UPDATE:British Land Appoints New Executives To Prepare For Buys

Real estate investment trust British Land Co. PLC (BLND.LN) on Wednesday said it has created two new executive roles responsible for investment and expansion, indicating that it's preparing for acquisitions.

The company created the executive role of chief investment officer with Stephen Smith taking up the position and a business expansion role to which it appointed Charles Maudsley.

Smith, famous for his deal making abilities, is moving to British Land from Axa Real Estate where he was global head of asset management, while Maudsley is co-head of Europe at Jones Lang LaSalle. They will join British Land in the new year.

"Stephen and Charles bring enormous property experience and expertise to British Land. They will make a strong contribution to the business and their skills complement those in our highly regarded management team," said Chief Executive Chris Grigg.

Analysts and investors welcomed the news and at 0954 GMT British Land shares rose 14 pence or 3% to 467 pence, outperforming the FTSE 100 Index, which rose 0.7%.

"Two strong appointments for British Land, bringing significant experience, property acumen and knowledge to British Land," said Credit Suisse analyst Steve Bramley-Jackson.

The appointment are also particularly important following the departure of head of retail at British Land, Andrew Jones, and two other members of the team.

"Whilst Stephen and Charles will not directly replace Andrew, we believe their role will be to help with future acquisitions and strategy," said managing director at Cazenove Miranda Cockburn.

Andrew Jones left the company last month, followed by Valentine Beresford and Mark Stirling. British Land is still looking to add to its retail team but did not specify whether it will replace Jones directly.

Investors previously expressed concerns that the U.K.'s public real estate market appeared tactically unsure and lacking vision, which is pressurizing the current generational change in REIT management teams.

British Land's appointments follow rival REIT Land Securities Group PLC's (LAND.LN) appointment of Robert Noel as managing director of its London portfolio, from specialist landlord Great Portland Estates PLC (GPOR.LN).

Anglo-French REIT Hammerson PLC (HMSO.LN) also appointed David Atkins as chief executive following the early retirement of John Richards.

-By Anita Likus, Dow Jones Newswires; +44 20 7842 9407; anita.likus@dowjones.com