British Land CEO Ignores Highs and Lows to Chart Property Reset

After Simon Carter took charge of British Land Co. in 2020, he had to navigate a UK real estate market buffeted by Brexit, the death of the high street, the Covid-19 pandemic and then the interest rate shock.

The former derivatives trader has relied on those fast decision-making reflexes to make a series of moves that have re-shaped the company, shedding shopping malls in favor of retail parks and urban warehouses, while bulking up on office campuses like the City of London’s Broadgate estate. But so far that’s hardly moved the needle in erasing the stock’s discount to the reported asset value.