Press Release

THE CROWN ESTATE BUYS THE ASHBY ST LEDGERS ESTATE IN THE LATEST EXAMPLE OF INVESTMENT STRATEGY

19 October 2005

The Crown Estate has purchased the Ashby St Ledgers estate in Northamptonshire, an outstanding diverse agricultural, sporting and residential estate.

This important acquisition is the latest deal in the implementation of The Crown Estate’s investment strategy, which is seeking to maximise the potential of existing core holdings and making judicious disposals and acquisitions to secure good long-term financial performance across its £5 billion portfolio.

The Ashby St Ledgers estate lies between Daventry and Rugby, covers around 945 hectares (2,337 acres) and comprises conventional and organic arable farming, an organic dairy farm, woodland, eleven residential properties and a game business marketing under the ‘Ashby St Ledgers’ brand.

The Crown Estate has also sold around 700 hectares (1,750 acres) of land from the Ewerby estate in Sleaford, Lincolnshire, as part of the rebalancing of the rural estate, recently acquired a £60 million distribution facility near Bristol and sold an office building in Hampshire for £25 million.

Giles Clarke, Director of Investment Strategy at The Crown Estate, said: “This major acquisition is an excellent example of investment strategy in action and how The Crown Estate is positioning itself as a significant investor across a range of property types. I believe the various elements of our portfolio will complement each other as markets change, particularly as we continue to focus on areas where we have the expertise to maximise returns.”

Christopher Bourchier, Director of the Rural Estate, said: “The Crown Estate is committed to remaining a long-term rural land owner. The diverse Ashby St Ledgers estate represents the type of deal that will deliver good long-term performance potential. These transactions are part of a programme to rebalance the assets of The Crown Estate as a whole, adding value where possible. Further sales and acquisitions are planned on the rural estate, as well as inward investment in new enterprises on existing estates that will support the rural economy.”

Carter Jonas advised The Crown Estate on both deals.