Tollcross News‎ > ‎

Crown Estate loses £8m on two city locations

posted 20 Aug 2010, 04:34 by David Rintoul   [ updated 20 Aug 2010, 04:40 ]

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".

Source: Evening News