In Continental Europe our key focus has been on establishing market leading positions in select retail markets. In general terms we believe this sector offers the most attractive risk adjusted returns. We have concentrated on core plus opportunities that mix stable income profiles with the opportunity to unlock longer term capital growth. Our first fund, Grosvenor Retail European Properties, has a European focus and is now fully invested in over 50 properties. This was followed by a dedicated French Fund, Grosvenor French Retail Investments, currently establishing a well spread portfolio. It is now our intention to create a specialised Italian vehicle investing in high street and retail warehouse opportunities, Grosvenor Italian Retail Fund.

We follow the office sector closely, and having established a Joint Venture portfolio,  are considering the strategic options available to us as the markets evolve.