Grosvenor Group, the long-established British property company owned by the Duke of Westminster, is preparing to dispose of its directly held U.S. real estate portfolio as it repositions its strategy in North America. According to reports citing an interview with James Raynor, the group’s property CEO, the assets earmarked for sale are valued at about £700 million, or roughly US$954 million, and represent the firm’s directly owned holdings in the United States.
Raynor indicated that the program will be carried out gradually rather than through a single large transaction. The sales are expected to unfold over a three- to five-year period, with individual properties brought to market on a case-by-case basis. Grosvenor is in the process of appointing brokers to handle the marketing of each asset, reflecting a tailored approach to timing and execution. The portfolio scheduled for disposition includes properties located in the Los Angeles, San Francisco, Washington, DC and Seattle markets, although specific asset types and addresses were not disclosed.
The planned exit from direct ownership in the U.S. comes as Grosvenor looks to pivot towards indirect investments in the region. While details of the new investment approach were not provided, the shift suggests a preference for exposure through structures other than directly owned properties, such as funds or other vehicles, rather than maintaining a large balance-sheet portfolio of U.S. assets.
This strategy change follows a challenging year for the company’s North American business. The Financial Times reported that Grosvenor recorded a £108 million loss in North America in 2025, driven largely by writedowns on development sites in Vancouver and in the U.S. The writedowns were attributed to higher interest rates, rising construction costs and weakening tenant demand, pressures that have weighed on real estate values and development economics across the region.
Despite the setback in North America, the wider group remained supported by a stronger performance from its U.K. portfolio. Even so, Grosvenor reported a revenue loss of £23.2 million for the year, underlining how the combination of market headwinds and valuation adjustments has affected overall results. The decision to dispose of directly held U.S. properties and turn toward indirect investment vehicles appears to be a key component of the firm’s response to these conditions.
No timetable has yet been disclosed for individual asset launches or closings, and neither potential buyers nor specific brokerage firms have been identified. The multi-year sales program and strategic rotation indicate that Grosvenor is restructuring its North American exposure while seeking to adapt to a higher-cost, more demand-sensitive operating environment.
