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Tristan Capital Partners founder primed for key Crown Estate role

Ric Lewis set to take over as board chair of King Charles III's property business
Ric Lewis. (The Crown Estate)
Ric Lewis. (The Crown Estate)
CoStar News
December 23, 2024 | 4:39 P.M.

Ric Lewis, a founding partner of Tristan Capital Partners, is set to become the next chair of The Crown Estate after being selected as the preferred candidate.

Subject to formal appointment, Lewis will succeed Sir Robin Budenberg CBE who has been chair of The Crown Estate since August 2016. The Crown said Sir Robin will continue as chair until spring next year, when Lewis is expected to take over.

The incoming chair has more than 35 years' experience in real estate investment and is the executive chair and co-chief investment officer of Tristan Capital Partners, a real estate investment manager he founded in 2009.

Lewis moved to London from the United States in the late 1990s to become the chief investment officer and board director of AEW Europe, a pan-European real estate investment management business. He also founded and served for several years as chief executive at Curzon Global Partners, a London-based real estate investment company, owned by AEW Europe.

The chair-designate also serves on a number of boards, including Legal and General Group, the Royal National Children’s Springboard Foundation, Imperial College London and the prestigious Dartmouth College in the US.

Ric Lewis said in a statement: "It is an honour to be chosen for the role of chair of the board of this unique business and a privilege to act as a custodian of a historic yet forward-thinking organisation which places the national interest at the core of its work.

"It is an organisation I have always greatly admired and with which I feel a strong affinity in terms of its ethos, ambition and motivation. I am looking forward to working closely with the board, including chief executive Dan Labbad, and his wider team to oversee the next chapter of its story."

The Crown Estate has a key focus on assisting the UK’s transition to a decarbonised, energy-secure future, as well as "generating a strong financial return for the benefit of public spending". This has totalled £4 billion over the last ten years, it said.

The business, which serves as the property company of the reigning monarch, is overseen by an independent board and is "set up to act in the long-term national interest" across its £16 billion marine, urban and rural portfolio in England, Wales and Northern Ireland.

In July, the business reported a record £1.1 billion net revenue profit at the same time as the value of its real estate portfolio fell to £15.5 billion from £16.8 billion.

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Dan Labbad, chief executive of The Crown Estate, said: "The Crown Estate is a remarkable business and Ric’s combination of experience, strategic thinking and integrity make him an excellent fit and exemplary role model for the business. I look forward to working with Ric to continue realising The Crown Estate’s potential in the period ahead.

"I would like to take this opportunity to offer my deepest thanks to Robin for his incredible service to The Crown Estate over the past eight years. Under Robin’s stewardship, The Crown Estate has become closer to its customers and stakeholders and the Board has diversified its expertise to better represent the ambition of the business. On a personal note, Robin is someone I greatly admire, and his encouragement, challenge and wisdom as we implemented our new strategy has been invaluable."

Sir Robin added: "Ric is an outstanding leader whose experience and values align strongly with The Crown Estate. Under Ric’s leadership, I am confident the Board will continue to ensure The Crown Estate delivers the best outcomes for the nation."

Outside the property industry, Lewis has helped to improve educational access for young people from under-resourced and under-represented communities. In 2000, he founded his own charitable foundation, The Black Heart Foundation, dedicated to improving educational access, quality, and outcomes for underprivileged young people. It has provided educational scholarships to over 750 Black Heart Scholars at 160 institutions throughout the UK and US.

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