In 2011, Grosvenor and two Canadian pension funds formed Maple Leaf Ventures, a value-add programmatic partnership to acquire income- producing assets across Grosvenor’s US strategic markets in Washington, D.C., Seattle and San Francisco.

Over the 10-year programme, the partnership acquired C$910m in assets across 2,650 multifamily homes and 375,000 sq ft of office space. Through a combination of physical improvements, operational enhancements and the management of leasing risk, the partnership generated C$1.2bn in disposition value and a gross IRR of 13.3%.