Grosvenor to spend 50b yen to buy, refurbish Tokyo apartments

[TOKYO] Grosvenor Ltd, the real estate firm owned by the family trust of the Duke of Westminster, plans to spend as much as 50 billion yen (S$614 million) to buy and refurbish apartments in Tokyo as demand for existing luxury homes increases.

Grosvenor will buy residential buildings, renovate and sell the units because it sees more demand from Asian and domestic high-net-worth individuals for top-end, refurbished apartments, said Koshi…