British Land chief executive Stephen Hester expects his £811m acquisition of retail park giant Pillar Property to promote a change in culture at the UK’s biggest property company.
Hester told EG that the deal enabled BL to take a leap forward by adding a £3.2bn fund management business, £1.3bn of assets and a strong asset management team to the company in one fell swoop.
He said he planned to promote younger people to the management team and had already appointed Pillar’s Andrew Jones to its executive committee, along with BL’s own joint head of asset management Tim Roberts.
Interview and BL results, pp50-51
