Custodian Property Income REIT PLC on Wednesday announced it will transition to a fully independent board by the end of 2025, following the resignation of founding Director Ian Mattioli.

The Leicester-based real estate investment trust focused on UK commercial property said Ian Mattioli will be stepping down from the board with immediate effect in order to focus on his role as chief executive officer of wealth management company Mattioli Woods Ltd, following the business’ recent move to private ownership.

Ian Mattioli will remain a major shareholder in the company, with his family currently holding 6.4 million shares in total.

Custodian Property appointed Nathan Imlach as non-executive director in his place. Imlach is currently a senior independent director of Mortgage Advice Bureau Holdings PLC, and the chief strategic advisor at Mattioli Woods.

Imlach will join the board for a transition period until no later than the end of 2025, at which point the company’s board will become fully independent of its investment manager, Custodian Capital Ltd.

Shares in Custodian Property Income REIT were up 0.1% at 77.90 pence each in London on Wednesday afternoon.

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