British Land boss Simon Carter will step down after five years to head up a warehouse developer backed by Singapore’s sovereign wealth fund.
The FTSE 100 real estate firm told investors that Carter, who spent 18 years at the company and five as its CEO, will become CEO of P3 Logistics Parks, a GIC-owned investor and developer of logistics properties in Europe.
Carter has been chief executive of British Land since 2020 and led the company through its response to the pandemic.
‘The contrarian calls we made post-pandemic have positioned British Land for long-term success,’ he said.
Moving on: Simon Carter led the real estate firm through the pandemic and will now join warehouse developer P3
‘There is never a perfect time to move on, but I will be leaving the business with market-leading positions in London campuses and retail parks – both of which are benefitting from strong rental growth in supply-constrained markets.
‘I’m immensely proud to have played a part in British Land’s story and wish the business nothing but success in the future.’
The firm is one of Britain’s largest property development and investment firms. It owns a 50 per cent stake in the Broadgate Estate office and shopping complex in London’s Bishopsgate, and Regent’s Place near Euston.
Carter will work his 12-month notice period and British Land will now start the ‘full process’ to hire his successor.
Shares in British Land dipped 2.28 per cent to 403.40p in early trading.
The company reported a 9.2 per cent increase in rental income in its interim results in November, which it said was driven by like-for-like net rental growth of 4 per cent and acquisitions.
Underlying profits rose by 8.4 per cent to £155million, driven by revenue growth but offset by higher finance costs due to more development investment.
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