Robert Noel, chief executive of the UK’s largest listed property firm, Landsec, is to retire in 2020 after eight years in the post.
Landsec announced on Thursday that Noel has informed the board of his intention to step down and will stay on in the role until a successor is appointed.
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. 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.’
Landsec has been hit by the malaise in the UK retail sector, which has affected the values of major shopping centres in its portfolio such as the Lakeside park in West Thurrock, which lost 4.5% in the first half of the 2018/19 year.
In May, the company reported that capital values fell by 4.1% over the 12 months to March, contributing to a valuation deficit of -£557 mln (-€641 mln) and resulting in a loss per share of -16.1p.
Noel said at the time that the company was rebalancing its portfolio to concentrate on London, where all of its £3 bn development pipeline is located. Currently 65% of Landsec's assets are in London. He added that the company was suffering from 'political gridlock and the well publicised difficulties in the retail market'.
