Crown Estate loses £8m on two prestigious city locations
THE Crown Estate made an £8 million loss when it sold two of its last prestigious Edinburgh properties, it was reported today.
Princes Exchange, whose tenants include the Bank of Scotland and leading legal firms, cost 59.4m to purchase and develop before it was sold to Germany's Invesco Real Estate for 55.7m at a loss of 3.7m.
It also bought 127 Princes Street in 1995 for 14,039,000 and sold it last year for 10,010,000, at a loss of almost 4m.
The Crown Estate reportedly said that the two loss- making sales were "part of the ongoing management of the portfolio and the re-orientation towards multi-let retail warehousing and shopping centres".
Email to a friend
Print this page- Family mourn death of Glasgow ‘fight’ schoolboy
- Rangers takeover: Duff & Phelps threaten legal action against BBC
- Today’s youth not fit to be employed, says car firm Arnold Clark
- Rangers administration: Fans fear Duff & Phelps claims could scare off Green
- Rangers takeover: triple penalty punishment enough, says Johnston
- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Scottish independence: SNP flip-flops over Nato
- Scottish Independence: SNP ‘won’t be Yes campaign’s only voice’
- Scottish independence: Alex Salmond’s pledge to sign up 1m voters
- Today’s youth not fit to be employed, says car firm Arnold Clark
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Edinburgh
Sunday 27 May 2012
Today
Sunny
Temperature: 10 C to 22 C
Wind Speed: 12 mph
Wind direction: North east
Tomorrow
Sunny
Temperature: 9 C to 21 C
Wind Speed: 12 mph
Wind direction: North east
