We develop, manage and invest in property in more than 60 cities around the world. Four regional Operating Companies (Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe) are responsible for their own property strategies. Together, they enable the Group to diversify by geography, sector, activity, currency and management team. Last year, their combined activities accounted for 87% of the Group’s capital as they developed, managed and invested in assets in principally the retail, residential and office sectors. Our Indirect Investment business further diversifies the Group’s property interests by backing specialist third-party management teams. By last year end, it had invested 13% of Grosvenor Group’s capital in Africa, Australia, Europe and North and South America. The purpose of the Group is to improve propery and places to deliver lasting commercial and social benefit. This is achieved by adopting a farsighted approach, being locally engaged and sharing and benefitting from our international experience – we call this our Living Cities approach.