Grosvenor (the Group), the international organisation whose activities span urban property, food and agtech, rural estates management and support for philanthropic initiatives, has today published its 2024 annual review and accounts.
The results reveal a Group financial performance significantly ahead of expectations, as the establishment of high-quality joint ventures laid the foundations for growth and investment in the UK and internationally.
Grosvenor also announces senior leadership changes with the appointment of James Raynor to the role of Grosvenor Property CEO, with responsibility for the organisation’s international property business. This will be effective from September 2025, and he will retain his current role of CEO of Grosvenor’s UK property business until a successor is appointed. Mark Preston will remain as Grosvenor’s Executive Trustee with ultimate responsibility for the wider organisation’s strategy and performance – financially, environmentally and socially. Debbie Lee is also appointed Grosvenor’s CFO, succeeding current CFO Rob Davis, from July 2026. Further information, including details of other senior leadership appointments, is included in the Notes to Editors.
Financial highlights
| Urban Property | FY2024 | FY2023 | YOY Change |
| Underlying profit (£m) | 86.4 | 74.1 | 16.5% |
| Revenue profit (£m) | 82.1 | 41.5 | 98% |
| Total ReturnOccupancy rate | 3.4%97% | (0.2%)95% | 2% |
| Food & Agtech | |||
| Total portfolio value (£m) | 469.6 | 391.0 | 20% |
| Rural Estates | |||
| Net profits (£m) | 3.7 | 3.0 | 23% |
2024 highlights
- Establishment of new £1.2bn partnership with Norges Bank Investment Management (NBIM) will support the long-term competitiveness and appeal of the London portfolio, delivering fresh investment for future growth.
- Ongoing investment in North America, where the Group continues to see strong potential, via a joint venture with two partners to deliver over 1,700 new homes and 200,000 sq ft of commercial space in Vancouver.
- Sale of the Group’s stake in Liverpool ONE to free up capital for future investment in a £6.6bn development pipeline and expand the UK property lending business.
- Continued progress and commitment to environmental transformation and social impact:
- Science-based targets aligned with 1.5̊C in place across the Group.
- 26% carbon reduction across scopes 1-3 in the UK property business since 2019.
- Designation of Grosvenor Hart Homes as a registered provider of social housing.
- £3.1m investment in support of philanthropic initiatives in 2024.
Mark Preston, Grosvenor’s CEO and Executive Trustee, commented: “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.
“New joint ventures with Norges in our Mayfair portfolio and with a Canadian pension fund and family office in Vancouver will help us to sow the seeds of future growth. The injection of fresh capital will enable us to further invest in the long-term success of London’s West End and deliver a significant portion of over 6,100 homes we plan to create in North America.
“I’m proud that we’ve also continued to focus on our environmental and social impact this year, setting a pathway to align Group activity with the science-based target of limiting global warming to 1.5°C and securing registered provider of social housing status for Grosvenor Hart Homes. As an organisation which thinks in the very long term, we continue to see investing in lasting environmental and social benefit as central to how we drive performance and build resilience.”
Strong financial performance
2024 saw strong financial performance across the Group’s different business units.
· International urban property business grew underlying profit – the net operating result from recurring revenues after costs – of £86.4m, an increase of 16.5% on the previous year (£74.1m), thanks to rental growth, including from completed developments and cost savings.
· Revenue profit, which includes the results from our property trading activities, was £82.1m – almost double the previous year (£41.5m). Total return on property assets was 3.4% (2023: -0.2%), thanks to the higher revenue profit, positive valuation movements and gains from investment property disposals in the UK. Before the impact of foreign exchange, Grosvenor’s property return was 3.9% compared to 0.8% in 2023.
· Average (global) occupancy of 97% (2023: 95%) demonstrates enduring appeal and strength of the portfolio to occupiers.
Strong performance in the core property business was supported by the continued growth of our Food & Agtech business, and a strong year for the Rural Estates.
