Picton, the UK real estate investment trust (REIT), announced that Lena Wilson will step down as chair and non-executive director on January 31, 2025.

“This follows her recently announced appointment as chair of First Group plc and expected increase in time commitment,” said Picton.

“The board will commence a search for a suitable successor, with the transition and appointment process being led by Mark Batten, the Company’s Senior Independent Director, acting as Interim Chair of the Nomination Committee.”

Aberdeen-headquartered transport giant FirstGroup announced on September 11 that Wilson, the former CEO of Scottish Enterprise, will join its board as chair on February 1, 2025.

Wilson is also a non-executive director and remuneration committee chair at NatWest Group plc.

Picton chair Michael Morris said: “I would like to thank Lena for her leadership, guidance, and valued contribution during her time with Picton.

“The board and team wish her every success in her new role.”

Picton owns and actively manages a £718 million UK commercial property portfolio.