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  1. Wealth
February 16, 2009

Telegraph: Duke’s fund may breach covenants

By Spear's

The Duke of Westminster, the UK’s wealthiest landowner, is in discussions with banks following concerns that his biggest fund, the £690m Grosvenor Shopping Centre Fund, could breach its banking covenants.

From the Telegraph:

The Duke of Westminster, the UK’s wealthiest landowner, is in discussions with banks following concerns that his biggest fund, the £690m Grosvenor Shopping Centre Fund, could breach its banking covenants.

The fund, which owns shopping centres including the Dolphin Centre in Poole, Freshney Place in Grimsby, Cooper’s Square in Burton-upon-Trent and Eastgate Shopping Centre in Inverness, has faced declining property values and an increasingly difficult retail market.

Grosvenor, which has 20 funds in total and £3.1bn of property under management, yesterday confirmed that parts of its business had been hit by a challenging property market and more shoppers shunning the high street.

To read the full story, visit telegraph.co.uk

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