The Strategist

Real estate value of the British crown fell by $ 700 million after lockdown


09/21/2020 - 03:56



The organization that manages the real estate of the British monarchy reported a decrease in the value of its assets by more than $ 700 million due to the spring quarantine. Despite this, it managed to earn a profit for the treasury.



Philafrenzy
Philafrenzy
The Crown Estate, which manages real estate in West London and the UK countryside on behalf of the Queen, said its asset value fell by $ 716 million following a quarantine imposed by the pandemic.

According to a 2019/20 Crown Estate report, the value of the royal portfolio declined 1.2% to $ 17.4 billion after the lockdown restriction were introduced in London as shops were empty and commercial leases remained unpaid. The report cites the "rocky" retail situation for Crown Estate tenants, which has exacerbated the spread of the coronavirus across the UK.

Despite an unprecedented trade situation, the Crown Estate still made a small profit over the past year. The organization's chief executive said earnings were up 0.4% year-over-year to $ 447 million. This “reflects the margin of safety of our portfolio and the proactive approach of our team,” he said in the report.

source: forbes.com




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