As reporting season for the UK’s listed real estate companies draws to a close, the equities team at investment bank Stifel has pulled out some tongue-in-cheek post-Jubilee number crunching to show how Queen Elizabeth II’s own earnings have held up in comparison.
Analysts led by John Cahill point to the recent Sunday Times Rich List, which pegged the Queen’s personal wealth at £370m as of May.
“This was up £5m over the year, meaning her majesty’s NTA has therefore risen by just 1.4%, significantly underperforming the UK property sector despite owning the 8,000 acre Sandringham Estate and 50,000 acre Balmoral Estate,” the team wrote.
The analysts continued: “Having surrendered her pseudo-REIT status in 1993 by volunteering to pay income and capital gains tax, the firm might have to consider merging into one super-sized fund to protect themselves from the global private equity investors that continue to nibble away at UK REITs and properties.”
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