Business
Long live the Queen’s property portfolio – The Australian Financial Review
Appropriately for a portfolio that dates back to the time of William the Conqueror, the Crown Estate can take a long view. The property market is inherently cyclical. In time, linking payout to profits will be a royal flush once more.
But as the property owner takes on more of the risk, yields will rise and valuations fall. Rent collection is also down, forcing it to delay paying part of last years profits to the Treasury to ensure it can cover its costs.
All profits are normally returned to the Treasury, which then pays a quarter of them back to cover costs such as maintaining a crumbling Buckingham Palace. While the grant is guaranteed not to fall in cash terms, the formula was intended to ensure that the royals broadly do…
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