London commercial property investor Great Portland Estates named former banker Richard Mully as the replacement for outgoing chairman Martin Scicluna, who is stepping down after being poached for the same role at Sainsbury’s.
Mully, who will take the reins in February, is already a non-executive director of GPE, which owns chunks of prime real estate in central London including shops on Oxford Street and Regent Street and offices in Mayfair and the City.
He will take over at a testing time for the market, which rocketed in value in the years following the financial crisis but has slowed down in recent months amid uncertainty over Brexit and the state of the economy.
