Retail exec ousted

The chief executive of Capital & Regional, one of Britain's biggest shopping-centre and retail-park owners, is to be ousted after a boardroom  bust-up. Martin Barber, one of the best-known figures in the commercial-property industry, is expected to leave the business soon - an announcement could come in the next few weeks.

City sources said the group was this weekend putting the finishing touches to an agreement with Barber under which he will leave the company with a compensation package. The news comes after the firm revealed in December that Barber would “retire” from the company in August 2009 when he turns 65. It seems that his departure will now come much earlier.

C&R is a co-investing property asset manager with teams specialising in retail and leisure. The company has three well established funds in which they co-invest, and a further two in the making. In addition C&R has a number of wholly owned properties and joint ventures. C&R further operates The Mall Fund, the UK's community shopping centre brand, owning and operating approximately 10% of the UK's covered retail space.