The Crown Estate has reported an increase in investment in Scotland despite the gross surplus from their operations in Scotland falling.
Their profit each year is sent to the Treasury for the benefit of the public as a whole, and they continue to invest in the long-term development of their property interests in Scotland, with capital investment rising by 76 per cent, to £7.4 million for the year ending 31 March 2011. They spent £2 million on improving their rural estate in Scotland, including repairing and replacing farm buildings damaged through a second harsh winter. Meanwhile, they more than doubled capital investment in their marine estate, to £4.4 million, and plan to invest £20 million over the next five years in offshore renewable energy.
The increase in investment came as the gross surplus for their estates in Scotland reached £9.9 million for the year ending 31 March 2011, compared to £11 million in the previous year. The Scottish figures contributed to a gross surplus of £264.3 million for the UK as a whole in 2010/11.
The property value of The Crown Estate in Scotland increased by 13 per cent over the year to £207.1 million. This included a 42 per cent increase in the value of the marine estate, largely driven by the progress in offshore renewables.
Commenting on the 2010/11 Scotland report , The Crown Estate’s Scottish Commissioner, Gareth Baird , said: “ Once again the strength of their partnerships has been at the heart of our success. We have worked with enterprise companies to help local businesses take advantage of opportunities offered by offshore renewable energy, and with rural and coastal communities to support sustainable growth in sectors vital to Scotland’s economy, such as agriculture, forestry, aquaculture and tourism. We see their success as key to our success.”
Gareth Baird added: “We stand by our record in Scotland on four key counts: as an active and committed supporter of the policies of the Scottish Government; as an expert, professional and trusted intermediary for companies considering major investment in renewable energy in Scottish waters; as a promoter of Scottish companies and communities seeking to make the most of supply chain opportunities; and as an active and supportive landlord on our marine and rural holdings in Scotland.”
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Source: thecrownestate, August 01, 2011