Landsec CEO Robert Noel to retire

By

Barbara Santamaria

Published
Jul 12, 2019

Landsec, the owner of Kent’s Bluewater shopping centre, has started scouting for candidates to replace chief executive officer Robert Noel, who has announced plans to retire during 2020.

The largest commercial property company in the UK, whose retail portfolio also includes the St David’s shopping centre in Cardiff and Westgate Oxford, said Noel will continue in his role until a successor is appointed.

Robert Noel joined Landsec as managing director of the London portfolio in 2010 and was appointed as chief executive two years later. 

He 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 10 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.” 

Cressida Hogg, chairman, thanked Noel for leading the company through a period of change and growth. “Under his leadership Landsec has developed iconic buildings, especially in Victoria, in the City and at Westgate in Oxford. We respect his decision to retire after nearly eight years as chief executive and look forward to continuing to work with him until a successor is in place.”

The company is prepared to see rental values continue to decline further in UK shopping centres and retail parks this year, with more retailers expected to go down the CVA route to protect their business. The well-publicised difficulties in the retail market sent the value of Landsec’s assets down by 4.1% in the year ended 31 March 2019.