Over the past 12 months The Crown Estate has secured three new tenants at the Cambridge Business Park - Price Bailey, Oracle, and JDR Cable Systems - while existing tenant CSR plc expanded its global HQ at the park to 94,000 sq ft, which was the largest office letting in Cambridge for over a decade.
Results summary
- Record return to Treasury for the benefit of the public finances: £285.1m, up 6.7% on 2014 and 50% over ten years
- Capital value at a historic high: £11.5 billion, up 16.1%; Property value of £11.0 billion, up 16.7%
- Market beating total return: 20.8%, against a 18.4% bespoke benchmark and a 17.1% IPD universe; 3 year total return of 17.3% against a 15.1% bespoke benchmark and 11.1% IPD universe; and 5 year total return of 17% against a bespoke benchmark of 14.4% and IPD universe of 10.2%.
- Partner funds managed in strategic joint ventures: Up 60% from £968m to over £1.5bn
- Beyond financial return: living wage accreditation achieved during 2015; over 1,000 people placed into work through the Recruit West End programme.
Key performance drivers for 2015: a historically high development pipeline in London’s West End and regionally; the growth of the offshore wind portfolio; strategic partnerships to provide working capital; increasing value of standing investments in the business’s core sectors; and the sale of non-core assets into strong markets.
Sir Stuart Hampson, Chairman of The Crown Estate said: “The Crown Estate has raised the bar with another year of record breaking profits. These results prove that our long term outlook and active asset management in our core sectors continue to ensure that The Crown Estate remains an outstanding UK success story.”
Alison Nimmo, Chief Executive of The Crown Estate said: “This year we’ve continued on the path of success, outperforming the market and delivering significant value beyond financial return. Over ten years we have nearly doubled the value of the business by delivering world leading business destinations and 21st century retail experiences, driving investment in the UK’s renewable energy industry and actively managing one of the nation’s largest rural land portfolios”.
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Contact: [email protected]; 020 7851 5242