The news was greeted with enthusiasm by investors who had been concerned about reports of clashes at MEPC, where Mr Tuckey had been chief executive for 11 years, marking up shares 9.75p to 462.75p.
Mr Tuckey said the "time was right" to leave, as the restructuring was complete. His successor joined MEPC two years ago while Sir John Egan, the BAA chief executive, was appointed chairman last year.
Floris van Dijkum, property analyst at Morgan Stanley, said: "Dundas, with his financial background, is extremely popular with investors."
Mr Dundas said he would be pushing through substantialchanges: "I'm not ruling anything out."