Interview: Rob Noel on stepping down from Landsec
“I’ve been 33 years flat out, the last decade at Landsec, it’s time to have a break,” says Rob Noel, who announced his intention to step down from the REIT this week.
Fifteen years at Nelson Bakewell, eight at Great Portland Estates, a decade at Landsec and at least two boom-and-bust cycles are enough to make anyone want a break from real estate – at least for a little while.
And Noel feels that the “quiet period” the industry is currently in as it waits to see what will happen post-Brexit is the ideal time to find a successor and bed them in before the next phase of activity begins.
“I’ve been 33 years flat out, the last decade at Landsec, it’s time to have a break,” says Rob Noel, who announced his intention to step down from the REIT this week.
Fifteen years at Nelson Bakewell, eight at Great Portland Estates, a decade at Landsec and at least two boom-and-bust cycles are enough to make anyone want a break from real estate – at least for a little while.
And Noel feels that the “quiet period” the industry is currently in as it waits to see what will happen post-Brexit is the ideal time to find a successor and bed them in before the next phase of activity begins.
“I’m confident we have got Landsec in a really good position,” he said.
“I’ve added what I can so should let my successor lead Landsec through its next stage.”
Noel says he is leaving the REIT with a strong balance sheet and a good amount of development to kick off as and when it looks like the market needs it.
Read more: Noel to leave Landsec
For the year ended 31 March, Landsec had net debt of £3.7bn, available cash and facilities of £1.6bn and an LTV of 27.1%. Its £3bn development pipeline is focused entirely on London and will deliver – when the time is right – some 3.6m sq ft of new space in the capital.
A formal process to find that successor, led by the Landsec board, has now begun.
Noel says he is in no great rush to leave the business and will remain in place until that successor is found, whether it take “two months or a year”.
He said only once the new chief executive has been found will he think about what comes next.
“It’s a very busy day job,” he said. “I won’t start thinking about it until a successor is found.”
Noel’s departure comes amid a changing of the guard across many of the London-focused propcos.
Mike Slade has retired from Helical, John Burns has stepped down as chief executive of Derwent London and British Land shook up its executive team with both head of retail, leisure and residential Charlie Maudsley and head of offices Tim Roberts exiting the REIT.
“I think it’s really healthy,” said Noel of the senior moves. “Bringing in new blood is vital for the industry.”
Noel was that new blood when he replaced Francis Salway as chief executive back in 2012.
Credited with being direct, tough and unafraid of putting a “boot up the rear” of staff, Noel delivered on some major projects for Landsec and oversaw some major personnel changes within the business.
He cited developments in Leeds and Oxford city centres, its schemes in the City and its transformation of Victoria, SW1, as some of the REIT’s greatest achievements during his tenure.
The change in the culture of the business, with diversity and inclusion playing a major role in how it operates, is also one of Noel’s greatest legacies, he said.
While the impact of Brexit uncertainty and the ongoing transformation of the retail sector has clearly had an impact on the value of Landsec’s portfolio – wiping some £557m off it at its last valuation in March – and has undoubtedly made the last few years as chief executive a tough job, Noel remained his characteristically optimistic self.
His advice for whomever is next to step into his shoes at Landsec, was simply: “Enjoy it.”
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