The Crown Estate has appointed independent property valuers for the first time for its core urban estate.
It has appointed DTZ and Jones Lang LaSalle as independent valuers for the urban estate worth £3.7bn, which comprises 62% of its £6bn portfolio.
DTZ will value the Crown Estate’s core holdings in Regent Street and St James’s, valued at around £2.2bn.
Jones Lang Lasalle will value other commercial properties across the UK valued at around £1.5bn, including some London assets. Both appointments are for five years.
Cluttons will continue to be the external valuer for the Crown’s £1bn heritage portfolio. This includes mixed commercial, residential and institutional holdings at Regent’s Park, Kensington and around Pall Mall that are linked to the Crown Estate’s role managing the hereditary assets of the Sovereign.
Alan Meakin, investment strategy manager at the Crown Estate, said: ‘The shift to independent valuation places transparency at the heart of what we do. With stronger financial management we are in a better position to enhance the value of The Crown Estate and the revenue obtained from it.
‘The appointment of Jones Lang LaSalle and DTZ also marks a fundamental shift in the way we do business and a move away from using managing agents to value our properties. We are aligning their work with our key investment portfolios.’
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