Urban Estate
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The gross revenue contribution from the urban estate was £174.7 million for 2006/07, up 2.2% on the previous year. Capital value of the estate also increased to £5,352 million, up 17.5%, accounting for over 75% of The Crown Estate's balance sheet. Total return from the urban commercial portfolio was 30.6% as measured by the IPD compared with our industry benchmark of 16.3%. These are good results reflecting our investment strategy and market conditions that have benefited our core holdings particularly offices in central London.