Peter Shaw will stand down as managing director of Great Portland Estates (GPE) at the end of the month.
He will be replaced by Toby Courtauld, 33, who joins from MEPC to become chief executive on 8 April.
Shaw, who specialised in shopping centres, was promoted to joint managing director in March 2000 along with Patrick Hall, following Richard Peskin’s decision to become non-executive chairman.
In October 2000, Shaw, whose expertise is shopping centres, became sole managing director, after Hall resigned.
However, GPE disinvested entirely from shopping centres last year.
In the last three years, GPE has focused on central London property investment and development, with an appropriate debt and gearing structure.
Last week GPE announced that it will buy in another £200m-worth of debenture stock, increasing speculation that the company is close to being taken over. Industry sources said that offers of more than £600m are currently on the table but so far GPE has denied that it is in talks with any buyers.
The change has involved the disposal of £850m of properties and the payment of £350m to shareholders through a return of capital and share buybacks, with a further £185m having been spent on repaying debt.
Courtauld has held a variety of positions at MEPC, including investment manager for its central London business, UK property acquisition manager and director of corporate development.
EGi News 19/03/02
