Property CEOs pocket payout worth millions
TWO of London’s blue-chip property companies, Land Securities and British Land, paid out multi-million pound pay deals to their chief executives last year, their annual reports revealed yesterday.
Francis Salway, the chief executive of Land Securities, was paid £1.2m in salary, bonus and benefits in the year to March compared to £1m the previous year, according to the company’s annual report.
This included a salary of £653,000 and a bonus of £757,000, of which £62,000 was paid in deferred shares.
Last month, Land Securities wowed analysts with a 15 per cent increase in pre-tax profit to £1.23bn.
Chris Grigg, chief executive of rival firm British Land received a more generous pay package of £2m last year, compared to £1.8m in 2009.
On top of his £800,000 salary, Grigg received a £1.2m bonus in the year to March of which a third was paid in the form of “locked-up” shares.
Annual pre-tax profits for British Land were up 9.9 per cent to £256m in the year to March.
The two companies are racing to complete a new generation of London skyscrapers, with Land Securities’ Walkie Talkie on Fenchurch Street and British Land’s Cheesegrater on Leadenhall Street, both due for completion in 2014.