Landsec chief executive Robert Noel to retire
Landsec chief executive Robert Noel is set to step down next year, the property giant announced today.
Noel will retire after ten years at the firm and eight in the chief executive role after he joined Landsec as managing director of the London portfolio in 2010.
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He said he will leave the company with a “growing pipeline and a clear strategy for the future”.
Landsec is the UK’s largest commercial landlord and its £13.8bn portfolio includes Bluewater shopping centre in Kent and the One New Change development near St Paul’s Cathedral.
In May Landsec posted a dramatic £500m writedown in the value of its property empire as it published its results for the last financial year.
The property giant has been refocusing its portfolio of London’s office sector while it grapples with struggling regional retail assets.
Recent retail woes have had a knock-on effect on the company as a string of prominent retailers have launched company voluntary arrangements, involving rent cuts and closing stores.
Noel said: “I’ve been fortunate to lead talented and dedicated teams as we’ve transformed the portfolio, culture and financial strength of the business over the last decade.
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“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.”
Chair Cressida Hog added that Noel had “led the company through a period of change and growth, transforming the portfolio and strengthening the balance sheet.”