Grosvenor back in the black with £394m profit

The Duke of Westminster saw his family's property investments gain more than 9 per cent in value last year after a four-year slowdown.

The net-asset value of Grosvenor, which owns large parts of London's Mayfair, rose £240m to £2.78bn as the investment vehicle returned to the black in 2010 with a pre-tax profit of £394m, compared with a loss of £236m the previous year.

"We remain committed to expansion in Asia, especially China, and to reinvesting in our core business in London. Expanding our fund management business... is also a priority," Grosvenor's chief executive Mark Preston, above, said.

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