British Land names Tesco's Mistry new finance chief
Broadgate and Meadowhall malls owner/operator British Land announced Tuesday it has appointed Bhavesh Mistry as its new chief financial officer, effective 1 August.
Mistry is currently deputy CFO of supermarket giant Tesco where he has been for over two years. Prior to that he spent more than five years at hospitality group Whitbread, where he was finance director of its Hotels & Restaurants.
Until he joins, David Walker will continue to oversee the role in an interim capacity.
CEO Simon Carter said Mistry “joins British Land at this important time for our business. His deep expertise in finance and wealth of experience in business transformation in fast moving industries will be invaluable as we continue to move our business forward and deliver against our strategic priorities”.
Mistry will join a business that’s performing relatively well despite a commercial property sector trading in tough pandemic-related conditions, with footfall, sales and rents above expectations at the end of 2020.
Up to Christmas, it said 73% of its stores were operational and footfall and sales proved "resilient". Footfall across its £13.7 billion portfolio was trading at 76% of the level achieved last year, like-for-like sales for its retail tenants were trading at 81% against the same period in 2019, and rents collected for the December quarter stood at 71% of the total amounts due.
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