'Visionary' Canary Wharf chair George Iacobesu to step down

19th Jun 2024 11:04

(Sharecast News) - Sir George Iacobescu, Canary Wharf Group's long-standing chair and the driving force behind the site's development, is retiring after 36 years with the company, it was confirmed on Wednesday.

The real estate veteran will be replaced by Sir Nigel Wilson, the former chief executive of UK life insurer Legal & General.

Iacobescu, 79, joined Canary Wharf when the east London site was first being redeveloped in the 1980s, and is widely credited as being the driving force behind the establishment of the capital's second financial district.

He became construction director in 1991 and chief executive in 1997, before being named chair in 2011. He was appointed non-executive chair in July 2021.

Iacobescu said it had been the "honour and challenge of a lifetime to have worked with an extraordinary group of people transforming a derelict dock into a thriving, mixed-used city district.

"CWG is the first company on the planet to have built an entirely new central business district from scratch."

Wilson hailed the "visionary leadership" shown by Iacobescu in transforming Canary Wharf - which spans around 20m sq ft - into "a mini-city that competes on a global stage".

The development of the docklands site was championed by then prime minister Margaret Thatcher and despite some local resistance and difficult periods - including its 1992 bankruptcy - it went on to attract a wealth of high-profile tenants, predominately in financial services and media.

It was acquired in 2015 for £2.6bn by Canadian investment firm Brookfield and the Qatar Investment Authority.

However, post-pandemic and some tenants, faced with higher costs and the explosion in hybrid working, are now leaving for smaller offices in the City. In response, CWG is looking to diversity into life sciences as well as retail, leisure and housing.

Wilson stepped down as chief executive of L&G last year after 11 years in the role and 14 years with the company. He will become chair of CWG when Iacobescu retires on 1 July.