Former Barclays man replaces Stephen Hester

A former Barclays banker has taken over the reigns at British Land. Chris Grigg was formerly head of UK business banking at the Canary Wharf firm.

Grigg will replace Stephen Hester who left last month to run the government-controlled Royal Bank of Scotland.

Other candidates considered for the role were Toby Cortauld, Great Portland Estates chief executive. Grigg’s appointment is seen as a victory for bankers over property specialists in straightened times.

British Land is the UK’s second largest property firm after Land Securities.

Naguib Kheraj, chief executive of JPMorgan Cazenove, who hired Mr Grigg when at Barclays, told the Financial TImes: “One of the fundamental things for property companies in the next 18 months will be [to get] the correct capital structure. Chris has broad experience in capital markets and will be well placed to consider the various options.”