British Land’s CFO leaves, Shaftesbury Capital appoints new CFO to non-executive role

There have been a number of changes for two of the UK’s largest retail landlords, with one director leaving for British Land and another joining Shaftesbury Capital. The former will lose its financial director, while the latter will soon gain a new non-executive director.

First, Bhavesh Mistry has told the board of the real estate giant that he is stepping down as CFO and CEO and becoming CFO of home renovation specialist Kingfisher.

However, Mistry will remain in the role until a replacement is found “to ensure an effective transition of his responsibilities” and is subject to a 12-month notice period until a date for his departure is agreed.

The search for a new chief financial officer is ongoing and further announcements will be made in due course, British Land said.

Simon Carter, British Land’s chief executive, said Mistry had made a “significant contribution” during his three years in the role, “during which time we have allocated capital well, controlled costs and positioned our balance sheet to take advantage of the opportunities that now arise. “

At similar company Shaftesbury Capital, Madeleine Cosgrave has been appointed as an independent non-executive director with effect from 1 August. He will also become a member of the real estate giant’s Audit, Remuneration and Nominating Committee.

Cosgrave was managing director and regional director for Europe at GIC Real Estate from 2016 to 2021. He is also a non-executive director of another retail property owner, Land Securities Group (Landsec), an independent member of the CBRE IM EMEA Investment Committee, a senior advisor to ICG Real Estate and a mentor at IntoUniversity and GAIN (Girls Are Investors).

Jonathan Nicholls, chairman of Shaftesbury Capital, said: “Her extensive experience and knowledge of the real estate sector will be a valuable asset to the Management Board.”