Experts have expressed surprise at Crown Estate's decision to make a loss on two Edinburgh commercial properties.
The Crown Estate has made an £8 million loss in selling to prestigious Scottish properties to raise money for large-scale commercial developments.
According to the Herald, the money from the sales was used to purchase warehouses and shopping centres, but critics say that the move has damaged the estate's previously strong reputation.
The loss has wiped out half of the profits made since devolution and has led to increased calls for its management to pass to Holyrood.
It may be no surprise that the value of the
property investment assets has dipped, as the market as a whole has, but the estate was under no obligation to sell.
Economist Tony Mackay of Mackay Consultants told the publication: "The timing of these disposals surprises me.
"They might have been better to hold on to the properties until the market in Edinburgh improved."
Gladedale Capital recently announced the sale of its Quartermile II building, to provide funds for the rest of the
commercial development project.
Posted by Tess Nelson.
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