UK Wind Farms Drive Record £443 Million Profit for Crown Estate
- Fresh seabed leases lift revenue for UK and monarch finances
- Land-based portfolio tumbles with struggling property market
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Britain’s lucrative seabeds are driving up the value of the property company that supports the country’s monarchy.
The Crown Estate, whose revenue helps determine an annual dividend paid to the royal family, reported a 41% jump in profit to a record £442.6 million ($559 million), largely because of income from fresh leases for six offshore wind farms, according to a statement.