John McCready is to head the new Property Unit within the Shareholder Executive, ShEx Chief Executive Stephen Lovegrove announced today.
The new Unit will help Government Departments and the Treasury to maximise value from the state’s £370bn property portfolio. The Unit’s scope will extend across the public sector estate, including the central Government office estate, central Government operational estate (eg NHS, MoD buildings) and the local Government estate (excluding council housing). Its remit will include:
· undertaking a review of strategic options for the estate. This will include a feasibility review of different property models as outlined in Smarter Government on 7th December
· offering assistance to Government Departments and where appropriate local authorities in improving property management and identifying potential assets for disposal
· supporting Departments and where appropriate local authorities with realising their disposals
· advising HMT on managing public sector property better, including incentive structures and financing options
· providing a challenge function in relation to property management and disposals
The new Unit will work closely with the Office for Government Commerce (OGC) and other public sector property stakeholders.
John McCready joins the Unit full-time from Ernst & Young, where he was a senior Partner. He previously worked at Blue Circle Industries plc, where he was Chairman of the Disposals Group during the takeover by Lafarge, and previously was Chief Executive of both Whitehall Properties and Bluewater Park PLC. Prior to that, he worked at Goldman Sachs.
He will be a member of the Shareholder Executive Board.
John McCready said:
“The Government said this week it wanted to be smarter with its assets, creating efficiencies and cutting waste and duplication. Nowhere is this aspiration more relevant than in the strategic management of its estates.
“I will use my experience in property and in business to help the Government make the best and most efficient use of its property assets.”
Stephen Lovegrove said:
“This is one of Britain’s biggest property management jobs – and we are delighted that someone of John’s experience and calibre will be joining us.”
Notes to editors
1. The Property Unit is being set up in response to the recommendations of the OEP Property Stream led by Patrick Carter. BBF made clear that the new team would be in the Shareholder Executive. The Smarter Government White paper, published on the 7th December 2009 made recommendations on how the public sector estate could be managed. For further information, please see page 58 of the document below:
2. The Shareholder Executive was formed in 2003 to improve fundamentally the government's performance as a shareholder in businesses. It currently has a portfolio of 29 businesses. It also acts as a source of corporate finance and corporate governance advice across Government. Its portfolio includes the Royal Mail, British Energy, BNFL, Northern Rock, the NDA, Channel 4, the Forensic Science Service, Qinetiq, NATS, British Waterways and the Royal Mint.
3. The Shareholder Executive is located in the Department for Business, Innovation & Skills. It works across Government, providing executive oversight and advice to ten Departments and the Scottish and Northern Ireland Executives regarding their shareholder interests.
4. For further information, please contact email@example.com
Department for Business, Innovation & Skills
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