LONDON, June 29 (Reuters) - Britain’s Crown Estate, which manages King Charles' public property, posted a record profit last year boosted by income from offshore wind leases.
The Crown Estate, which comprises tracts of land and most of Britain’s sea bed, is an independently-run, commercial business, whose profits go to the Treasury.
Crown Estate said option fees across all six projects were approximately 1 billion pounds per year, payable to the Crown Estate for a minimum of 3 years and up to ten years.
Dan Labbad chief executive of the Crown Estate said he was unable to give more detail on how the profits would be spent.
It is typically based on 15% of the profits of the Crown Estate but has been temporarily increased to 25% to pay for extensive refurbishment at Buckingham Palace.
Persons:
King Charles, Germany's RWE, Dan Labbad, Grant, Sovereign Grant, Susanna Twidale, Barbara Lewis
Organizations:
Treasury, Crown, Sovereign, Thomson
Locations:
Buckingham