Capital & Regional’s head of retail parks is to leave the business amid a raft of redundancies at the Junction fund.

John Gatley, managing director of retail parks for the Junction fund, has ‘decided to pursue opportunities outside Capital & Regional’.

He will leave the company on 31 March 2009.

A number of other redundancies have also been made at the fund.

The remaining Junction team will report to Ken Ford, executive director, with immediate effect.

Hugh Scott-Barrett, chief executive at Capital & Regional, the co-investing property manager, said: 'I would like to thank John for his leadership over the last two years and the contribution he has made, in particular to a number of successful developments. I wish him every success and look forward to using his skills in an advisory capacity in the future.'

As at 31 December 2008, Capital & Regional said the Junction was in compliance with its loan to value covenants.

Capital & Regional owns 27.3% of the units in the Junction fund.