Carter has been in charge at British Land for five years and first joined the developer in 2004.

He has a 12-month notice period and British Land will now start the hunt for his successor.

William Rucker, Chairman, said: “On behalf of the Board, I want to thank Simon for his significant contribution to British Land. During his 18 years here across two stints he has achieved a huge amount, and as CEO has positioned the business for future success with a very strong management team and an exceptional London office campus and retail park platform. We wish him all the best in his new role at P3.”

Carter said: “British Land has been a huge part of my professional life, and it has been a privilege to work for such a fantastic business.

“I’d like to thank William, the Board and the Executive Committee for their unwavering support during my time as CEO, and all my colleagues for the outstanding execution of our strategy over the past five years.

“The contrarian calls we made post-pandemic have positioned British Land for long-term success. There is never a perfect time to move on, but I will be leaving the business with market-leading positions in London campuses and retail parks – both of which are benefitting from strong rental growth in supply-constrained markets.

“I’m immensely proud to have played a part in British Land’s story and wish the business nothing but success in the future.”