British Land is to bring in a senior Tesco executive as chief financial officer, as the property giant plots a comeback from its pandemic-related struggles over the past year.
Bhavesh Mistry, Tesco’s deputy finance boss for more than two years, will join the REIT later this year as CFO.
Executives at British Land will hope he can emulate the financial success enjoyed by the supermarket giant in recent years, which came after a dramatic turnaround following its struggles in 2015.
The appointment comes a week after British Land said it had received just 46% of the rent owed by retailers for the three-month period from 25 December.
The company, which owns the Broadgate estate and a section of Paddington in London, has seen the majority of its retail tenants forced to close amid renewed coronavirus restrictions.
Prior to the role at Tesco, Mistry spent more than five years at Whitbread, where he oversaw the finances of the Premier Inn owner’s core hotels and restaurants operation. He has also held senior finance and strategy roles at Virgin Media and Anheuser-Busch InBev.
Mistry is expected to take up the new job by August, with current CFO David Walker continuing until that point.
Chief executive Simon Carter said: “I am delighted Bhavesh is joining British Land at this important time for our business.
“His deep expertise in finance and wealth of experience in business transformation in fast moving industries will be invaluable as we continue to move our business forward and deliver against our strategic priorities.”
Mistry added: “I am very pleased to be joining British Land. The business benefits from high-quality assets with exciting opportunities for growth and development. I am looking forward to working with Simon and the team to realise this potential.”
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