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 2025 Annual Review and accounts. Mixed results show a strong year in UK property, positive international joint venture investments and disappointing results in North America weighing down overall performance.

Despite significant market headwinds, particularly in North America, Grosvenor’s disciplined financial management, clear strategic focus and diversified investment model added resilience to overall results, as the business continued to make progress against its long-term strategic and sustainability commitments.

Headline financial performance 

* Year-on-year percentage change for revenue profit is not shown where the movement results in a loss position, as percentage comparisons can be misleading when one year is a loss and the other is a profit

This year also saw an evolution in Grosvenor’s international property strategy to build on the Group’s existing strengths. Direct property investment is now intentionally concentrated in large, scalable assets in the UK and Canada, while Grosvenor Diversified Property Investments (GDPI) is being scaled up to play a bigger counterbalancing role across markets through partner-led, value-add strategies.

Commenting on the Group’s overall performance, Mark Preston, Grosvenor’s Executive Trustee, said:

"Despite continued market volatility and persistent uncertainty which particularly impacted our North American property and Food & Agtech businesses, 2025 was a year in which continued progress on our long‑term projects and sustainability commitments helped to strengthen the foundations for future growth and positive impact.

“Looking forward, 2026 will be an exciting year in which we will continue to invest in value-creating projects. These span international property, food and agtech, rural estates, affordable housing and philanthropic initiatives targeted at vulnerable young people. Collectively, these reflect our approach of responsibly creating value for long-term positive impact."

Commenting on Grosvenor’s international property business, James Raynor, Grosvenor Property CEO, said:

“In a challenging year for global real estate, our international property performance reflected diverging market conditions, with a strong UK performance helping to offset weakness in North America.

“Our refreshed international property strategy better leverages Grosvenor’s strengths. Focusing direct investments on our core markets of the UK and Canada and further diversifying internationally through joint ventures, gives us the right foundations for continued growth. We are seeing strong opportunities around the world, including in the US. Our pipeline of major developments in London and Vancouver reflects our long-term commitment to the portfolio, advancing transformational, sustainable projects that will create value not only for the business, but also for local communities and economies.”      

Commercial performance 

• The UK property business continued in its growth trajectory, delivering strong revenue profit of £88.8m and a total return of 5.1%.  With an occupancy rate of 97%, the strong performance was driven by resilient London estate income and robust leasing demand across retail, office and residential, reflecting the quality, location and active management of the London portfolio. Notable leases in the year included the highly popular Crisp Pizza in Mayfair and JW Anderson’s first interior-led store in Belgravia.
• Grosvenor Diversified Property Investments (GDPI) - the global, specialist joint-venture business whose globally diversified investments span sectors including student housing, logistics and medical facilities, executed its exits as planned, yielding revenue profit of £9.6m with a total return of 2.8%.
• North America saw a revenue loss of £(108.3)m and (6.6)% total return in the region. These losses are primarily driven by falls in value across assets held for development which are the most sensitive to swings in market sentiment.
• Overall group property performance was impacted by a challenging North American market with underlying profit of £70.5m and a revenue loss of £(23.2)m, as a result of impairments. This resulted in an overall total return of 0.9%
• Beyond property, 2025 was a difficult year for the food and agtech sector, with economic pressure, tighter funding and investor caution – particularly in North America – widely making it a ‘reset year’. Grosvenor Food & AgTech responded with a disciplined approach, consolidating the portfolio and focusing on resilient, proven models. Meanwhile strong performances elsewhere in the portfolio, (including Every, the precision fermentation business, Ostara, the sustainable fertiliser producer and Oxbury, the agricultural bank) support confidence in scalable technologies, delivering both returns and impact.
• Grosvenor Rural Estates, whose commercial operations primarily span rural property, dairy and arable farming and sustainable timber production, faced a combination of external pressures and rising employment and professional costs. The underlying strength of the business has continued to grow, reflecting careful stewardship and a deliberate focus on long-term resilience.

International property strategy for long-term growth 

• A refreshed international property strategy focuses direct investment on large, geographically concentrated assets, notably Mayfair and Belgravia in London, and Annacis Business Park and Brentwood Block in Vancouver – where scale supports resilient income, active asset management and stronger social and environmental outcomes.
• Meanwhile the business will accelerate the growth of its joint-venture business, GDPI, with an ambition for it to account for more than a quarter of Grosvenor’s balance sheet. With an established track record across sectors including student housing, logistics, build-to-rent and medical facilities, GDPI continues to broaden and balance the Group’s global exposure through partner-led, value-add strategies. All new US investment will be led through GDPI.

Progress across major international developments

Looking ahead, delivery will be focused on several transformational projects that underpin future income growth and long-term value creation.

• In London, Grosvenor Square will reopen in July 2026 as a biodiverse, climate-resilient garden, marking the most significant private investment in public green space in the West End in a generation.
• South Molton – the West End’s largest mixed-use development – is progressing towards practical completion in 2027, creating a new leisure and retail destination alongside 267,000 sq. ft of best-in-class offices in partnership with Mitsui Fudosan UK.
• In Canada, Brentwood Block is establishing a long-term mixed-use neighbourhood, with its first phase delivering around 1,700 much-needed homes and 160,000 sq. ft of commercial space.

Together with a disciplined approach to capital deployment, these projects position the Group to strengthen portfolio quality and deliver sustainable long-term returns.

Climate, nature and people highlights

In 2025 Grosvenor delivered meaningful, measurable progress, including the publication of its first group-wide Sustainability report:

• Climate: Direct property emissions have been reduced by 38% in the UK since 2019 and 31% globally since 2021, supported by a retrofit programme alongside continued investment in climate‑smart technologies.
• Nature: Across our Rural Estates, 53,000 hectares of natural capital have been surveyed and measured through one of the most advanced programmes of its kind in the UK using advanced techniques. Results are now guiding large‑scale conservation and restoration projects.
• People: Grosvenor Hart Homes, a registered provider of social housing, marked its first full year of operation, demonstrating meaningful progress in delivering a new, outcomes-focused model designed to improve the life chances of vulnerable children, young people by pairing affordable housing and support services across its first projects in Chester and Ellesmere Port.  Positive Futures, a major Grosvenor social impact commitment announced in early 2026, will see more than 3,000 Westminster residents supported over the next five years with skills and work opportunities.

Find out more in our Annual Review