British Land hires Joanne McNamara as next chief executive

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British Land has hired Joanne McNamara from Oxford Properties to take over as its next boss.

Ms McNamara is currently executive vice-president of the real estate business run by major Canadian pension fund, the Ontario Municipal Employees Retirement System.

It comes five months after the FTSE 100 landlord told shareholders that longstanding boss Simon Carter was stepping down.

Mr Carter is leaving the company to head up warehouse developer P3 Logistics Parks.

His successor has more than 20 years’ experience in the sector and joined Oxford in 2010, overseeing significant investment and development transactions during her period at the firm.

She is expected to join 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 shares were 1.9% higher on Tuesday.