No secrets, says British Land chief

STEPHEN Hester, the new chief executive of British Land, today laid down the law as to how he will run the once secretive property giant just days after launching an £811m takeover for rival Pillar Properties, which moves the group into property fund management.

Hester, who was brought in last November as John Ritblat split the roles of chairman and chief executive, said: "We need to be unafraid of radical change but equally happy to sit on our hands where that is the wisest course.'

He also promised investors much more detail on the company, including a move to quarterly reporting. He said: 'I believe in staying at the front on investor-friendly behaviour - in disclosure and transparency, in straight talking and open listening.'

Knight Frank will become the group's property valuers from September - replacing Atisreal, which has held the job for the last 20 years.

Commenting for the first time on the Pillar deal, which includes a portfolio of properties under management worth £3.3bn, Hester said: 'We are reshaping the portfolio towards growth assets and intensifying property asset management activity. This opens a valuable new avenue of income growth.'

Full-year numbers from British Land were well ahead of City expectations with net asset value up from 966p to 1111p against forecasts of around 1060p. It said that, but for the £180m cost of refinancing Broadgate and changes to stamp duty, assets would have grown by 21%.

The dividend is increased by 8.3% to 15.7p.

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