Mark Clare, the former Barratt Developments chief executive, is to be the next chairman of Britain’s current largest listed landlord, Grainger, which is also becoming a major player in Build To Rent.
Clare, who retired from Barratt in 2015, will succeed Margaret Ford as non-executive chairman of Grainger’s board next month.
Grainger builds, acquires and runs apartment blocks in London and other major regional cities such as Liverpool and Bristol, and has planned to inject £850m into expanding into residential lettings by 2020.
Last month Grainger told shareholders that its Build To Rent pipeline was ahead of schedule, with £389m of the investment target secured and a further £347m in the planning or legal process.
Its most recent scheme, announced at the end of last year, was a £45.7m development at Finales Reach in Bristol.
“We set very challenging requirements for Grainger's new chairman and are very pleased that Mark Clare meets all of our criteria. Mark is an enormously experienced and respected business leader with a strong record in the residential sector. He will bring great leadership, integrity and knowledge to the role, supporting Grainger's continued strategic transformation to deliver improved shareholder returns” says Ford.
Meanwhile Grainger chief executive Helen Gordon says: “The group is being transformed into a private rented sector investment business with a sustainable and visible income stream from well-run private rented residential homes, and is in a strong position to continue to deliver on its growth strategy and enhance shareholder returns."