Grosvenor, the Duke of Westminster’s real‑estate empire, will liquidate its US holdings over the next three to five years to fund indirect investments. CEO James Raynor said the move follows an 18% dip in 2025 international profits and aims to boost flexibility.

The strategy hinges on selling outright US assets and redirecting proceeds into global joint ventures across student housing, build‑to‑rent and logistics. Roughly 40% of Grosvenor’s US portfolio already sits in partnerships, a model the group plans to expand.

Grosvenor’s 2025 international profit of £70.5 million fell short of 2024, partly due to writedowns on Vancouver and US development sites amid higher rates and weaker tenant demand. The firm will keep direct stakes in London and Vancouver, where it owns £8.2 billion of property.

This shift signals Grosvenor’s pivot from long‑term direct ownership to shorter, partnership‑led deals, potentially reshaping its capital structure and return profile for investors.