The Crown Estate in the United Kingdom is one of the oldest real estate operators, of land and property, in the world. The organisation has the twin objectives of enhancing the value of the estate and the income that it generates, and of passing surplus revenue to the government. The Crown Estate manages a diverse property portfolio that includes office, retail and industrial premises; and also housing, farmland, forests, parkland and more than half the foreshore and almost all the seabed around the United Kingdom. It was established by Parliament to manage the hereditary estates of the Crown on behalf of the nation, and the responsibilities of the board members are similar to the responsibilities of the trustees of a trust fund. Editor Richard Fleming spoke recently with Paul Clark, director of investment and