September 6, 2016
Sovereign Land Holdings, the parent company of Sovereign Centros, has announced that Chief Executive Chris Geaves is to buy out Chairman Tim Binnington’s stake in the company. Tim will continue in a non-executive Chairman role, but will step back from the day-to-day running of the business from 1st September.
Tim Binnington will continue to run his separate family-owned company, Sovereign Land Ltd, as well as pursuing other business and farming interests.
Chris Geaves commented: “We have been planning this for some time and I am delighted that Tim has agreed to stay on as non-executive chairman. We have known each other for 35 years and have worked together on many significant and successful projects.”
Tim Binnington has over 45 year’s experience in the property industry. Formerly a partner at Edward Erdman (where he worked with Chris Geaves), he was chief executive of Heron Property Corporation from 1985-89. With his co-founder, Graeme Newman, Sovereign Land initiated a wide range of successful developments, joint ventures and debt purchases with leading institutions, including Mermaid Quay, Cardiff, and Newton Mearns (both with Schroders), and the 400-property acquisition of Sovereign Lionsgate with Credit Suisse.
Chris Geaves joined Tim in Sovereign Land Holdings as Chief Executive in 2009 in order to expand the business and the pair masterminded the acquisition of Centros in 2012 to create Sovereign Centros.
Tim played a lead role in the successful development of Wakefield’s Trinity Walk (with Ares and Shepherd Construction), the asset management and refurbishment of Ayr Central and Lion Walk in Colchester (also with Ares) and the ongoing redevelopment of Telford Shopping Centre (with Orion).
He was an Almoner of Christ’s Hospital School for many years and chaired their Assets & Liabilities committee (which administered the £300m Charitable portfolio).He served on the General Council of the RICS, was president of its Planning & Development Division and chaired a number of RICS committees.