Grosvenor, the Duke of Westminster’s property group, is set to invest in some of the businesses across its estate in a move aimed at helping tenants achieve post-pandemic growth.
Grosvenor Britain and Ireland is landlord to around 500 retail and restaurant businesses across Mayfair and Belgravia. Many of the occupiers have seen trade suffer due to tourists and office workers avoiding central London since the coronavirus outbreak.
The property firm did not reveal how many companies it plans to back or how much money the tenant investment fund will spend.
But, it said that “by investing selectively in tenants with new business ideas, and sound diversification and growth strategies, Grosvenor is taking a confident, long term view on the success of Central London at a time when the market is at its most uncertain”.
The update came after Sky News said Grosvenor is discussing a deal that would see it become a minority investor in fashion label Roland Mouret. Both parties declined to comment.
James Raynor, chief executive of Grosvenor Britain & Ireland, today told the Evening Standard that the company has many tenants that have been hit by the crisis but are “innovating to adapt and build a new future”.
Raynor added: “There are many exciting ideas out there looking at new product lines, services and routes to market. By backing the best of these we’re looking to become partners with tenants in a way that landlords have never been before. This way we can support entrepreneurial concepts and the West End’s global reputation for fashion, food and unrivalled experiences, helping keep the centre of London vibrant and exciting.”
Grosvenor is among London landlords that offered rent deferrals and rent holidays to a number of tenants hurt by the coronavirus crisis.