Billionaire Duke to Sell £700 Million of US Real Estate (1)

Grosvenor Group Holdings Ltd., the centuries-old British property group owned by the billionaire Duke of Westminster, plans to sell its direct US real estate holdings valued at about £700 million ($954 million) as it pivots toward indirect investments in the region.

The sale will happen “over a period of time,” James Raynor, the group’s property chief executive officer, said in an interview. Agents are being appointed to market those assets on a case-by-case basis, he added.

The disposal follows a loss of £108 million the group recorded in North America last year, driven primarily by the revaluation of ...