Neo Bankside developer sees 拢700m growth in assets under management

锘縂rosvenor, the property company behind 拢400m high-end residential scheme Neo Bankside, has posted a pre-tax profit of 拢394.8m.

This year鈥檚 performance of the Duke of Westminster鈥檚 business was a vast improvement on the 拢235.8m loss it made in 2009.

In the firm鈥檚 annual report Mark Preston, Grosvenor chief executive, said that in 2011 growth would continue to focus on the fund management business, Asia and the London estate.

Grosvenor has 拢10.9bn of assets under management, up 拢700m on the previous year.

About 拢1.1bn concerns development projects while 90% is investment related.

Developments in London include a joint venture with Native Land at Neo Bankside and a boutique hotel in Mayfair.