MPs have slammed the Crown Estate for lacking in transparency and managing its urban and marine estates too commercially.
In a scathing report published today, the House of Commons Treasury Committee says the Crown Estate has neglected its public service remit, having adopted an overly commercial approach to managing its £5bn portfolio.
Following the first inquiry into the Crown Estate in 20 years, the Committee says:
- it is “alarmed” that the Crown Estate in 2007 started investing in joint ventures such as the Gibraltar Limited Partnership, which it says is in “grave” financial difficulties. The Crown owns 50% of the partnership, which owns the Fort Kinnaird retail park near Glasgow (pictured);
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