The real estate unit of Ontario Municipal Employees Retirement System agreed to buy a 50 percent stake in the commercial real estate part of a 320 million-pound ($483 million) London project for an undisclosed amount from Britain’s Crown Estate.
The Crown Estate, owner of the U.K. seabed, plans to lease more sites for developers of wave and tidal energy generators to help accelerate development as the industry moves closer toward commercialization.
The Crown Estate, which will provide most of Queen Elizabeth II’s income under planned changes to royal finances, reported a record profit for the fiscal year ended March 31 as rent revenue and interest income rose.
Queen Elizabeth II, who celebrated 60 years on the British throne earlier this month, may see her income rise 16 percent after lawmakers changed the way royal finances are calculated and the Crown Estate reported record earnings today.
Britain’s Crown Estate, the property company that generates income for Queen Elizabeth II, is seeking investors from the U.S., Canada and Australia to fund the redevelopment of real estate in London’s West End.
The Crown Estate, owner of the U.K. seabed, plans to offer about 20 million pounds ($32 million) of funding for two wave or tidal power projects to try to spur on an industry nearing its first commercial operations.