· Grosvenor Food & AgTech focused on helping portfolio companies scale their operations, achieve profitability, and raise new funds for investment. The portfolio’s value increased to £469.6m compared to £391m in 2023, inclusive of £48.5m (2023: £27.0m) of fresh capital committed to help the businesses accelerate growth.
· Net profits increased across Rural Estates to £3.7m (2023: £3.0m) thanks to resilient farming returns, new property acquisitions and higher commercial timber sales.
New investment for future growth
A series of significant decisions we believe will prove transformative for our long-term success were taken, pursuing ambitious joint ventures and the disposal of some key assets to facilitate investment in the development pipeline.
· A new joint venture with Norges Bank Investment Management through the sale of an approx. 25% stake in a mixed-use portfolio of 175 predominantly office and retail assets in Mayfair. Grosvenor will continue to act as asset, property and development manager for the portfolio.
· The start of works on site at South Molton, London West End’s largest mixed-use development.
· North American joint venture partnership with two Canadian investors to deliver Phase 1 of Brentwood Block in Burnaby, British Columbia. This is part of a wider C$1.8bn, 7.9-acre master-planned development featuring 1,730 new homes, one of the largest rental housing projects in the region. This is a significant portion of the Group’s pipeline of 6,100 homes it plans to create in North America.
· The Group made good progress against its strategy to realise capital to fund and deliver a £6.6bn development pipeline and expand lending activities. This accounts for the £0.4bn decrease in property assets and creates capacity for future investment.
· One such example was the sale to Landsec of the Group’s 23% stake in Liverpool ONE. This sale releases capital for a 10-year programme of investment in London and expansion of the residential debt business.
· Progress in the Group’s food and agtech portfolio, includingconstruction of a full-scale manufacturing facility for sustainable fertiliser in Missouri, US, byOstara, which increased overall production capacity tenfold.
Meanwhile, AeroFarms, the indoor vertical farming pioneer of nutrient-rich microgreens grown with no soil, no pesticides and 95% less water, increased production at its Virginia facility, which reached profitability last year – a first for a full-scale vertical farming company.
Helping to address major environmental and societal challenges
The Group, as an organisation that thinks long-term, continued to value and invest in the pursuit of positive environmental and social impact as a core part of its strategy. We believe this is ever more important given the growing calls for retrenchment in these areas in some quarters.
· Pathways were established to align the Group’s activities with the science-based target of limiting global warming to 1.5°C, and action was taken to deliver progress.
· The UK property business, the largest within the Group, has already delivered a 26% carbon reduction across scopes 1, 2 and 3 since 2019 (approx. 15,600 tonnes) thanks to a 40% reduction in supply chain emissions and the achievement of 1m sq ft of retrofitted space since 2020, part of our £90m Energy Savings Fund. Moreover, it also achieved a 3.7% uplift in Biodiversity Net Gain (since 2021) in our managed spaces across London.
· In 2024, and for the first time, the Group baselined its natural capital across 55,000ha of rural estates, using innovative methods to measure soil health and ecological biodiversity. Combined, these initiatives will help prioritise action on carbon storage, flood mitigation and sustainable food production that benefits people and wildlife.
· The Group’s social enterprise, Grosvenor Hart Homes, was designated last year as a registered provider of social housing. GHH’s mission is to improve outcomes for vulnerable children, young people, and their families through high-quality, affordable, and secure homes paired with tailored support services. Its pilot project in partnership with Cheshire West & Chester Council is already delivering positive outcomes across 29 homes and a dedicated community facility. GHH expanded its portfolio with 40 new three- and four-bedroom family homes in Ellesmere Port, Cheshire, and has ambitions to scale to more than 750 homes over the next 10 years.
· £3.1m (2023: £3.3m) contributed by Grosvenor businesses to philanthropic initiatives in 2024, predominantly supporting the Westminster Foundation’s work with vulnerable young people.
· The UK property business also invested over £1m in Greener Futures, a programme launched in 2022 focused on helping communities take climate action, creating access to training and jobs in the green economy, and improving access to nature.
