Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
British Land has announced that Chief Executive Officer Simon Carter will step down later this year to take up a new role at European logistics developer P3 Logistics Parks. The news triggered a drop of over 2 per cent in British Land's share price, reflecting cautious market sentiment. Carter, who has been with the company in various roles for nearly 20 years, led a major reshaping of its portfolio, increasing focus on retail parks after the pandemic. Analysts noted his clear strategic direction as a key strength. After a 12-month notice period, Carter will become CEO of P3, a pan-European logistics real estate platform backed by Singapore's GIC.
British Land recently announced that its Chief Executive Officer Simon Carter will step down later this year to take up a new role at European logistics developer P3 Logistics Parks. The announcement led to a drop of over 2 per cent in British Land's share price in early trading, placing it among the weakest performers on the FTSE 100 index. Advertisement
Carter has served as CEO of British Land since 2020 and has been associated with the company for nearly two decades in various leadership roles. During his tenure, the real estate group reshaped its portfolio to respond to changing market conditions, particularly following the COVID-19 pandemic. British Land increased its exposure to retail parks as part of efforts to counter valuation pressure on its traditional commercial property assets.
Market reaction to the announcement was cautious. JPMorgan, in a note, described the development as an unexpected negative, pointing to the company's recent operational performance. The brokerage attributed part of British Land's progress to the clarity of strategy under Carter's leadership.
Simon Carter first joined British Land in 2004 and held several senior positions over the years. He briefly left the company in 2015 but returned in 2018 as Chief Financial Officer. He was appointed CEO two years later, steering the group through a period marked by structural shifts in office demand, evolving retail formats, and tighter financial conditions.
Following the completion of a 12-month notice period, Carter will take over as Chief Executive Officer of P3 Logistics Parks. He will succeed Frank Porschk at the European logistics-focused real estate developer. P3 Logistics Parks was acquired in 2016 by Singapore sovereign wealth fund GIC for USD 2.7 billion from TPG Real Estate and Ivanhoe Cambridge.
P3 operates logistics and industrial assets across 11 European countries and focuses on warehouse and distribution facilities aligned with long-term supply chain and e-commerce demand. The appointment of Carter comes at a time when logistics real estate continues to attract institutional capital across Europe due to its relatively stable income profile.
Commenting on the appointment, P3 Chair Tay Lim Hock said Carter brings a strong background in strategic leadership. Tracy Stroh, Head of European Real Estate at GIC, said the company believes P3 is well positioned to pursue sustainable growth under his leadership.
British Land has not yet announced a successor or outlined interim leadership arrangements. The company said further updates will be provided in due course.
Carter's planned exit marks a leadership transition for British Land as it continues to adjust its property strategy amid changing occupier demand and capital market conditions, while his move to P3 highlights the growing importance of logistics assets within the broader real estate sector.
Source: Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
