British Land Regulatory News (BLND)

Board Changes and the appointment of a Head of Real Estate

British Land announces senior leadership changes, with Tim Roberts and Charlie Maudsley stepping down as Executive Directors and Board Members, effective from 31 March 2019. Both Tim and Charlie will remain with British Land for a period of time to ensure an effective transition.

Tim joined British Land in 1997 and was appointed to the Board in 2006, since when he has been the Head of Offices. Charlie joined British Land in 2010 and has been on the Board since that time, most recently as the Head of Retail, Leisure and Residential.

British Land also announces the appointment of Darren Richards as Head of Real Estate. Darren joined British Land in 2005 and has been on the Executive Committee since 2014. He has held several leadership roles across teams including Investment and Retail. In his new role Darren will assume responsibility for leading a single Real Estate Asset Management and Leasing team across both Offices and Retail. He will remain a member of the Executive Committee, and report to the Chief Executive.

As part of these leadership changes, Sally Jones who joined British Land in 2010 and has been on the Executive Committee since 2015 will take on an expanded role which includes Investment and Strategy as well as data and insights and the Group's Smart technology initiatives. 

Emma Cariaga, Head of Operations, Canada Water and David Lockyer, Head of Broadgate Campus will join the Executive Committee.

Throughout their years of leadership at British Land, Tim and Charlie's contribution has been wide ranging and significant. Tim has led the ongoing development of our London campuses at Broadgate, Regent's Place and the transformation of Paddington Central, following its acquisition in 2013. He has overseen the development and subsequent disposal of landmark office developments, most recently The Leadenhall building and 5 Broadgate, and in doing so helped create significant value. Charlie has led a significant repositioning of our Retail portfolio, substantially redefining our customer proposition; acquiring many strategic mixed-use assets and disposing of £2.8bn of off-strategy assets since 2014. He has helped establish Retail and Leisure as a core part of our mixed-use campus offer and overseen significant operational milestones including the refurbishment of Meadowhall and the formation of a market leading Data and Insights function.

Chris Grigg, Chief Executive said:

"Both Tim and Charlie have delivered considerable value to British Land over an extended period. The Board and I will miss their support and advice; we will also miss their energy, enthusiasm and wealth of property expertise and thank them for everything they've done for our business.

Looking forward, we have a consistent and clear strategy to build an increasingly mixed-use business, establishing British Land as the specialist in mixed-use places. Bringing together the deep property expertise we have across both Offices and Retail into a single Real Estate team under Darren's leadership is an important step as we continue to develop our business to reflect the fast-evolving demands of our customers and deliver our strategic goals.

These changes also underline the considerable strength and depth of management talent that British Land has developed over the last few years."

Tim Roberts said "After leading the Offices business for nearly 15 years I have great pride in what the team has achieved and will leave the business in very good shape. All good things come to an end and I am looking forward to taking the next step in my career."

Charlie Maudsley said: "I am very proud of what we have achieved at British Land; the business is set up for a fantastic future and this is the right time for me to find a new opportunity."

Enquiries:

Investor Relations

David Walker, British Land 020 7467 3418

Media

Claire Scicluna, British Land 020 7467 2823

Guy Lamming, Gordon Simpson Finsbury 020 7251 3801

Notes to Editors:

About British Land

Our portfolio of high-quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £16.8bn (British Land share: £12.9bn) as at 30 September 2018 making us one of Europe's largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles - Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 49% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 48% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 53 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental achievements over a period of five years.

Further details can be found on the British Land website at www.britishland.com