Eurocommercial Properties to appoint new chief executive

Eurocommercial Properties is set to appoint chief financial officer Evert Jan van Garderen as its new chief executive, replacing Jeremy Lewis in the role. The supervisory board plans to nominate Jan van Garderen at the shareholders’ meeting in November. Lewis intends to retire, and to continue his association with the company in an advisory role. Director Peter Mills, who joined the company in 1993, will become group chief investment officer. A new CFO will be appointed “in due course”, according to the company. The landlord has also said all members of the management board has reduced their base salaries by 20% from May for three months as part of a cost-saving measure. Variable remuneration has additionally been cancelled. Like-for-like rental growth was 1.7% in the year ending in March, driven by strong performance in Sweden (2.6%), where all of its shopping centres have remained open. In Sweden, footfall was down by around 25%. Its earnings as a “direct investment result” for the nine-month period ending 31 March dipped by 2.2% to €87.6m (£75.1m), compared with €89.6m for the nine months to 31 March 2019. The landlord also posted an 8% uplift on relettings and renewals during the year, based on 226 lease negotiations. Vacancies stood at 1.3% at the end of March. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette