Hammerson’s largest shareholder is attempting a board shake-up to force the REIT to sell its “value retail” division.
Lighthouse Properties, the investment vehicle of former Hammerson board member Des de Beer, has a 22.8% stake in the REIT.
It has said it will vote against the election of “at least two” non-executive directors at next month’s annual meeting.
De Beer, who left Hammerson abruptly last October, has not disclosed which directors he will try to oust, but in their places he is recommending that Hammerson appoints Nick Hughes, a former managing director of estate agent Hamptons International, and Craig Tate, who used to run Investec’s UK investment bank.
Lighthouse wants Hammerson to dispose of its “value retail” business, which includes a number of designer outlets.
It said Hammerson owned “world-class malls” but “trades at a discount to net asset value of over 50%” because its decision to step up development activity was “poorly received by the market”.
