Mark Creedy is to step down as head of Legal & General Property at the end of next year

Creedy, who took over the top job five years ago from Stuart Beevor, said this afternoon his decision would give L&G ‘time to choose the right successor’.

Creedy said he would discuss a new role within the property team with his boss Peter Chambers, the CEO of Legal & General Investment Management. ‘But we won’t do that until we know who’s coming in to take over from me, whether it is someone from internally or externally.’

His time in charge of L&G Property has come during one of the best-ever property markets. He has restructured the property business, notably setting up a number of funds, such as the Arlington Business Parks Partnership and the Meteor Industrial Partnership. L&G Property now manages or co-manages 15 funds, with an aggregate value that has more than doubled during Creedy’s reign from £5bn to £12bn.