After a five-month search, British Land has landed its new chief executive: Joanne McNamara, who will take the helm by the end of November.
McNamara brings more than 20 years of experience in the sector, 16 of them at Oxford Properties, a firm with which British Land has a history, having partnered on the Leadenhall Building development.
At Oxford Properties, McNamara climbed through the ranks to Executive Vice President for Europe and played a central role in building an £8 billion portfolio spanning offices, retail, logistics and residential.
Before Hammerson, McNamara was at Hammerson, one of British Lands peers in the listed REIT space.
That experience leaves her well placed to steer British Land’s own £10.1 billion of comparable assets, and the appointment lifts the cloud of uncertainty that had been hanging over the group.
The CEO joins the group at a time when AI is starting to provide welcome support for the group that has been so long dogged by uncertainty around the UK economy.
“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,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.
“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.”