Jaap Blokhuis, chief executive of European retail specialist Redevco, is leaving the company at the end of the year, the Swiss-based holding company Cofra Group announced on Tuesday. Blokhuis will be replaced by Andrew Vaughan, currently chief operating officer, who will take office on November 1.

Blokhuis' departure is by mutual agreement and stems from his decision to make room for the next generation of Redevco managers at a time when the real estate market environment is changing significantly, Cofra said.

Vaughan joined Redevco in 2000 and has held various leadership positions within the company, including that of managing director of Redevco UK and the Nordics. He was promoted to the post of COO, responsible for all European operations, in 2007.

Blokhuis has led Redevco's business for the past 12 years. Under his management, Redevco has increased its portfolio to over EUR 7.5 bn and turned the business around from the corporate real estate division of retail group C&A to an independent retail-focused property firm.