Tue, 16 Feb 2010 | BUSINESS SALE
The Queen's property company, the Crown Estate, is sounding out overseas investors regarding the possible sale of Regent Street, home to world-renowned brands including Apple and Hamleys.
According to Roger Bright, the chief executive of the business a "number of possibilities" are being explored after last year's plans to spin off the £1.4 billion portfolio into a new company with private sector backing were shelved.
The sale of a stake in the entire street is one such possibility, while a stake in a joint venture for a new development or a limited partnership are alternative options.
"It could be sovereign funds, it could be institutional investors - from either within the UK or overseas - and there are some very big pension funds in other countries, such as Canada, Spain and Scandinavia and so on," Bright said on the subject of potential partners.
"Going forwards, the Crown Estate will be looking for partnerships and joint ventures with other investors to pursue our ambitions."
Most of Regent Street, which links Oxford Street to Piccadilly, has been under Crown Estate ownership for hundreds of years, and has become known as a prime retail destination in the past decade.
Its profits, which amounted to some £227 million last year, are mainly derived from the rents paid by its tenants and go to the Treasury.
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