The Duke of Westminster is swapping Belgravia and Mayfair for warehouses by investing in a new industrial property vehicle. The Duke’s property company Grosvenor has agreed to fund Industrial Ownership (IO), which aims to acquire industrial estates and business parks around the UK worth up to £5m.
The investment is Grosvenor’s first foray into industrial property and is part of the company’s strategy to diversify its assets. Grosvenor controls £12.5bn of property around the world. As well as its historic estate in Mayfair and Belgravia, the company’s assets include the Liverpool One shopping complex, the luxury London residential development 3–10 Grosvenor Crescent and the residential tower Westminster Terrace in Hong Kong. The company is providing the vast majority of the £35m with which IO will launch. The remainder of the funds will come from the vehicle’s management, industry veterans John Sims and Angus Scott Brown.