An investment trust run by City grandees has called a shareholder vote to unseat the chair and two directors of Urban Logistics REIT.

City veterans Christopher Mills and Robert Naylor run Achilles Investment Company, and have banded together with Waverton Investment Management, TR Property Investment Trust and Harwood Capital to launch the takeover.

Naylor and Mills are best known for orchestrating the sale of Hipgnosis to Blackstone last year at a 60 per cent premium to the struggling trust’s stock price.

The duo also worked together to topple the chair of PRS REIT, while Naylor was chair of Round Hill Music Trust when it received a takeover offer.

Along with the proposals to unseat board members, Achilles is calling for Naylor to be appointed as chair of Urban Logistics and for Sanjeta Shah to be appointed as a director.

If appointed, the new board will immediately conduct a review of the trust’s investment management arrangements, adopt a discount control mechanism, and look into selling off the trust’s assets.

Last week, Achilles flagged a conflict of interest with the boss of Urban Logistics’ investment adviser, Richard Moffitt, and the fact he is also an equity partner of property advice business M1, which has received millions of pounds in fees from the trust.