SEGRO’s chief investment officer has stepped down from the board and will leave the business in April 2020.
Phil Redding, who has been at the group for 24 years and on the board since 2013, had been an instrumental part in SEGRO’s portfolio re-positioning exercise which saw the group sell, acquire or develop more than £8bn of real estate.
He led the acquisitions of Brixton plc in 2009 and more recently the acquisitions of the Vailog and Roxhill development platforms.
Responsibility for capital allocation and portfolio planning will now be integrated with a newly formed ‘strategy, investment and innovation’ function reporting to chief financial officer Soumen Das, SEGRO said.
Local investment activities will be embedded within the operating teams, alongside the existing asset management, leasing and development functions, reporting to the six business unit directors under the leadership of Andy Gulliford, chief operating officer.
David Sleath, chief executive, said: “Phil has played a key role in the development of the group, particularly over the past decade and he deserves much credit for the high quality, well-positioned portfolio that SEGRO now owns. My board colleagues and I will miss his contribution and, particularly his clear, thoughtful and structured thinking. We thank him for everything he has achieved and wish him well for the future.
“Looking ahead, the creation of a new Strategy, Investment and Innovation function will enable us to build on our clear and consistent strategy and our well established, disciplined approach to capital allocation. It will help us to become more agile in supporting our customers and other stakeholders, and to embrace the unprecedented level of change arising from the technological revolution.”
SGRO : SEGRO’s chief investment officer to step down