British Land announces that Nicholas Ritblat, an Executive Director, is resigning and will step down from the Board with effect from 31st August 2005.
He will continue an association with British Land in a consultancy role for 12 months assisting, inter alia, with an evaluation of strategic alternatives for its residential property activities. He will remain a leading protagonist in the property industry's effort to have Real Estate Investment Trusts established in the U.K., and will also continue to give input to the Company on the issues and related topics involved.
The Company is also in the process of establishing a residential reversionary business as a separate investment with the venture's management as partners. It is envisaged that Nick will purchase, after an independent "fairness" valuation, a shareholding in that venture and act as its Chairman.
Stephen Hester, Chief Executive of British Land, said, "In his 18 years at British Land Nick has made an enormous contribution for which we thank him sincerely. I am privileged to have worked with him during the last 10 months and also to count him as a friend. With his customary sense of loyalty, Nick has agreed to maintain a welcome association with us".
Nick Ritblat said, "I am leaving British Land in great shape and have every confidence in its future. The last 18 years have been fulfilling and enjoyable but it is time to move on to new challenges. I am very pleased to be keeping a link with the Company and with Stephen and my other colleagues".
Source: British Land