British Land has chosen its successor as chief executive to Simon Carter.
The leading UK real estate investment trust has appointed Joanne McNamara, executive vice-president of Europe at Oxford properties, the real estate investment arm of Canadian institutional investment giant Ontario Municipal Employees Retirement System.
Green Street News first reported on the decision.
McNamara joined Oxford as an analyst in June 2010 as one of its earliest hires in the European business. she was instrumental in building the team in London, as well as contributing to and leading on significant investment transactions, including The Leadenhall Building, Paternoster Square, London Wall Place, SJM I & II, The Royal Exchange, New Bond Street, Rue Blanche and The Post Building.
In addition, she played a key role in developing Oxford’s European high street retail strategy and building relationships with partners such as Richemont and Crown Acquisitions.
Prior to joining Oxford, McNamara worked at Hammerson. She became vice-president, investments – Europe in 2016 and executive vice-president in Europe in 2020.
British Land announced in January that Carter would step down after five years in the role and 18 years at REIT. Carter is leaving to become CEO of P3 Logistics Parks, the GIC-owned investor, manager, and developer of logistics properties in Europe.
Carter, who is the current president of the British Property Federation, joined British Land in 2004, working in several roles across strategy, corporate finance and treasury before leaving in 2015 to become chief financial officer at Quintain Estates and Development and, later, Logicor. He returned to British Land as CFO in 2018 and was appointed CEO in 2020.
Carter had a 12-month notice period and in January the board of British Land said in a stock market filing that it would run a full process to appoint a successor.
McNamara has a maximum notice period of six months and is expected to join the business by the end of November at the latest.
William Rucker, chairman of British Land, said in a stock market filing: “I am delighted that Joanne is joining British Land from Oxford Properties, a business we respect and know well as a joint venture partner on the highly successful Leadenhall Building development.
“Joanne is one of Europe’s most respected real estate professionals. 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. On behalf of the Board, I look forward to welcoming her to the team.”
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.
“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."
This story has been updated after British Land confirmed the appointment.