UK REIT Segro on Tuesday announced a number of management changes as well as the creation of a new Strategy, Investment and Innovation team to be led by Soumen Das, in addition to his role as CFO.
The new team, which was created 'in recognition of the unprecedented changes to society primarily driven by technology and urbanisation', will have responsibility for disciplined capital allocation and portfolio planning.
Local investment activities will be embedded within the operating teams, alongside the existing asset management, leasing and development functions, reporting to the six Business Unit Directors under the leadership of Andy Gulliford, Chief Operating Officer.
As part of the leadership changes Phil Redding, who played an instrumental part in Segro's portfolio re-structuring now complete, will step down from the board at the end of January and leave the company in April.
Phil Redding joined Segro in 1995 and his most recent roles included Business Unit Director for the London portfolio and Chief Investment Officer since 2011. He has been on the Board since 2013. While responsible for the London portfolio he had a major role in the acquisition of Brixton in 2009 and the acquisition of a 50% stake in the Airports Property Partnership in 2010.
As Chief Investment Officer, Redding had an instrumental part in Segro's portfolio re-positioning exercise which saw the Group sell, acquire or develop more than £8 bn of real estate. He also led the creation of the SELP joint venture which has grown its assets under management from under €1 bn at inception in 2013 to over €4 bn today. More recently, he led the acquisitions of the Vailog and Roxhill development platforms.
David Sleath, Chief Executive, said: 'Looking ahead, the creation of a new Strategy, Investment and Innovation function will enable us to build on our clear and consistent strategy and our well established, disciplined approach to capital allocation. It will help us to become more agile in supporting our customers and other stakeholders, and to embrace the unprecedented level of change arising from the technological revolution.'
