Real Estate

Property group Landsec says longtime chief to step down next year


The chief executive of Landsec, the UK’s largest listed property company by assets, is to retire next year after almost eight years in the role.

Robert Noel will leave the company in 2020, Landsec said on Thursday, staying at the helm of the property group — which owns £13.8bn of assets — until a successor is appointed. 

Mr Noel took over from Francis Salway as chief executive in 2012 following the turbulence of the financial crisis and oversaw developments including the “Walkie Talkie” skyscraper in the City of London.

His departure follows a change of chair at Landsec, formerly known as Land Securities. Alison Carnwath, who oversaw Mr Noel’s appointment, departed last year, to be replaced by Cressida Hogg, a former managing partner at the private equity and infrastructure group 3i.

Mr Noel said on Thursday: “Next year I will have spent ten years at Landsec, eight as chief executive. With the business well positioned for the current market, a growing pipeline and a clear strategy for the future, it’s the right time for me to move on.” 

Mr Noel had recently overseen an about-face in Landsec’s development strategy: after adopting a cautious approach to new developments in 2014, this year it began carrying out speculative development — building without a tenant already in place — once again, admitting the office market had been healthier than expected.

Like other property companies, Landsec has been trading at a steep discount to the book value of its assets after investors turned gloomy on the real estate market, especially retail property, which has been hit by a series of retailer failures.

Ms Hogg said: “On behalf of the board, I would like to thank Rob for the energy and commitment with which he has led the company through a period of change and growth, transforming the portfolio and strengthening the balance sheet.

“Under his leadership Landsec has developed iconic buildings, especially in Victoria, in the City and at Westgate in Oxford. We respect his decision to retire after nearly eight years as chief executive and look forward to continuing to work with him until a successor is in place.” 

Mr Noel headed the group’s London portfolio before becoming chief executive. Before that he was property director at the London developer Great Portland Estates.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.