Cyrus Ardalan has taken on the chairmanship of long-income-focused investment firm LXi REIT.
The company had said earlier this year that outgoing chair Steven Hubbard (pictured) would leave at an unspecified date, but before its annual general meeting, which has tended to take place in the summer.
On Friday, it said Hubbard and senior independent director Colin Smith would step down today “following a comprehensive handover to ensure an orderly transition”. Smith’s role is being taken by Hugh Seaborn, chief executive of the Cadogan Estate.
Ardalan 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.”
LXi has been busy spending the proceeds of a recent equity raise, with a string of acquisitions announced in recent weeks.
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