1st Aug 2005 11:15
British Land Co PLC01 August 2005 1st August 2005 Nicholas Ritblat to step down British Land announces that Nicholas Ritblat, an Executive Director, isresigning and will step down from the Board with effect from 31st August 2005. He will continue an association with British Land in a consultancy role for 12months assisting ,inter alia, with an evaluation of strategic alternatives forits residential property activities. He will remain a leading protagonist in theproperty industry's effort to have Real Estate Investment Trusts established inthe U.K., and will also continue to give input to the Company on the issues andrelated topics involved. The Company is also in the process of establishing a residential reversionarybusiness as a separate investment with the venture's management as partners. Itis envisaged that Nick will purchase, after an independent "fairness" valuation,a shareholding in that venture and act as its Chairman. Stephen Hester, Chief Executive of British Land, said, "In his 18 years atBritish Land Nick has made an enormous contribution for which we thank himsincerely. I am privileged to have worked with him during the last 10 months andalso to count him as a friend. With his customary sense of loyalty, Nick hasagreed to maintain a welcome association with us". Nick Ritblat said, "I am leaving British Land in great shape and have everyconfidence in its future. The last 18 years have been fulfilling and enjoyablebut it is time to move on to new challenges. I am very pleased to be keeping alink with the Company and with Stephen and my other colleagues". Contact: Ed Orlebar 0207 251 3801Finsbury This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land