There’s plenty of change at two of the UK’s largest retail landlords with one directorial departure for British Land and one arrival for Shaftesbury Capital. The former is to lose its Chief Financial Officer and the latter iso about to gain a new non-executive director. 

First off, Bhavesh Mistry has told the property giant’s board he’s stepping down from his role as CFO and Executive Director to become CFO of home improvements specialist Kingfisher.

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

A search for a new CFO is under way and a further announcement will be made in due course, British Land said.

Simon Carter, CEO of British Land, said Mistry had made a “significant contribution” during his three years in the post “in which time we have allocated capital well, controlled costs and positioned the balance sheet to seize the opportunities that are now emerging.”

Over at peer Shaftesbury Capital, Madeleine Cosgrave has been appointed an independent Non-executive Director, effective 1 August. She will also become a member of the property giant’s Audit, Remuneration and Nomination Committees.  

Cosgrave was Managing Director and Regional Head, Europe, at GIC Real Estate from 2016 until 2021. She is also a Non-executive Director of another retail landlord Land Securities Group (Landsec) an independent member of the CBRE IM EMEA Investment Committee, senior advisor to ICG Real Estate and has mentoring roles with IntoUniversity and GAIN (Girls Are Investors).

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