The Real Estate Of The British Crown Fell By $716 Million
Property of the British crown after the quarantine imposed in the country due to the coronavirus pandemic fell in price by $716 million, according to a report of the independent commercial organization Crown Estate, which manages real estate in the monarchy.
The value of the Royal portfolio fell 1.2%, to $17.4 billion after a lockdown was introduced in London in the spring due to COVID-19. The Crown Estate noted that tenants of crown-owned properties found themselves in a difficult situation, as residents went into self-isolation, the purchasing power of the population in some areas of trade fell to almost zero, and stores closed.
Despite this, the organization managed to make a small profit in 2019/20. According to the Executive Director of the organization, Dan Labbad, it amounted to $447 million.
The organization expects new shocks in the real estate market, so income payments to the Treasury will be made in parts. The first of them in the amount of $113 million has already been received in July. The remaining funds will be sent to the Treasury after "changes in the situation in the trade sphere."
Crown Estate manages real estate and the land of the British monarchy in Central London and other cities, as well as 144,000 hectares of agricultural and forest land and almost half of the country's coastline.