Annual Review

In 2025, we continued to drive transformative investment across London’s West End, reinforcing our long-term stewardship of Mayfair and Belgravia as globally competitive urban destinations.

Progress continued on the South Molton development, the largest mixed-use scheme in the West End, which will deliver a vibrant new quarter of office, retail, culture and residential space next to the Bond Street Elizabeth Line station. When it launches in 2027, the 370,000 sq ft destination will reconnect historic streets, preserve iconic façades and generate renewed footfall and economic activity.

At Grosvenor Square, sustained progress in the landmark transformation of one of London’s most significant public spaces was celebrated with a tree-planting event. The scheme has received public endorsement from the Mayor of London, recognising its contribution to biodiversity, climate resilience and inclusive placemaking. Together, these projects demonstrate our long-term commitment to strengthening the West End through high-quality placemaking and enduring value creation.

Over more than 70 years of ownership, Annacis Business Park has developed into one of the Lower Mainland’s leading industrial hubs, home to over 400 companies and supporting more than 10,000 jobs.

With a continued focus on enhancing the quality and resilience of our portfolio, our Canadian property business is committed to maintaining the asset’s prominence within the Metro Vancouver industrial market over the next 20 years.

Occupying 185 acres of prime industrial land, our ambition for Annacis is to grow income through new development and active asset management – offering a diverse range of flexible spaces that respond to evolving tenant needs – while driving long-term growth through the progressive modernisation of our holdings.

Our teams are currently collaborating on the development of a new 140,000 sq ft best-in-class distribution facility, designed for sustainability and operational performance. By leveraging the scale, flexibility and central location of the portfolio, alongside ongoing active management, development and reinvestment across the Island, Annacis is well positioned to continue delivering value, diversification benefits and long-term returns for Grosvenor.

In 2025, our Diversified Property Investments business completed its second joint venture with Patria (formerly VBI) in Brazil, acquiring the Share Student Housing portfolio operated by Greystar.

Our partnership with Patria began in 2019, focused on transforming underutilised buildings into high-quality, purpose-built student accommodation to help address Brazil’s structural undersupply. Since then, we have refurbished, developed and opened eight assets across five cities, creating a platform with close to 2,200 beds. Managed by Uliving, the operating company in which we are a shareholder, it has become Brazil’s largest purpose-built student accommodation platform.

The latest ‘Share’ transaction adds a further 1,871 beds across five assets in São Paulo and Lajeado. These will be integrated into the whole platform, improving operational efficiency and further enhancing the scale and institutional quality of the portfolio.

Once complete, the joint venture will form the only student housing platform in Brazil, comprising over 4,000 beds. This expanded scale strengthens its long-term appeal to future buyers while continuing to raise the standard of student accommodation in Brazil. 

Together, these investments demonstrate how we work with specialist local partners to create scalable, investable platforms in key growth markets, advancing portfolio diversification and long-term value creation.

Grosvenor’s Reay Forest Estate was awarded the highest score from Wildlife Estates in Europe – 91.75%, as well as becoming the UK’s first organisation to achieve the gold standard.

Wildlife Estates is a network of more than 580 estates that operate across 19 countries in Europe, collectively managing more than two million hectares of land. For more than 20 years, it has worked to promote sustainable land management and conservation that delivers an economic, social and environmental benefit.

The award recognises the estate’s long-standing commitment to exemplary land management and conservation practices, safeguarding what is considered one of Europe’s last remaining wildlands.

Assessors described the Reay Forest Estate as “one of the leading examples in Scotland when it comes to species and habitat monitoring, enhancing biodiversity and delivering on landscape-scale projects”.

Against a backdrop of increasing costs as well as uncertainty from a perfect storm of political instability, climate change impact and a shifting regulatory landscape, Ostara delivered its highest revenue in the company’s history following a record year of sales.

Ostara, which produces a highly efficient granulated fertiliser – both manufactured and recovered from wastewater streams – expanded its customer base across North America, reinforcing its position as the leader in the sector.

Ostara’s CG P2X product line provides growers with a highly efficient, environmentally-friendly source of nutrients. Unlike conventional fertilisers, CG P2X – previously marketed as Crystal Green®– releases nutrients only when triggered by natural root chemistry.

This ensures consistent availability throughout the growing season. In most cases, growers can apply 30% less fertiliser. It improves crop performance, increases yields as well as enhancing soil health. It also reduces nutrient loss from runoff and leaching, helping to protect waterways.

With over 25 commercial installations worldwide and organic certification across multiple European countries, Ostara continues to set the standard for nutrient recovery and sustainable agriculture, supporting growers in meeting performance goals while advancing environmental stewardship.

Since welcoming our first tenants in 2024, Grosvenor Hart Homes has been delivering measurable change. Last year, our independently reviewed interim evaluation confirmed that our model improves life chances while reducing public costs.

Built on three foundations – a safe, high-quality home; tailored support addressing barriers to mental health and wellbeing; and pathways to employment and enterprise – our approach enables individuals to overcome challenges and move towards independence.

The review found that 91% of tenants are actively engaged in working towards better outcomes. Mental health support is embedded, with 92% engaging and 69% receiving help for previously undiagnosed needs. Employment and education progress is emerging: 82% of those previously not in employment, education or training now access training or job support, with 44% in work and 33% in volunteering or education.

An updated cost-benefit analysis projects net savings of £1.2m to the public purse from just 11 families – underscoring the economic case for prevention. As we scale to c.700 homes and support 2,000 young people, our ambition is clear: to deliver systemic change and transformed life chances.