Grosvenor, the real estate firm owned by the Duke of Westminster - Britain's richest landowner, has decided to move its feet in Asia.

As per sources, the move was inspired by fall of £500m in the firm's property portfolio. It has been reported that the property value declined to £5.2 billion by the end of 2009 from previous years £6.2 billion.

The richest British landlord is also the third richest man in Britain with wealth estimated to be £6.5billion.

The company had a pretax loss of £236 million in 2009 compared to a loss of £594 million in the previous year. Its net asset value dropped to £2.5 billion.