Crown Estate Chairman Sir Denys Henderson said: "This was a creditable performance in a year where foot and mouth and the adverse impact on London rentals following the tragic events of September 11, on top of a slow down in the economy generally, had to be offset by positive management action."

Sir Denys said the commercial investment portfolio showed a total return over the year of 9.0%, against 7.0 for the Investment Property Databank (IPD) benchmark index.

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