LXI REIT chairman steps down

Real estate investment trust LXI REIT said on Friday that chairman Stephen Hubbard had stepped down from the board following a comprehensive handover.

LXI REIT stated Cyrus Ardalan had assumed the role of chairman of the company, effective immediately, and also added that Hugh Seaborn had taken over from Colin Smith as senior independent director.

The FTSE 250-listed firm's incoming chairman said: "The company is in excellent shape and very well positioned to continue to deliver further attractive inflation-protected income returns and capital growth for our shareholders.

"I very much look forward to continuing to work closely with the Board to help steward the business to further great success."