PROPERTY investment giant Land Securities has promoted the managing director of its London portfolio to chief executive.
Robert Noel will take over from Francis Salway at the end of March and receive a salary increase from £425,000 to £680,000, according to Reuters.
Mr Noel, 48, who joined the business two years ago, promised a faster pace of deals when he moves into the top post.
JP Morgan analyst Harm Meijer said: "More asset rotation and quicker transactions is something he may able to bring given his background at Great Portland Estates."
In a third-quarter trading statement Land Securities, which owns several London offices and UK shopping centres, confirmed a new £1.05 billion credit facility will allow it to buy property being offloaded by banks.
Lettings worth £7.1 million were signed in the final three months of 2011, at 0.5% higher than September values, with a further £3.3m of lettings in the hands of lawyers. Voids dropped from 3.3% to 3.1% but the number of units in administration crept up, from 0.4% at the end of September to 0.6% by December 31, and stood at 1% on January 20.
Last month Barratts and Officers Club went into administration while La Senza, The Outdoor Group and Peacocks have since followed.
Mr Salway said: "We expect the economic uncertainty to continue in the near term, but we remain confident of our ability to withstand fluctuations and to take advantage of opportunities that may arise from the scarcity of bank funding."
Footfall in shopping centres increased 1.5%, although like-for-like sales dropped 0.8%.
Katherine Armstead, portfolio manager for Scotland at Land Securities, said: "In recent months Land Securities has continued to attract a steady stream of lettings across our four Scottish centres, despite the current tough economic climate."
The Overgate in Dundee has attracted Paperchase and Next, with lease renewals from Claire's Accessories and Argos.
The new 185 to 221 Buchanan Street development in Glasgow is now 90.7% let by income, with Watches of Switzerland, Skechers and Fat Face agreeing terms to move in.
At Buchanan Galleries food outlet EAT and make-up boutique Bare Minerals became tenants.
The revamped food court at Aberdeen's Bon Accord & St Nicholas Centre sealed lettings with Yo Sushi, Cafe Rouge and Pret A Manger.
The Centre in Livingston attracted more than 10,000 shoppers in a day when Primark opened before Christmas.
In other commercial property news, Colliers International UK, which has offices in Edinburgh and Glasgow, has received a takeover approach from its main shareholder Firstservice Corporation.
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