Activist hedge fund Weiss Asset Management has called for a shake-up of the board of AIM-listed German property investor Sirius Real Estate.
Weiss, which owns 21% of Sirius, has called for the removal of chairman Dick Kingston and non-executive director Walter Hens from the company’s board. It has proposed three of its own nominees for the board; Rolf Elgeti, Michael Neuburger and Eitan Milgram.
Neuburger is also managing director of Treveria Asset Management, the company that manages fellow AIM-listed German firm Treveria, and was also appointed following agitation from Weiss.
Both Sirius and Treveria were set up by Dawnay Day Real Estate, part of the collapsed Dawnay Day property and financial services empire of Peter Klimt and Guy Naggar.
Both companies are highly leveraged, and have been attempting to restructure debt facilities over the past two years.
