Duke of Westminster again top UK investor with $11bn in London assets

The Duke of Westminster, who controls a London estate with the world's most expensive office space, remains the richest property investor based in Britain.

In its annual ranking of the 250 wealthiest people in the industry,Estates Gazette said Gerald Grosvenor had assets with an estimated value of £6.8 billion ($11 billion) at the end of September. David and Simon Reuben again ranked second with £5.4 billion and Earl Cadogan and his family were third with £2.5 billion.

The magazine said the combined wealth of the people included in the survey increased by 4.3 per cent to £72 billion. UK commercial real estate appreciated by 15 per cent during that period, Investment Property Databank estimated, while the MSCI World Index rose 4.6 per cent.

"The recovery in commercial property values, which began in the third quarter of 2009, is now feeding through," Estates Gazette said. "The top performers this year are inevitably those with low borrowings and solid assets."

There are two new entries in the top 10. Poju Zabludowicz, ranked eighth and who hold a Finnish passport, was included after he gained UK residency. John Caudwell, who made his fortune from mobile communications, invested in property during the last quarter of 2008 and is joint ninth with Howard de Walden and his family.

The survey covered the UK and Ireland, with individuals and families resident in those countries, as well as British citizens living overseas being eligible for inclusion. All of them created a significant part of their wealth from investing in real estate.

- BLOOMBERG