INDUSTRY NEWS

Crown Estate announces revenue surplus

Crown Estate has announced a revenue surplus of £211.4 million for the year ending March 31st 2008.

It reported turnover increased one per cent to £264 million and its capital value rose 3.3 per cent to £7.3 billion.

Roger Bright, chief executive, said: "I am pleased to report that we have navigated through troubled waters with demonstrable success and are well-positioned to face the challenges that lie ahead."

The company has moved to reduce its exposure to high-risk sectors such as offices in London and rebalanced its commercial property portfolio.

Mr Bright noted that despite the group’s successes it remained "subject to short-term market conditions".

It also reported good progress on new projects in London – Crown Estate secured planning permission for its Regent Street development, The Quadrant, which it hopes will be most significant addition to London’s public realm seen in the West End in 30 years.

The Crown owns the immediate waters around the UK and has recently launched a leasing program to encourage the development of offshore wind projects.

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