LXI REIT's finance chief to step down

(Sharecast News) - LXi REIT announced on Monday that Freddie Brooks, chief financial officer of its investment advisor LXi REIT Advisors, would be stepping down in September. The FTSE 250 company said he would also resign as a statutory director of its subsidiaries, in a bid to explore new career opportunities.

It said his departure would be effective from 3 September, adding that Brooks would continue to work as a consultant to the investment advisor for the rest of the calendar year.

The investment advisor had already started a formal search process to find Brooks' successor, with an announcement planned in due course.

"On behalf of the board, I would like to express my thanks to Freddie for his invaluable contribution to the growth and success of the company," said LXi REIT chairman Cyrus Ardalan.

"Freddie leaves the investment advisor with the Company's portfolio well positioned to provide further value to shareholders through defensive, inflation-protected income returns with the potential for capital growth."

At 0934 BST, shares in LXi REIT were down 0.55% at 90.05p.

Reporting by Josh White for Sharecast.com.