Ian Coull, the former chief executive of SEGRO and one of the industry’s most respected and best-liked figures, passed away last week.
The 65-year-old had an illustrious career in the sector. He was property director at Sainsbury’s for 14 years prior to his arrival at Slough Estates (as SEGRO was known) in 2003. After leaving the industrial REIT in 2011 he became one of real estate’s most in-demand non-executives and took up roles at Oaktree Capital Management, P3, Galliford Try and Grainger.
A small private cremation will take place in the coming days, followed by a service of remembrance in the next few weeks.
Away from work Coull was a loving and caring family man who always had time for his wife Linda, his three children, Linzi, Morna and Ross, and five grandchildren.
Here his friends and colleagues from the industry share their tributes and memories of a man known for his optimism, business acumen, passion for sport and bear hugs, who was always willing to offer a helping hand to others.
Liz Peace, former chief executive, British Property Federation: Ian would always give you a big bear hug when he saw you. Once we were both guests at a dinner at the National Gallery, and I turned up in a grey silk Armani suit – exactly the same as his wife was wearing. He came and put his arms around both of us and said: “Gosh! I didn’t know you both shopped at Primark!”
Mike Hussey, chief executive, Almacantar: It never mattered how long the interval was between chance or scheduled meetings with Ian, he was always pleased to see you, could rattle off all your recent activity and have time to offer help and support. A bastion of integrity, good sense and reassurance. He was a brilliant listener and had an uncanny knack of identifying the key issue in any discussion.
When I left Land Securities, he rang me and said: “Mike, it’s Ian [with his voice, no need to say which Ian]. Many think you are mad. The difference between them and me is I know you are! You don’t need any help, you never have, but I’m hanging around if you want to discuss any bright ideas that I can steal…” Of course, the reality was quite the opposite – that was Ian.
Ian Marcus, Ian Marcus Consultants: He was a giant of this property industry generation, but such a gentle giant, a real gentleman. Uniquely having been both a serious owner and occupier, this gave him an empathy with all participants in our industry.
Always proud of his Scottish and strong trade union family routes, Ian was as comfortable in the company of political and industry giants as fans on the rugby terraces. I will miss his bear hugs and banter.
Chris Templeman, head of property acquisitions and development, Sainsbury’s: Ian was a larger-than-life character to whom I will always be grateful for giving me my job at Sainsbury’s in 1990.
I remember him as a robust but fair man – if you got the call to go to his office on the eighth floor of the old Stamford House, you knew it was important and that you had probably done something wrong. However, Ian would always be sure to explain how to improve next time.
That was particularly so for the first board paper I submitted at Sainsbury’s. I had quoted at length what the acquisition agent had said about the site in question and why it was such a good deal. Ian took me to one side and explained that he couldn’t care less what the agent thought about the site; he was only interested in my view. This has stayed with me since and remains a story I often share with the new members of my team.
David Sleath, chief executive, SEGRO: Everyone at SEGRO is deeply saddened to hear of Ian’s passing. Ian was one of the most generous people I have ever met. He was a great friend and colleague and a real inspiration to me and many others in our industry. He loved sport, property, business and life in general and will be sorely missed by the many friends he made across all walks of life. Our thoughts are with his family at this sad time.
John Burbage, Burbage Realty: I first knew Ian in his days at [former DIY retailer] Texas Homecare. He was always great fun, passionate about rugby and had a great sense of humour. Business wise, he always got to the point without messing around. He was a big personality and hugely respected throughout property, and the acquisition of Brixton Estates was one of many highlights in his fantastic career.
Andy Irvine, chairman – Scotland, JLL: My first abiding memory of Ian Coull was not a particularly pleasant experience. I was a 20-year-old playing in one of my first games for Edinburgh in the Scottish Inter-District Championship at Myerside Rugby ground in Edinburgh against the North & Midlands. The game was about two minutes old when I received a pass close to the halfway line and a nanosecond after receiving the pass I was hit by this thing in a red jersey who propelled me close to my 10-yard line. That was my first introduction to Ian Coull.
