 9.1%) being delivered. Our current portfolio of 12 investments, including our 30% shareholding in Sonae Sierra, gives us access to assets and expertise in five continents, 13 countries and seven different property sectors.

Grosvenor Americas

Grosvenor Americas

2019 performance

Grosvenor Americas had another highly active year. In 2019, our activities were focused on near-term defensive positioning and longer-term planning. As anticipated, reduced trading activity resulted in lower revenue profits of £22.8m (2018: £39.0m). Positive revaluation gains contributed to a total return of 7.0% (2018: 5.7%). We sold value-add investment properties in San Jose, CA, and Washington, D.C. and ended the year with our investment portfolio over 97% leased with robust valuation growth. We also cleared key development milestones; breaking condominium sales price records in San Francisco, CA, welcoming homeowners in Vancouver, BC, receiving planning approval for apartment projects in Berkeley, CA, and Washington, D.C.; and advancing large multi-year projects in Metro Vancouver and San Francisco, CA.

Grosvenor Asia Pacific

Grosvenor Asia Pacific

2019 performance

Our 2019 performance in Asia was mixed following exceptional results in 2018. The macro backdrop was challenging. US-China trade tensions combined with the economic transition already in motion in China created economic uncertainty across the Asia region. Most significantly, political crisis and social unrest dominated in Hong Kong where we have significant investment exposure. The Japan market proved more resilient, and investor demand for quality assets across the region remained strong. Leasing and sales activity was moderately positive across the rest of our portfolio, and valuation gains were better than expected for almost all our assets. As a result, Grosvenor Asia Pacific generated £2.3m revenue profits (2018: £26.9m). Total return of 3.8% (2018: 6.6%) reflected modest revaluations and disposal profits including those realised from the sale of part of our interest in Grosvenor Place Kamizono-cho, a luxury residential investment in Japan. At the end of the year we exchanged contracts on the acquisitions of what will be our second retail asset in Ginza, Tokyo. This investment calls for the development of a vertical retail building and will be our first proprietary development project in Japan. During the year, we brought in ReBITA – a local Japanese property investor – as a strategic investor in Grosvenor Place Kamizono-cho. Construction progressed well at DAYU VILLA, our residential joint venture development in Nanjing, China, with residential pre-sales launching well at the end of the year.

Grosvenor Britain & Ireland

Grosvenor Britain & Ireland

2019 performance

For the UK at large, 2019 was a challenging year dominated by an uncertain political backdrop which held back economic growth. In the property markets, this uncertainty was most evident in the retail sector, which faced particular pressure, and through lower volumes of investment than usual. In this context, Grosvenor Britain & Ireland performed strongly. We delivered full year revenue profits of £41.1m (2018: £39.2m), ahead of budget. Total return was 3.1% (2018: 3.2%) reflecting positive valuation movements, above expectations. Leasing activity across our London estate remained strong although transactions were often protracted. Our occupancy rates stood at 93.6%. We signed 80 new retail and office tenants to our estate and achieved 81% net customer satisfaction rating.

Grosvenor Europe

Grosvenor Europe

2019 performance

Pricing remained competitive in all of Grosvenor Europe’s markets in 2019. Despite these challenges, we grew our income producing office portfolio in both Paris and Madrid and are examining the potential to enhance the sustainability credentials of these assets, with the aim of achieving our first net zero carbon building in 2020. Financially, we delivered a revenue loss of £(0.9)m (2018: £11.6m profit) which we expect to improve when the full benefit of our office acquisitions in Paris and Madrid, made towards the end of this year, will be realised. Total return of (0.8)% (2018: 3.3%) reflected revaluation losses in relation to our retail assets, which were impacted by market sentiment. In Madrid, we completed our first residential development scheme, Jorge Juan 53, while off-plan sales progressed well across the rest of the portfolio. In Sweden we are repositioning several assets by repurposing underused retail space into leisure, service and community uses, including introducing healthcare, education and fitness facilities. Meanwhile in Paris we invested in an eight-storey 1,800 sq m redevelopment project and a 3,300 sq mixed-use property in the Pantin neighbourhood, a booming area popular with businesses due to various urban regeneration projects.

Indirect Investment

Indirect Investment

2019 performance

2019 was a successful year for our Indirect Investment team. We committed to the delivery of student accommodation in Brazil, expanded our investment programmes in both Australian healthcare and the US affordable housing sectors and achieved successful planned exits from three of our partnerships in the office and industrial/logistics sectors. In terms of financial performance, 2019 reflected the full year impact of our reduced interest in Sonae Sierra (from 50% to 30%), with revenue profits of £25.5m (2018: £33.6m). This was also impacted by the sale of income producing assets in early 2019. Lower revaluation gains in Sonae Sierra and our third-party managed assets resulted in a total return of 5.1% (2018: 9.1%) being delivered. Our current portfolio of 12 investments, including our 30% shareholding in Sonae Sierra, gives us access to assets and expertise in five continents, 13 countries and seven different property sectors.

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