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LONDON The Crown Estate saw profits up 10.6% to £163.3 million ($250 million) in the year to 31 March 2002. And the capital value of the estate was up 4.4% to £4.2 billion ($6.5 billion).The Crown Estate owns and manages large parts of rural England, as well as a significant slice of central London including the whole of Regent Street, which were once hereditary properties of the Crown, but which were handed over to the government by Queen Victoria. Any profit generated by the estate is handed over to the exchequer and added to tax revenue.

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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