UK property giant British Land is looking for a new CEO. Simon Carter’s five-year tenure at the top oversaw the firm’s successful pivot to a retail park focus. He’s departing after an 18-year total association to head European logistics properties firm P3 Logistics Parks.

His departure comes with a 12-month notice period so there’ll be no immediate hurry to sign a replacement.

Carter first joined British Land in 2004, working in several roles across Strategy, Corporate Finance and Treasury before leaving in 2015 to become CFO at Quintain Estates & Development and then Logicor. He returned to British Land as CFO in 2018 and was appointed CEO in 2020.

William Rucker, chairman, said: “I want to thank Simon for his significant contribution to British Land. During his 18 years here across two stints he has achieved a huge amount, and as CEO has positioned the business for future success with a very strong management team and an exceptional London office campus and retail park platform.”

Carter added: “British Land has been a huge part of my professional life, and it has been a privilege to work for such a fantastic business.

“The contrarian calls we made post-pandemic have positioned British Land for long-term success. There is never a perfect time to move on, but I will be leaving the business with market-leading positions in London campuses and retail parks – both of which are benefitting from strong rental growth in supply-constrained markets.”