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Queen to sell off part of Regent Street for cash
Business Digest: Crown Estate is negotiating with potential investors as attempt to reduce exposure
The Queen is in the early stages of selling off a minority stake in her £1.6bn portfolio of shops and offices on Regent Street, one of the world's most famous shopping streets. Roger Bright, chief executive of the Crown Estate said "good progress" was expected by the end of this year.
The sale is not an attempt to cut the national debt – it’s designed to reduce the Crown Estate's exposure to Regent Street, which accounts for 25 per cent of the organisation's £6bn assets. The capital generated by the sale will be reinvested in developments across the Queen’s property portfolio.
Created 250 years ago when the reigning monarch was George III, the Crown Estates hold and administer various properties for the Queen, with all profits paid to the Treasury. In return the royal family receive their Civil List payments.
Bright said: "Our results should be read in the context of our obligation not to chase short-term income returns, and our statutory restrictions on borrowing, which increases our exposure to low interest rates."
Read a full report at the Daily Telegraph. ·
