- Jo McNamara will become British Land's first female chief executive.
- She joins from rival landlord Oxford Properties and will take charge by November.
- Her appointment comes as the company faces pressure to adapt to a changing property market.
British Land has appointed Jo McNamara as its next chief executive, making her the first woman to lead the FTSE 100 property group in its 170-year history.
The British Land chief executive appointment marks a significant leadership change at one of the UK's largest listed landlords, which owns and manages a £10 billion portfolio spanning offices, retail parks and logistics assets. McNamara, currently a senior executive at Oxford Properties, is expected to take up the role by the end of November.
She succeeds Simon Carter, who announced earlier this year that he would step down after 18 years at British Land, including five years as chief executive. Carter is leaving to join logistics property owner P3, which operates hundreds of warehouses across Europe.
McNamara reportedly said British Land was a company she had long admired and that she looked forward to working with the team to build on its existing platform for growth.
A familiar face in the property world
Although new to British Land, McNamara is well known across the commercial property sector. She joined Oxford Properties in 2010 and went on to help build its European business, overseeing an £8 billion property portfolio and a team of more than 70 people.
Her experience includes office developments, retail parks and logistics assets, areas that have become increasingly important as property companies navigate shifting demand from businesses and consumers.
McNamara is also no stranger to British Land itself. She played a key role in Oxford Properties' partnership with the company on the development of the Leadenhall Building in the City of London, widely known as the Cheesegrater.
Before Oxford, she held roles at property consultancy DTZ and shopping centre owner Hammerson. She also served as a non-executive director at ESR Group, a major Asia-focused warehouse landlord.
British Land chairman William Rucker reportedly said McNamara had the experience and track record the board was seeking. He added that her appointment was based on selecting the strongest candidate rather than making history, as quoted in a news report.
Challenges beyond the corner office
McNamara arrives at a time when Britain's listed property sector is facing difficult questions about future growth. British Land has spent recent years focusing on central London office campuses and retail parks, while reducing its exposure to large shopping centres.
One notable move came in 2024 when the company sold its stake in Sheffield's Meadowhall shopping centre for £360 million.
While that strategy has delivered stability, some investors have argued that traditional landlords have been slow to embrace faster-growing sectors such as warehouses, data centres and digital infrastructure. British Land's shares currently trade at a discount of around 33 per cent to the value of its underlying assets, reflecting wider investor caution towards UK property companies.
Rucker reportedly said he did not expect a dramatic change in strategy under McNamara but suggested the company remained open to exploring opportunities beyond its core office and retail park operations.
McNamara's pay package reflects the scale of the challenge ahead. She will receive a base salary of £800,000, with the potential to earn up to £1.2 million in annual bonuses. The package also includes a £900,000 compensation payment and £5 million in share awards to replace incentives she is giving up by leaving Oxford Properties.
Investors appeared to welcome the appointment, with British Land shares rising 0.6 per cent following the announcement.
The task ahead, however, may extend beyond maintaining existing assets. As the property market evolves and demand shifts towards new sectors, investors will be watching closely to see whether British Land's first female chief executive sticks to the company's established strategy or charts a different course.
