Sunday, 22 July 2018 09:07

UK GOVERNMENT FACES QUESTIONS OVER FORT KINNAIRD INJUSTICE

The Scottish Government is set to intervene in Richard Lochhead MSP’s campaign calling on the UK Treasury to reinvest the proceeds from the sale of Fort Kinnaird Retail Park in the Scottish Crown Estate. 

Within two years of refusing to devolve the Fort Kinnaird retail park to Crown Estate Scotland, the Tory government has sold a share of the site to M&G Real Estate in London for over £167m.

Land Reform Secretary Roseanna Cunningham has said the Scottish Government: “will explore whether some or all of this capital can be reinvested in the Scottish Crown Estate.”

The Crown Estate’s income increased by more than the entire value of Crown Estate Scotland’s holdings in the last year, where a tenanted farm in Fochabers, Moray is being sold to try to raise revenue.
 
The sale of Fort Kinnaird alone represents about 60% of the value of all crown assets in Scotland, and the SNP is demanding that Scotland receives the full £167 million owed.
 
SNP MSP Richard Lochhead said:
 
“There should be no question where the £167m revenue from the sale of this land in Edinburgh belongs, and I am glad the Scottish Government is taking this to the Tory Government.
 
“Scotland’s Crown Estate should not be having to sell off assets to make ends meet while the Tories pocket millions of pounds from the sale of Fort Kinnaird Retail Park in Edinburgh, the most lucrative site in Scotland.
 
“It is now abundantly clear why, two years ago, Tory ministers refused Scottish Government requests to devolve this site to the new Crown Estate Scotland.
 
“This is nothing short of asset stripping and the Tory government needs to play fair and give Scotland the £167 million it is owed.

"This money would be transformational in helping Crown Estate Scotland support our communities, particularly in the more rural and coastal areas of Scotland.”

Letter from the Cabinet Secretary for the Environment, Climate Change and Land Reform to Richard Lochhead MSP https://gallery.mailchimp.com/4fae14f57a18ee08253ffc251/files/df367579-6050-4bb0-b21f-0fd76b87bd9a/Letter_from_Roseanna_Cunningham_Land_Reform_Secretary.pdf

‘M&G acquires £167m stake in Fort Kinnaird retail park amid major shifts’:https://www.retailgazette.co.uk/blog/2018/06/mg-acquires-167m-stake-fort-kinnaird-retail-park-amid-major-shifts/ 

The total assets of the Scottish Crown Estate are “estimated to be worth around £276m”:https://spice-spotlight.scot/2018/02/09/what-is-next-for-the-scottish-crown-estate/ 

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