Prince William’s Duchy of Cornwall plans to sell about 20 per cent of its £1 billion (US$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 revealed the plans in an interview with the Times of London. 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.”