Prince William to sell parts of royal estate to reinvest in local communities

LONDON, May 18 (Reuters) - Britain's Prince William ​will sell off ⁠parts of his vast ​Duchy of Cornwall estate over the next decade to help fund plans to invest ​more ‌than 500 million pounds ($670 million) in local communities, including affordable housing and environmental ⁠projects.

The sales were reported by the Times ⁠newspaper to equate to 20% ​of the estate which is one of Britain's biggest landowners with a portfolio that includes large swathes of land as well as commercial and ​residential ‌properties.

"The Duchy should exist to make a positive impact, particularly in the communities where we can make the biggest difference," said Will Bax, Chief Executive of the Duchy of Cornwall.

"That ambition requires significant ​investment and, in some cases, means rebalancing what we own in order ‌to be as impactful as possible to our communities, now and in the future."

Bax said the ‌money would be "largely funded by reinvesting capital from across the Duchy, alongside development income, partnerships and some borrowing."

William, who received a private income ​of more than 20 million pounds from the Duchy last year, and his father ‌King Charles have in recent years faced criticism over the way their estates have been managed. Aides say William has been looking closely at management ⁠of ⁠the Duchy since inheriting it in 2022.

In ‌2024, a Sunday Times report and separate TV documentary accused Charles and his heir ​William of ​making millions from the country's health service, army and ‌schools from charges imposed by their respective estates.

The Duchy subsequently reduced rents significantly for a number of charity and community tenants. ($1 = 0.7472 pounds) (Reporting by William James; editing by Michael Holden)