Whether Ian was offside or not, I don’t know, but I will never forget our first meeting.
I had the pleasure of knowing Ian on two fronts. Firstly in our younger days as rugby players and then, of course, in later years Ian became a very prominent member of the property profession.
Although a big, bruising, hard man on the field of play, Ian was the proverbial gentle giant off the field and one of the nicest people you could ever meet.
Although he did well in his sporting career, he excelled even more in the property world. Tough but a very fair negotiator, loyal client and good friend, I will certainly remember him with deep affection.
Obituary
By Peter Bill
Ian Coull was a genial and gregarious character of both social and intellectual intelligence. A manager of warm instinct, rather than cold calculation. A man who has left his stamp on SEGRO, even though he retired in 2011.
When interviewing him in late 2009 for Planet Property, he insisted I meet his finance director, David Sleath. After the encounter, Coull made it clear that he wanted Sleath to have his job. So it came to pass. The essence of that interview was reserved for the final words in the book: “There will undoubtedly be a crash in property values again… don’t ever put yourself in a position where you think it is just going to go up all the way, otherwise…”
In September 2002, Tory-voting Slough Estates chairman Sir Nigel Mobbs announced that Labour-voting Coull would be joining as chief executive. The tall and burly Scot joined the even taller and burlier Englishman in January 2003 at Slough’s Bath Road offices.
Coull was the son of a baker and a nurse, a former trade unionist who had run Sainsbury’s property empire for 14 years. Mobbs was Lord Lieutenant of Buckinghamshire and a Tory Party treasurer. Not a match made in political heaven.
But the business, with £2.3bn of net assets, was struggling, finding it hard to shake off its “sleepy giant” blanket. A quarter of the estate appeared to have been collected on holiday trips: a golf complex in Florida, a Colorado oil and gas company called Tipperary. But, to the City, it was the UK industrial assets that had been left to doze.
“When I joined Slough it felt like we had ‘bloody tenants’ instead of customers,” said Coull in 2009. “That got changed.” Not terribly quickly. The Perth-born former rugby international was more slow-shoving forward than rush-and-dodge fly-half.
Shareholders complained at the slow turnaround. Coull countered afterwards: “The portfolio needed a good deal of cleaning up and because we were at the bottom of the cycle I did not want a garage sale.”
By 2005, Coull’s changes were starting to take effect. Slough had begun to buy into industrial development businesses on the Continent. The 54% stake in Tipperary was sold for $100m. But Coull astutely kept investing in the US, and biotech park assets valued at £622m in 2003 were sold in June 2007 for £1.5bn.
In January 2007, Slough had converted to REIT status, forking out £73m for the privilege of no longer paying capital gains tax. “If it’s not the top of the market, it’s pretty damn close,” said Coull, chafing at a 2% tithe based on a toppy value of the portfolio.
At the same time, he changed the company name to SEGRO. The switch marked a point of shrinkage, not growth. Shed prices fell by 35% between their July 2007 peak and early 2009. Losses of £1bn were racked up as asset values crashed. Gearing stood at 120%.
Coull raised £500m with a giveaway rights issue, offering shares trading at 75p for 10p. Gearing fell to 77%.
He held his nerve. At the time, the combined market cap of Land Securities, British Land, Hammerson and SEGRO was £5.8bn, against a combined NAV of £10.8bn. Crazy.
That month, Hammerson boss John Richards invited a few chief executives to dinner to mark my retirement as editor of Estates Gazette. My lasting memory was of Coull’s optimism. He called the bottom of the market that night. Within weeks, SEGRO was pursuing smaller rival Brixton Estates. In July 2009, SEGRO paid £110m for a business whose net assets were valued at £1bn a year earlier. Quite the coup.
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