Crown Estate writedown
The Queen sees £552m wiped from property portfolio
Properties owned the monarch suffered in the pandemic
The Queen has seen more than half a billion wiped from the value of her properties because of the coronavirus.
New figures show the Crown Estate, which manages the monarch’s properties, revealed that it had downgraded the value of its portfolio to £13.4bn, a fall of 1.2%.
This is mostly as a result of a £552.5m (17%) write down of its regional portfolio due to the challenging retail market, including falling rental values.
The Queen owns properties in city centres as well as retail parks and the rights to seabeds around the British Isles.
Dan Labbad, chief executive of The Crown Estate, said many of the organisation’s real estate markets were already “facing long term structural challenges which have now been accelerated as a result of COVID-19”.
Mr Labbard said the estate was “under no illusions about the challenges we face.
“Whilst it is too early to accurately forecast our performance for next year, we do expect our net revenue profit and property valuations to be significantly down.”
The Crown Estate would usually pass all its profits to the Treasury, which passes 25% to the Queen through the sovereign grant.