Duke of Westminster’s property firm pays £50m dividend despite profits drop

Boss of Grosvenor, which owns swathes of Mayfair and Belgravia, warns of more pain' for commercial property market

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The Duke of Westminster's property company, which owns swathes of London's exclusive Mayfair and Belgravia districts, has paid out a 50m dividend despite falling profits.

The boss of Grosvenor, the duke's 11.5bn property empire, warned of a period of stagflation and that UK interest rates and inflation could stay high for longer than expected, resulting in more pain" for the commercial property market.