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Search forCadogan family gets £30m dividend
Friday, May 23, 2008, 14:10
The property aristocrat, ranked the 17th wealthiest man in Britain in the Sunday Times Rich List, made the payment after the value of his estate hit the £3bn mark for the first time last year. Profits, however, fell from £43.5m to £30.8m.
The near-11% rise in property values came despite a sharp downturn in the market in the wake of the credit crunch. Soaring house prices in some of London's most expensive areas accounted for much of the increase, although growth tailed off at the end of last year.
House prices on the estate, which includes Cadogan Square and Sloane Square, rose 24% in 2007, having increased by 32% in 2006 and 19% in 2005.
Earl Cadogan hailed 2007 as a successful year against 'a deteriorating background' and warned conditions had become 'progressively more challenging' this year.
'The downturn in the cycle has had an impact on the valuations of our commercial property interests, but any adverse impact from this has been more than compensated for by continuing growth in the value of our residential property interests during 2007,' he said. 'We have to face a more difficult economic background than we have become accustomed to recently. The continuing turmoil in the financial markets, and in particular the severe constriction in the availability of credit, seem certain to impact the wider economy.'
The dividend, which matched what he paid the family in the previous year, was revealed today in the report and accounts of the Cadogan Group.
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