British Land Chairman to step down

Real estate investment trust British Land saw a solid increase in underlying profits in the first half, as it continued to outperform its benchmark of property returns, the IPD (otherwise known as Investment Property Databank).

Underlying profit before tax in the six months to September 30th was £137m, up 3.8% year-on-year. Meanwhile, net rental income rose 1.1% to £272m.

The company also announced that Chris Gibson-Smith, who joined the board in January 2003, would be stepping down at the end of 2012 after his second three-year term as Chairman. He will replaced by Senior Independent Director John Gildersleeve.

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Chris Gibson-Smith said: "I have had a fascinating 10-year journey with British Land, and the last six years as Chairman have been deeply rewarding. The company is in an excellent position with a first rate team, portfolio and strategy. We are delighted that he has agreed to deepen his connection with the company. His broad range of experience makes him an ideal Chairman for British Land."