British Land has appointed Joanne McNamara from Oxford Properties as its next chief executive. Ms McNamara currently serves as executive vice-president of the real estate company operated by the Ontario Municipal Employees Retirement System, a major Canadian pension fund.
The appointment comes five months after the FTSE 100 property owner informed shareholders that long-serving chief executive Simon Carter was departing. Mr Carter is leaving the business to lead warehouse developer P3 Logistics Parks.
Ms McNamara brings more than two decades of industry experience. She joined Oxford Properties in 2010 and has led substantial investment and development deals throughout her tenure. She is expected to start at British Land by the end of November.
Ms McNamara said: "British Land is a business that I have always admired, with an impressive track record of delivering and managing best in class places across the UK and an expert team at its helm. I am very much looking forward to working with the board, executive committee and all of my new colleagues as we work together to build on what is already a fantastic platform for growth."
William Rucker, chairman of British Land, said: "Joanne is one of Europe's most respected real estate professionals. With her deep expertise of real estate, valuable experience in the world of private capital and a strong reputation for decisive leadership, she is exceptionally well placed to drive the business forward."
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: "Looking ahead, British Land looks well-positioned, with occupancy rates sitting high and good exposure to the science and technology sector, where strong demand from AI companies has been a big tailwind. The group's finances remain strong, with sufficient funding to support future growth as developments make a comeback and to maintain a respectable 6.2% dividend yield for income-focused investors."
British Land's share price climbed 1.9% on Tuesday. The company owns properties across the UK, including Meadowhall shopping centre in Sheffield, the New Mersey retail park in Liverpool, Crown Point Shopping Park in Greater Manchester, Orbital Retail Park in Cannock, Teesside Park in Stockton-on-Tees and Southgate shopping centre in Bath.
