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

Eaton Square in central London is the jewel of the 300-year-old Grosvenor estate. Photograph: Andy Rain/EPA

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.