LONDON (AP) — Prince William’s Duchy of Cornwall plans to sell about 20% of its 1 billion pound ($1.3 billion) property portfolio over the next decade to consolidate its holdings and finance plans to build thousands of homes, expand renewable energy production and pursue wildlife restoration projects.Will Bax, the chief executive of the duchy, or domain, revealed the plans in an interview with the Times of London that the newspaper published on Monday. They are in line with the duchy’s strategy of consolidating its far-flung holdings and investing the proceeds in environmental and social projects, which was announced in its most recent annual report.William has decided that the duchy “shouldn’t just exist to own land,” Bax told the Times. “It should first and foremost exist to have a positive impact on the world.”The initiative comes as Britain’s royal family in general and the Duchy of Cornwall specifically are under pressure to be more transparent about their finances and to show that the monarchy provides value for money for taxpayers.
The duchy, created in the 14th century to provide an income for the Prince of Wales, owns 52,173 hectares (131,393 acres) of land in 19 counties across England.
