British Land Co., the 170-year-old property developer, has appointed its first female chief executive in its long history. Joanne McNamara, currently an executive vice president for Europe at Oxford Properties Group Inc., will take the helm, succeeding Simon Carter. The appointment marks a historic milestone for one of the United Kingdom's largest real estate investment trusts.
Joanne McNamara's Background and Appointment
McNamara brings more than 20 years of experience in the real estate sector to her new role. She is expected to join British Land by the end of November at the latest, after completing a six-month notice period at Oxford Properties. Oxford Properties is wholly owned by the Ontario Municipal Employees Retirement System (OMERS), a major Canadian pension fund. The 44-year-old executive will take over one of the most sought-after positions in UK commercial real estate.
A Historic Appointment for British Land
With this appointment, McNamara joins a select group of women who have led publicly traded UK property companies, including Grainger PLC's Helen Gordon and former Hammerson PLC chief executive Rita-Rose Gagne. Her appointment reflects a gradual shift toward greater gender diversity in the upper echelons of the real estate industry.
Simon Carter's Tenure and Legacy
Simon Carter, who announced his departure earlier this year after five years as CEO, oversaw a period of strategic transformation. Under his leadership, British Land bet on a resurgence in the retail parks space following the pandemic. The company also maintained its position in London offices, a decision that is now paying off due to a supply shortage. In the year to March 31, British Land reported like-for-like rental growth of 6 percent, with double that rate in its central London office campuses.
British Land's Market Position
Traditionally one of the UK's top property companies, British Land's portfolio spans from retail stores to office campuses. However, it has been surpassed by warehouse landlords Segro PLC and LondonMetric Property PLC over the past decade, making it the country's fourth-largest real estate investment trust. The company oversees nearly £16 billion (US$22 billion) in assets, according to its website.
Outlook for British Land
McNamara's appointment comes at a time when British Land is navigating a changing real estate landscape. The company's focus on retail parks and London offices has shown resilience, and its strong rental growth indicates a solid foundation. As the first female CEO in its 170-year history, McNamara is expected to bring fresh perspectives to the company's strategy, building on Carter's legacy while steering British Land toward future growth.
