Noel set to replace Salway at the helm of Land Securities

THE owner of some of Scotland’s best-known shopping centres named its next chief executive yesterday as it revealed the number of vacant premises in its portfolio had fallen in the final quarter of last year.

Robert Noel will take over as the boss of Land Securities – which owns Buchanan Galleries in Glasgow, Dundee’s Overgate Centre and The Centre in Livingston – when current chief executive Francis Salway steps down at the end of March.

Noel is currently the managing director of Land Sec’s London business, where the firm owns a host of office blocks and is building the “Walkie Talkie” tower in the City in partnership with Canary Wharf Group.

Harm Meijer, an analyst at JP Morgan, said: “The decision to appoint Noel was expected but the timing was unexpected. We would have expected him to have proved himself delivering the London pipeline first.

“I think Francis just wanted to move on after eight years.”

Noel said he would inject more “pace” into Land Sec, which Meijer said many investors would like to see.

“More asset rotation and quicker transactions is something he may able to bring to a large cap given his mid-cap background at Great Portland Estates,” Meijer added.

News of the change at the top came as figures showed that the group signed £7.1 million of lettings in the three months to 31 December, its third quarter, and that “voids” – or empty spaces – in its portfolio stood at 3.1 per cent, down from 3.3 per cent the previous quarter.

Katherine Armstead, portfolio manager for Scotland, said: “In recent months, Land Securities has continued to attract a steady stream of lettings across our four Scottish centres despite the current tough economic climate.”

Armstead said the £8m refit of the Bon Accord and St Nicholas shopping centres in Aberdeen was complete and had attracted brands such as Yo Sushi, Café Rouge and Pret a Manger.