The Crown Estate — which manages almost £9bn worth of property — has halved its Windsor Estate and its rural coastal portfolio legal panels by re-appointing just two of the law firms its uses to advise on its vast holdings.
As part of a cost-cutting exercise the sovereign portfolio introduced competitive tendering and decided that only two of the four legal firms it previously used would be offered new five-year contracts. In a statement the Crown Estate said that both Clarke Willmott and Thomas Eggar would not be re-engaged.
“Both Burges Salmon and Bond Dickinson are business partners which have consistently provided us with an excellent legal service throughout our relationship,” said Vivienne King, the Crown Estate’s director of business operations and general counsel. “We are, therefore, delighted to be continuing to work with them. Both firms’ sector specific expertise and understanding of our business will be a real asset as we continue to deliver on our long term commercial objectives.”
Burges Salmon will take responsibility for representing the estate across its rural assets, which together form one of Britain’s largest portfolios of agricultural, forestry and common land. The firm will also take responsibility for the Windsor Estate which includes Windsor Great Park, forests, residential and commercial properties, golf courses, a racecourse and tenanted agricultural land.
William Neville will act as the lead partner at Burges Salmon, which first won a spot on the rural panel in 2007 and the urban panel four years later. “We are very pleased to be appointed to provide advice on these important portfolios in the food, farming and land sector,” Neville commented.
Bond Dickinson will represent the Crown Estate across its coastal holdings in England, which includes around 50 per cent of the foreshore and interests in ports, harbours, marinas and other commercial coastal developments. The firm’s chairman, Nick Page, said: “The real estate sector is an important part of our focus, in which we are continuing to invest and we greatly value the partnership we have built with the Crown Estate.”
The Royal portfolio — which over the past ten years has paid more than £2bn to the Treasury — is charged under the 1961 Crown Estate Act to maintain and enhance the value of all sovereign-owned properties. At the end of its 2012-13 financial year it handed over profits of almost £253m.
