British Land has appointed Joanne McNamara as its next chief executive, bringing in the senior Oxford Properties figure to lead the FTSE 100 landlord.
McNamara currently serves as executive vice-president at Oxford Properties, the real estate Business operated by major Canadian pension fund the Ontario Municipal Employees Retirement System.
The appointment comes five months after British Land informed shareholders that longstanding chief executive Simon Carter would be stepping down from the role.
Carter is leaving the company to take charge of warehouse developer P3 Logistics Parks, marking the end of his tenure at the property group.
His successor brings more than 20 years of experience in the sector and joined Oxford Properties in 2010, overseeing significant investment and development transactions during her time there.
McNamara is expected to join British Land by the end of November, giving the company several months to manage the leadership transition.
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.”
She added: “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.”
British Land chairman William Rucker said: “Joanne is one of Europe’s most respected real estate professionals.”
Rucker continued: “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, offered a positive assessment of the company’s broader outlook alongside the leadership news.
Chiekrie 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.”
He added: “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 climbed 1.9% on Tuesday following the announcement of the new appointment.